Meme Investing has taken over the retail scene. Stocks like AMC and GameStop have surged thousands of percentage points in a year, and this type of meme-fueled hype and investment has made its way into the cryptocurrency space. The two largest memcoins are Dogecoin and Shiba Inu , and while both are far from being a good investment, Shiba is a higher risk, higher reward, and Dogecoin is a safer long-term game.
Dogecoin has no other use case other than payments, has an inflation rate of 5%, and relies on Litecoin miners to keep its blockchain secure. Despite the fact that it has little fundamental value, it quickly became Elon Musk’s favorite cryptocurrency, and he consistently praises it on his Twitter feed, which has fueled its meteoric rise.
Naturally, such profits did not go unnoticed, and many projects tried to create their own copies of Dogecoin, which used flamboyant branding and high volume conversions to trick retail investors into buying the coin. Many coins, such as Safemoon and Doge Token, were created using billions if not trillions of coins in circulation and offered no improvement or any fundamental reason to invest other than the fact that if other people invested, the price would increase. would. The reason these projects choose to mint so many coins is because it makes the price per coin incredibly low, sometimes as low as $ 0.0000001, which makes average investors think the price can easily hit the dollar and instantly make them millionaires. Obviously,
Shiba Inu, however, was able to stand out from the crowd of memcoins and become the chosen people of the “Doge Killer”. It was issued as a token on the Ethereum blockchain in August 2020 with a total volume of 1 quadrillion tokens. No real reason for which the token SHIB been selected by retail investors as the best memkoyna, but that has not stopped the rapid growth of the price of 12,000 times since its release. However, it fell more than 70% from its all-time high, which is still a huge profit for anyone lucky enough to buy at the time of the coin’s release. The process to buy dogecoin with PayPal is simple especially after the huge increase of its price.
The future roadmap for the Shiba Inu project includes the release of ShibaSwap, a decentralized exchange that will allow users to buy and sell tokens on the Ethereum blockchain. There will be two more tokens on this exchange: LEASH and BONE. Both of these tokens have an unknown exchange-related use case and more information will be released as ShibaSwap approaches release.
The fact that there is currently no use case for LEASH or BONE makes them an incredibly speculative investment. In addition, ShibaSwap is likely to be a clone of Uniswap and bring no value to the DeFi ecosystem.
Dogecoin has gone through several disruptions and has consistently proven that despite being a memcoin, it is generating investor interest and is not going anywhere anytime soon. He is supported by such big names as Mark Cuban and Elon Musk, and he is so deeply integrated into the cryptocurrency community that he will always have a place in the top 100. For this reason, Dogecoin seems to be safer than Shiba Inu. but investing in any meme currency is a sure way to disaster, unless you’re lucky enough to sell before it crashes.