Meme coins may be fun, but it’s obviously not just that. Tokens such as Dogecoin and Shiba Inu are clear proof that this kind of asset can have real gain potential
Crypto investing has long been all about Bitcoin and Ethereum, but have you ever considered diversifying your portfolio? There are so many alternatives to these big-name cryptocurrencies that it’s hard to choose something, but let’s take it easy. We’ll focus on a specific type of digital coin that has managed to catch investors’ attention in a relatively short period of time – meme coins.
Meme coins entered the crypto market as mere jokes, no one being able to assess their real potential at that moment. But they have somehow managed to lure the crypto community, ballooned in value, and generate substantial returns on investment. So, meme coins are definitely purchased not only for entertainment value. They appear to be the very future of virtual currency based on the records observed in recent crypto history, but there are mixed opinions on this. No one could tell for sure if meme coins really have the power to change the crypto space forever (honestly, there is a slight chance for them to do so), but their popularity can’t be denied. Meme coins often climbed several thousand percent, generating significant returns and even turning some investors into millionaires in past bull runs, so they’re undoubtedly a thing. Moreover, experts advise diversifying your portfolio by adding some Bitcoin alternatives, including meme coins such as Dogecoin and Shiba Inu. Nonetheless, before rushing to purchase, ensure you look at these coins’ carefully, preferably on an exchange like Binance, where you can also buy Bitcoin.
Without further ado, here are the meme coins you should watch out for in 2023.
Dogecoin may need no introduction since it has been so hyped in recent years. It existed before Shiba Inu, Tamadoge, or other meme coin projects and is regarded as the first-ever meme coin and also one of the largest cryptocurrencies by market cap. Dogecoin was released in 2013 as a comic relief to the chaotic situation at that time when many crypto projects copying Bitcoin’s source code appeared. Its developers, Billy Markus and Jackson Palmer, decided to fork the coin from Litecoin, with which it was initially associated, as a fun crypto asset. However, it remained underground for years until Elon Musk’s support announcement. Musk’s many tweets about the token have resulted in a surge in DOGE’s popularity and numerous investors taking the meme coin route. It also has a significant mainstream acceptance, especially since Elon Musk embraced it as a form of payment for his Tesla cars. GameStop, Newegg, and Twitch are other big-name businesses accepting Dogecoin.
Shiba Inu (SHIB)
Shiba Inu is the second largest meme coin by market cap, having one of the most impressive prices in the crypto market. The meme coin is designed as a community-driven, decentralized alternative to DOGE, the first and biggest meme coin by market cap at the time being. Shiba Inu’s creator, Ryoshi, aimed to create a crypto project that brings truly remarkable returns on investments, and if we allude to the coin price’s evolution, we could say its intention has been fulfilled. Nonetheless, part of this success is attributed to Shiba’s compatibility with the second-generation blockchain, Ethereum, which has allowed its ecosystem to develop much more rapidly than Dogecoin. For instance, it has its own decentralized exchange, ShibaSwap, which enables users to join the DAO, stake SSLP, purchase NFTs, and add to the liquidity pool.
So, even if it uses a lighthearted and playful marketing approach, this project will likely overtake Dogecoin in the following years, even in 2023, if things keep going as they do now.
The Baby of all Doges (BABYDOGE)
BabyDoge Coin is, as expected, inspired by Dogecoin, but it aims to be something more than its bigger brother. Anonymous developers created the crypto project on the Binance Smart Chain and launched it on June 1, 2021. Although it was initially perceived as just another fish in the sea, BabyDoge Coin, or ‘the baby of all Doges’, has caught the public’s attention due to its approach toward transaction security. Its main purpose is to grow scarce over time by decreasing the diluted market capitalization. Thereby, each 5 percent of the fee of a transaction taking place over the BabyDoge ecosystem is sent to the user’s wallet. Interestingly, the token supply is continuously reduced utilizing various actions, including coin burning, reflection, and liquidity pair acquisition, which gives it a highly deflationary nature.
Nonetheless, BabyDoge Coin has a far more profound purpose: to support charity partners and help dogs in need. So, yes, a significant part of the money accumulated will contribute to saving dogs worldwide.
Pitbull is another dog-themed cryptocurrency that, just like BabyDoge Coin, is built on the Binance Smart Chain. Nevertheless, Pitbull is believed to have a special trait: it uses an auto-staking mechanism to prize investors when transactions are performed using PIT. The PIT coin is a BEP-20 token considered an interesting approach to meme coins, and that’s probably one of the reasons it’s aimed to be given a higher purpose. However, what will happen with this crypto only remains to be seen, but you’d better watch out for it.
Big Eyes Coin (BIG)
Probably the cutest of them all, Big Eyes Coin is a meme coin project with massive prospects. It’s also different from the other meme coins, as it’s a cat-themed rather than dog-focused project. Big Eyes Coin managed to grab investors’ attention due to its strength during its presale and exciting narrative. It has raised over $30 million on presale, and that’s despite the bearish market threats. Many people may embark on the BIG journey because this presale status allows them to immediately sell the coins for profit when the project is released or just hold them long-term to maximize profits.
And to make things even spicier, Big Eyes has just launched its own mystery boxes, allowing buyers to earn even more rewards. Simply put, no one is going to lose this game, as every gain will be at least the purchaser’s money back.
Meme coins may be fun, but it’s obviously not just that. Tokens such as Dogecoin and Shiba Inu are clear proof that this kind of asset can have real gain potential, so don’t be surprised if others of the likes mentioned above get in the spotlight.
Please check out latest news, expert comments and industry insights from Coinspeaker’s contributors.