Three Altcoins to Explore | The Meme Army is Back with An Upbeat Performance Last Week
Bitcoin thrived last week. Starting out at $47,570, the week ended on a high with $55,353. Last week’s ceiling was reached at $55,922. This is a 17.56% increase. The market has been green all week and the sentiment is very positive.
Ethereum was a bit more modest and went from $3.334 to $3,548, with a peak at $3,662. So far, October is showing a very positive uptrend.
Despite the price increase of Bitcoin, not all altcoins performed well. Some altcoins had green charts, whilst other coins had red charts last week. The altcoins that were trending last week were the meme tokens. They only went one way, and that was up.
Meme tokens are, in general, associated with some theme, often as a joke rather than a serious product. They have gained popularity in a short amount of time, mostly due to influencers and retail investors promoting them online. A meme coin has typically no inherent value or utility. They tend to be based on internet memes, jokes, and images shared on social media. However, when Elon Musk started to talk about Dogecoin, many imitators joined the trend and released their version of meme tokens. Some people call it insane to invest in meme coins, whilst others have made 1000% profits. They see it as a cheap bet with massive potential for profit. Currently, there are over 80 meme coins and tokens listed on the price aggregator CoinMarketCap.
Because meme tokens have no value or utility, it is astounding that they comprise 2.8% of the crypto market. The meme token sector is worth a stunning $38 billion. However, wild price swings are not unusual. They also tend to have a huge circulating supply, sometimes a quadrillion. Most of them are created to make a quick buck, and it’s doubtful that in a few years, once the novelty wears off, they will still be around.
Many retail investors like to buy them because of the cheap entry opportunity and strong community engagement. The price of meme tokens tends to surge when influencers mention them. Elon Musk can especially influence price movements by talking about a meme. The next thing you know, the price of an associated meme token soars.
Today we look at three meme tokens that were leading the price increase last week, Dogecoin (DOGE), Shiba Inu (SHIB), and Dogelon Mars (ELON).
Notice: KuCoin does not provide financial advice. Please do your own risk assessment when deciding how to invest in cryptocurrency and blockchain technology.
Dogecoin is the dogfather of all meme coins and was released in December 2013. Its logo is a Shiba Inu dog, and Elon Musk is a big fan of this coin. His tweets about DOGE can cause massive market movements. Recently DOGE had a few updates that enabled speedier transactions, facilitated lower fees by bolstering the synchronization time, and offered better security. Dogecoin runs on its own blockchain, which is based on Litecoin. Features of this coin are its low price and unlimited supply. It uses the proof-of-work algorithm to mine new coins.
DOGE is used a lot by its community for tipping content on Reddit and Twitter. US-based movie theater chain AMC Theatres have officially allowed payments with DOGE since October 2021. On 7th May 2021, the coin saw its current ATH at $0.6848. DOGE is listed in the top 10 for crypto coins. During the last seven days, DOGE saw an increase of 10.5%.
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Shiba Inu (SHIB)
Shiba Inu coin was released in 2020 as a joke coin based on Dogecoin. In 2021, the value of this coin has surged. Last week saw an increase of up to 350%. This could be because Elon Musk posted a picture of his dog Floki, which is a Shiba Inu puppy. SHIB has its own DEX, ShibaSwap, from July 2021. NFTs can be traded, and coins can be staked on this decentralized exchange. The anonymous developer of SHIB sent 50% of the token supply to Ethereum founder Vitalik Buterin’s wallet. Buterin liquidated the coins after they started soaring, getting them consequently in the spotlight.
SHIB is an Ethereum-based coin and has the advantage that it is compatible with the vast Ethereum ecosystem. Especially as a short-term investment, Shiba Inu coin seems to be doing well. SHIB is listed in the top 20 of crypto coins. Last week the peak was reached with a 350% increase.
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Dogelon Mars (ELON)
Dogelon Mars’ goal is to help people to get to Mars, and to stay safe from scams. According to their message on the Dogelon Mars website: “Technically, it is a fork of Dogecoin, in the same sense that a knife is a fork of a spoon. I have named it after the capital city of Mars: Dogelon (pronounced Dog-a-lon, not Doge Elon because that would be arrogant).” They also claim to not be a meme coin. Half of the tokens were sent to Vitalik Buterin at the token release. The other half of the token supply is permanently locked in an Uniswap liquidity pool.
The ELON community is encouraged to airdrop Dogelon tokens to victims of rugs and scams. ELON has surged 110% during the last seven days.
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The major trigger point for future meme token surges seems to be the actions of influencers. Especially people like Elon Musk, but also Mark Zuckerberg, can have a big impact on the price fluctuation of meme tokens. What started as a joke seems to be not so funny anymore. Meme tokens investment often tends to be at a higher-risk due to its lack of support in a solid technical infrastructure or long-term tokenomics. On the other hand, it offers a lower threshold of entry, and it has a strong community support in the crypto world.
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