Many investors are jumping into the cryptocurrency craze, thinking they would get returns in an instant. But cryptocurrency investment isn’t just a walk in the park where you can gain profits overnight. If you want to achieve your financial goals, particularly in this market, you must do your research on the numerous cryptocurrency types. Learn how they work rather than focusing solely on Bitcoin.
Other cryptocurrencies, in addition to Bitcoin and Ethereum, have been established as a result of the spike in popularity. The rise of so-called “memecoins” has recently been seen. They are now available for trading based on your location and preferences.
Memecoin, on the other hand, has lately outperformed traditional cryptocurrencies due to its ubiquity. Dogecoin and Shiba Inu are two of the most popular meme cryptos that have high market capitalisation based on a report of Coinmarketcap.com. While investment in meme coins can be profitable, it is extremely dangerous. You might be able to make money if you resell at the correct times. However, you’re more prone to losing some or all of your investment. Bitcoin Loophole can help you minimise the risk.
Memecoins are said to develop from Dogecoin, per the crypto dictionary. They are just puns that evolve into a cryptocurrency with a high market valuation. Aside from Dogecoin, other memecoins exist. Let’s take a deep dive into the types of meme coins and their true value in the market.
Dogecoin
Market capitalisation: $31.9 Billion (records as of October 2021)
Dogecoin, as a memecoin, fits the emerging crypto community’s vibe. Its cryptographically secure technology and limitless supply are used to promote a better, quicker, more adaptive, and user-friendly crypto asset.
By market cap, Dogecoin is the world’s sixth most expensive cryptocurrency. It’s a cryptocurrency that’s both an altcoin and a sarcastic meme currency. The Shiba Inu is the symbol for Dogecoin, which was established in December 2013 by Jackson Palmer and Billy Markus (a Japanese breed of dog).
Dogecoin is mostly used as a tipping method on Reddit and Twitter to reward the development or distribution of best-quality content. Participating in a Dogecoin group or obtaining Dogecoin from a Dogecoin tap are two ways to obtain tipped Dogecoin.
Dogecoin is considered an “inflationary coin,” whereas digital currencies, such as Bitcoin, are deflationary due to a limit on the number of coins that may be produced. The quantity of Bitcoin put into circulation through mine incentives is halved every four years, and the inflation rate is also reduced to one-half until entire coins are distributed.
SHIBA INU
Market capitalisation: $35 Billion (records as of October 2021)
SHIBA INU is an altcoin that is based on Ethereum. It got its name from a hunting dog that is a Japanese breed named Shiba Inu. This meme coin is widely used as a substitute for Dogecoin. Besides, it is famous for being called the Dogecoin killer. The Shiba Inu infrastructure is made up of two parts: the ShibSwap transfer and a decentralised team of programmers, owners, and enthusiasts. In addition, SHIBA INU is classified into three tokens such as SHIBA INU (SHIB), Leash (LEASH), and Bone (BONE).
Investing and trading in crypto entail risks and unpredictability, and SHIBA INU could pose an extra challenge for investors. To further navigate investment in this memecoin, here are a few pointers to keep in mind.
Relatively Cheap Price
SHIBA INU (SHIB) charges a couple of pennies despite its obvious recent improvements, therefore for just a few hundred bucks, you can purchase millions of SHIB tokens.
Controlled Usability and Use Case
Even though SHIBA-INU-based NFTs are currently accessible, and Ethereum’s premise may offer smart-contracting prospects in the coming years, SHIBA INU currently has very limited application and less enticing use cases at this time.
Soaring Market Capitalisation
SHIBA INU is one of the most popular digital investments due to its massive market cap. However, such surges might have been bolstered by media sites’ speculative fervour as cryptocurrency users seek a precise way to make money. If the excitement fades, retail investors who bought at the top of the market may be stuck carrying the load. It’s vital to keep in mind that SHIBA INU is still subject to price peaks and dips.
SafeMoon
Market capitalisation: $3.7 Billion (records as of October 2021)
The SafeMoon protocol is released for decentralised finance (DeFi). It was first introduced last March 8, 2021, by John Karony. The SafeMoon completes three functions per trade, such reflection, LP acquisition, and burn.
SafeMoon is a financial instrument comparable to Bitcoin and Ethereum, but with a few main distinctions. Its developers say that they plan to resolve a few of the shortcomings that other digital currencies experience, such as price swings. By imposing a ten per cent charge on each transaction, SafeMoon seeks to prevent day trading of its currency and provides incentives for long-term holders. Current coin owners gain a type of reward in the form of extra coins, with 50% of the charges received going to them.
Monacoin
Market capitalisation: $105 Million (records as of October 2021)
MonaCoin (MONA) is a publicly available peer-to-peer exchange system. It was featured on WBS TV Network Tokyo, which showed a man who used MonaCoin to buy a house in Nagano. Mona Coin was created on a Japanese bulletin board called 2-Channel by a user named “Mr Watanabe.”
Monacoin’s trading volume is significantly smaller than that of Bitcoin and Ethereum due to its exclusivity for users in Japan and the fact that it is virtually unknown to the general public. It’s most typically utilised in online digital activities to assist with third-party cellular programs.
Don’t know where to trade your crypto assets? Bitcoin Evolution is an excellent trading platform to trade digital assets such as Ethereum, Dash, Bitcoin, and Dogecoin.
RISK NOTE: This article is solely for informational content and should not be construed as investment advice. Should you wish to invest in crypto, you must be well-equipped with the right knowledge on any underlying risks and volatility of the market.
When joining in any investment-related transaction, you must study your selected virtual asset and seek advice from a qualified financial consultant. Every trader is embarking on a fascinating adventure. As a result, your market performance is defined by your commitment, perseverance, and effort.
