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.