Optimize IAS
  • Home
  • About Us
  • Free Initiatives
    • Daily Practice Sheets
    • Daily Prelims Notes
    • Prelims Power Play
    • Friday Factly
    • Sunday Essay Sadhna
    • Mains Master Notes
  • My Mentorship
    • Prelims 2023
      • Laqshya 2023
      • Laqshya 2023 OPTIMA
    • Personalized Guidance 2023
      • ARJUNA Prime 2023
      • ARJUNA 2023
    • DPS Prime
    • ESSAY MASTER CLASS 2023
    • ETHICS MASTER CLASS 2023
    • Mains 2022
      • Mains Optima (Current)
      • Mains Mentorship Program (Static)
    • Know More
  • Resources
    • DPS Compilation
    • DPN Compilation
    • Toppers Notes
      • PSIR Notes
      • General Studies Notes
    • UPSC Mains Previous Year Papers
  • Login
  • Home
  • About Us
  • Free Initiatives
    • Daily Practice Sheets
    • Daily Prelims Notes
    • Prelims Power Play
    • Friday Factly
    • Sunday Essay Sadhna
    • Mains Master Notes
  • My Mentorship
    • Prelims 2023
      • Laqshya 2023
      • Laqshya 2023 OPTIMA
    • Personalized Guidance 2023
      • ARJUNA Prime 2023
      • ARJUNA 2023
    • DPS Prime
    • ESSAY MASTER CLASS 2023
    • ETHICS MASTER CLASS 2023
    • Mains 2022
      • Mains Optima (Current)
      • Mains Mentorship Program (Static)
    • Know More
  • Resources
    • DPS Compilation
    • DPN Compilation
    • Toppers Notes
      • PSIR Notes
      • General Studies Notes
    • UPSC Mains Previous Year Papers
  • Login

Meme Coins Floki Currencies And Dogecoin-Killers

  • October 29, 2021
  • Posted by: OptimizeIAS Team
  • Category: DPN Topics
No Comments
Print Friendly, PDF & Email

 

 

Meme Coins Floki Currencies And Dogecoin-Killers

Subject – Economy

Context – Dogecoin, the first meme-coin, launched in 2013, has gained momentum.

Concept –

  • Dogecoin, the first meme-coin, launched in 2013, has gained momentum, becoming the 10th largest cryptocurrency with a $32.54 billion capital market.
  • However, the pioneering meme currency has faced stiff competition from ShibaInu and other floki-themed coins.

What are meme coins?

  • Meme coins are cryptocurrencies, inspired by popular social media jokes, sarcasms and puns.
  • Currently there are about 124 meme coins, according to the Coinmarketcap website. Dogecoin’s success in 2021 burgeoned the birth of many more meme coins imitating Doge.
  • Meme coins are created with no specific use or inherent value, to gain quick high profits. In comparison, mainstream cryptocurrencies like Bitcoin are created with specific technology to boost trading and transactions in the crypto market.
  • They are way more volatile than other cryptocurrencies as whales can lead to sudden rise and fall in their prices.
  • Their performance and fame are mostly linked with social media support and hype created by their influencers and they are highly community-driven.
  • Many meme coins have unlimited stock that have a long-term impact on their prices.
  • These coins are launched quickly, meaning they can be lost in the long term.
  • According to the CoinMarketCap website, DogelonMars, MonaCoin and HogeFinance are among the top 10 cryptocurrencies in terms of market capital after Dogecoin and ShibaInu on October 19.

Floki-themed cryptocurrencies

  • Floki- themed cryptocurrencies are dog-meme coins with the name Floki created after Elon Musk tweeted to name his ShibaInu dog Flokifrunk on June 25.
  • Some of the floki-themed coins include ShibaFloki, FlokiShiba, Flokinomics, FlokiInu and Baby FlokiInu.

Dogecoin-killer

  • ShibaInu was launched in 2020 as a self-proclaimed killer of Dogecoin and aims to become an Ethereum-based substitute of Doge.
  • ShibaInu was created by a pseudonymous founder RyoshiInu.
  • The meme coin was created to capitalize on the soaring popularity of the leading Dogecoin.
  • The meme-coin has the second highest market capital of $11.12 billion after Dogecoin on October 19, according to CoinMarketCsp.
  • It has three tokens namely Leash, Bone and Shib and it’s retail demand has increased since the initial listing.
  • ShibaInu was recently listed on India’s oldest crypto exchange ZebPay on October 13 for trading and investing.
economy Meme Coins Floki Currencies And Dogecoin-Killers
Print Friendly, PDF & Email
Loading

Recent Posts

  • Daily Practice Sheet 9 August 2022 August 9, 2022
  • What is business ethics? August 9, 2022
  • Discuss the emphasize on ethical development. August 9, 2022
  • Critically examine the impact of climate change on food and nutrition security. August 9, 2022
  • PMLA manifestly arbitrary and in any event violative of various fundamental rights, inter alia Articles 14, 20 and 21. Critically comment in the light of recent SC judgement. August 9, 2022
  • Discuss the socio-economic status of tribal population in India. August 9, 2022
  • Examine the reasons behind disruptions in Parliament? August 9, 2022
  • What do you understand by social capital? Why it is important development? August 9, 2022
  • Why Kerala is so vulnerable to variety of disasters? August 9, 2022
  • Do you think Quit India was a spontaneous movement? August 9, 2022

About

If IAS is your destination, begin your journey with Optimize IAS.

Hi There, I am Santosh I have the unique distinction of clearing all 6 UPSC CSE Prelims with huge margins.

I mastered the art of clearing UPSC CSE Prelims and in the process devised an unbeatable strategy to ace Prelims which many students struggle to do.

Free Initiatives

  • Daily Practice Sheets
  • Daily Prelims Notes
  • Friday Factly
  • Prelims Power Play
  • Sunday Essay Sadhna

My Proven Strategy

  • Interview Strategy
  • Mains Strategy
  • Motivational
  • Prelims Strategy

Contact us

moc.saiezimitpo@tcatnoc

For More Details

Work with Us

Connect With Me

Santosh Pandey Quora Santosh Sir Telegram Santosh Sir Youtube Optimize IAS Instagram

Course Portal
Search