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Meme coins – originally intended as philanthropic currencies – have been popular with investors. The coins were also at the top of the crypto ranking. But the good times seem to be over, as meme coins have had a particular impact on the recent drop in prices.
Why meme coins are so popular with investors
First things first, meme coins are blockchain-based normal currencies. What differentiates them from Bitcoin, Ethereum and Co. nor that their makers created the coins to make certain statements. The use case was secondary. Some coins have managed to achieve cult status, also thanks to significant support. The best example here is probably the Dogecoin by the Elon Musk “DoGFather”.
Coin Crash Meme
The short bull run on the crypto market seems to have come to a (temporary) end. Almost all cryptos are currently struggling with a price drop, but the joke currencies, which experienced the most violent crash in relation, were hit particularly hard.
Shiba Inu (SHIB)
The Shiba Inu was launched in 2020, so it’s still a relatively young meme base. The sign was created by Ryoshi. It is still unknown who is behind the pseudonym. It started as an experiment to build a decentralized community, and the SHIB is now completely community-run. The coin is 15 in the crypto ranking. In the last 24 hours, the price of SHIB has fallen by 7.3%. Extrapolated over the past seven days, the price fell by as much as 14.3%. In one year, the Shiba Inu has fallen by about 56%. The coin’s market cap is $6,644,377,263. One coin currently costs $0.00001129.
#Floki it keeps building. pic.twitter.com/HyNbep9R1A
— FLOKI (@RealFlokiInu) March 3, 2023
The makers of the Floki Coin were inspired by Elon Musk. When the second richest person in the world announced on Twitter that his new dog (Shiba Inu, by the way) was named Floki, a cryptocurrency of the same name was promptly launched. That was in 2021 and within a very short time the base was able to build up a large community. But that doesn’t help the base right now either. The coin is down about 10% in the last 24 hours, and down about 19% in the last seven days. In one year, Floki fell by about 3%, bearing in mind that the coin was only launched in 2021. Floki’s current market cap is $389,528,242. One coin currently costs $0.00003996.
If there is such a thing as a primordial memecoin, it is surely the Dogecoin. The token was invented by Jackson Palmer and Billy Markus in 2013, actually as a parody of Bitcoin. Meanwhile, the DOGE has long since entered the “mainstream crypts” and is ranked 9. The Dogecoin is the favorite crypto of Elon Musk declared. In the last 24 hours, the coin is down 5%, down about 8% in the last seven days. In one year, the Dogecoin fell by about 42%. The market cap is $10,628,334,812. A DOGE price is currently at $0.076828.
Are meme coins around?
Like all other cryptocurrencies, meme coins are currently struggling with general market developments. The reason these encryptions are so hard hit is because they are extremely volatile. At the moment investors are reluctant to invest in highly speculative investments or take complete risks. Meme coins certainly do not completely disappear from the crypto market. The coins are too popular for that and the Dogecoin in particular has a strong community behind it. The situation makes it extremely difficult to make an accurate prognosis. It remains to be seen at this point whether meme coins will find their way back to their former strength.
Tamadoge – the meme base with utility
If there’s a hot contender for the title of Hot Coin of the Year 2022, it’s definitely Tamadoge. Even the pre-sale of the coin was very successful. The pre-sale of the coin was originally planned well into the fourth quarter of 2022. However, the pre-sale ended at the beginning of the third quarter. The listing on the stock exchanges has also been very successful – and TAMA’s potential is huge.
The first arcade games were launched
What differentiates the Tamadoge from many other tires is that the TAMA has real utility. The token comes with its own Play to Earn metric: the Tamaverse. Meanwhile, the first three arcade games have been launched and all three games – Rocket Doge, To the Moon and Super Doge – are very popular among gamers. Two more games are already in the starting blocks. Tamadoge’s main game will also launch this year. This platform will also feature an augmented reality (AR) application that will allow gamers to interact with their pets in the virtual world. The TAMA gives users access to the Tamaverse ecosystem. For example, you can use it to buy credits for arcade games or go shopping at the pet store. The coin can also be traded on the stock exchanges.
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Last updated on March 3, 2023
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