Dogecoin has been the undisputed leader of the memecoin category without much of a serious competition. But the success and the record breaking rally in 2021 has inspired many new comers to enter the hot memecoin market.
Right now there are more than 100 meme based cryptocurrencies but only a few have shown promise to even come closer to the popularity of Dogecoin. Shiba Inu, Pepe, BONK, FLOKI, Meme, are some noteworthy additions. The closest competition is however Shiba Inu sitting right at number 18 in market cap. The second one is Pepe, much far as of now but has capacity and a community behind.
Who would have imagined that money matters could be handled with so much fun? But, besides bringing so many other innovations, crypto has successfully infused love and fun with the help of memecoins. It has all started in 2013 when Billy Markus and Jackson Palmer mocked Bitcoin and forked Litecoin to create Dogecoin with an infinite supply. It was then considered a 'joke currency' but the crypto community could not resist the 'funny part' and accepted with love.
For almost 6 years, Dogecoin saw no competition in its category and remained the one and only memecoin. But in 2020, Shiba Inu emerged as a "Dogecoin Killer". Shiba Inu garnered much attention because it is distinctive in tokenomics and venturing into the NFTs. Talking about Pepe, it's new and launched in early 2023. While it has sparked a lot of controversy, managed to attract a certain group of crypto enthusiasts. What's most attractive about Pepe is its branding of a frog based on a comic character of early 2000s.
Whether or not, it will be much the same a boom for memecoins as was in 2021, o e thing is certain that, they are here to stay and much of their future depends on the top three memecoins. So, it's not a bad idea to choose either of them after taking a closer look at their comparison on the following points:
1. Blockchain Protocol:
As mentioned earlier, Dogecoin is fork of Litecoin and runs on its own L1 blockchain. It's a crucial advantage for Dogecoin as the other two, Shiba and PEPE both run on Ethereum ERC 20 blockchain. However the ERC 20 protocol has its own benifits too.
While Dogecoin has no finite supply, both Shiba Inu and Pepe have a max supply limit, albeit in trillions. This makes the Dogecoin inflationory while other two are deflationary. Which type of coins are better? Deflationary or inflationary, that remains a topic of debate. But proponents of Dogecoin say that inflation is what makes Dogecoin a usable currency or the currency that can last forever.
3. Community Size:
With 3.8 and 3.7 million followers on X, Dogecoin and Shiba Inu are neck to neck, whereas Pepe is far behind with only 527K followers. But the pace at which Pepe is running, it won't take it long to achieve +1M followers.
On Reddit, the difference between the popularity is more evident. Doge has about 2.4 million subscribers while shiba Inu has 584k and Pepe only has 36K subscribers.
As Dogecoin shares much of its technology with that of Bitcoin, it is obviously a PoW coin. It has been one of the most preferred currency for online payments over the years. Also it's been involved in many charitable use cases over the course of history. As far as Shiba Inu us concerned, it awards users for staking and also has a self declared ecosystem of other coins with Bone and Leash. Also they are aiming high stakes with Shibaswap. For Pepe, it would be better to assume that this coin is purely running on creating controversial memes. The potential use cases of Pepe are often underwhelming due to its contentious issues. However, if we look at the official site for Pepe, it suggests a better picture for the coin with no presale, zero taxes, contract renounced and others.
5. Price Prediction:
With an impending bull run, we will surely see upswing in the prices of these 3 coins. However the most promising gains could potentially come out from either of Shiba or Pepe. This isn't because of the use cases of the coin but entirely due to the fresh feel for Shiba and Pepe. While Doge has a huge market cap, relatively lower market cap for the two others will work positively in terms of % gains in the upcoming bull run.
It's better to divide your portfolio in 3 sections for the memecoin category with 50% to 60% in Doge, 20% 30% in Shiba and 10% to 20% in Pepe for better gains.
Overall, the fundamental of the memecoins remain hugely funny and satirical, market dynamics and use cases can have a say in their value. As we have witnessed a huge increase in the number of memecoins post 2020, it's time when we can witness a huge competition among these funcoins.
At last, I would say that the alternative memecoins will definitely bring about a chaos in the category as was never seen before. There will surely be a tough competition for Dogecoin this time. However always keep in mind to follow DYOR practices before investing in cryptocurrencies.
As Always Thanks for Reading and Tipping
Adios ... Ciao.... Bye ... Take care ...
Read more interesting Articles👇👇
Read More: "If Winter Comes, Can Spring Be Far Behind?"
follow me on Twitter @hodlxpress
follow me on Facebook @hodlxpress