What are Meme Coins, Floki Currencies, and Dogecoin Killers?

NEW DELHI: Dogecoin, the first meme coin to hit the market in 2013, was once considered an ironic gimmick and has since gained a good reputation and, according to CoinMarketCap, became the tenth largest cryptocurrency on October 19 with a market capital of 32.54 Billion dollars.
However, the groundbreaking meme currency has faced stiff competition from Shiba Inu and other Floki-themed coins. So what’s the fuss about these new Floki coins? But first let’s understand what meme coins are.
Meme coins are cryptocurrencies inspired by popular social media jokes, sarcasms, and puns.
There are currently around 124 meme coins according to the Coinmarketcap website. Dogecoin’s success in 2021 led to the birth of many more meme coins mimicking Doge.
* Meme coins are created with no specific use or intrinsic value for quick high profits. In comparison, mainstream cryptocurrencies like Bitcoin are created using a specific technology to promote trading and transactions in the crypto market.
* They are much more volatile than other cryptocurrencies as whales can cause their prices to rise and fall suddenly.
* For example, Shiba Inu rose 230 percent in 7 days after selling 6.3 trillion Shib tokens in the first 2 days of October.
* Their achievement and fame are mostly related to social media support and hype from their influencers, and they are heavily community driven.
* Many meme coins have an unlimited inventory which affects their prices in the long run.
* These coins are launched quickly, so 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 Shiba Inu on October 19.
Floki-themed cryptocurrencies
Floki-themed cryptocurrencies are canine meme coins named Floki that were created after Elon Musk tweeted on June 25 to name his Shiba Inu dog Flokifrunk. Some of the Floki-themed coins include Shiba Floki, Floki Shiba, Flokinomics, Floki Inu, and Baby Floki Inu.
Dogecoin killer
Shiba Inu was launched as a self-proclaimed killer by Dogecoin in 2020 and aims to become an Ethereum-based replacement for Doge.
* Shiba Inu was created by a pseudonymous founder Ryoshi Inu.
* The meme coin was created to benefit from the rising 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 its retail demand has increased since it was first listed.
Shiba Inu was recently listed on India’s oldest trading and investing crypto exchange, ZebPay, on October 13th.
The triggering effect of the tweets
Although tweets should not be viewed as a price determinant for cryptos, Musk’s tweets have been seen as triggers for the prices of meme coins since the Dogecoin days.
* The very famous tweet that sent the SpaceX Doge-1 satellite to the moon on May 10, 2021 helped raise Dogecoin in the billions.
* Musk’s tweet of May 19, 2021 – “How much is this Dogecoin at the window?” – nearly doubled the price of Dogecoin from $ 0.29 to $ 0.40 and Bitcoin fell below 40,000 the same day after Doge’s frantic sale $.
* Musk’s “Floki Has Arrived” tweet on September 13 with a picture of his Shiba Inu puppy raised the price of Shiba Floki coins to nearly 958.9 and Floki Inu rose 60 percent in 24 hours.
* The latest October 4th tweet with a picture of Musk’s puppy Floki on the hood of his Tesla car shot Shib coin prices 55 percent and Floki Inu prices up 22.13 percent.

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