The Growing Memecoin Space

Like Bitcoin and Ethereum, memecoins are cryptocurrencies. As the name implies, they portray memes in the form of funny images, videos, and any other kind of exciting media.

While they may seem like a joke, their popularity in the space has increased rapidly. Some have even broken the “meme” tag by introducing core utilities to their ecosystems. These utilities include Non-Fungible Tokens (NFTs), Decentralized Exchanges (DEX), GameFi, etc.

This story will look at five top memecoins by market capitalization across all chains and explore some of their features in the Decentralized Finance (DeFi) space.

Dogecoin ($DOGE)

Dogecoin is a popular memecoin based on the dog meme. The token, $DOGE, gained popularity in early 2021 when Elon Musk began tweeting about it. $DOGE currently has a market cap of $9.2 billion according to CoinMarketCap. The circulating supply is over 132 billion.

• Since reaching its All-Time High (ATH) of $0.3388 in May 2021, the token has dropped significantly in price.
• $DOGE currently trades at $0.0692, representing a 79% decrease from its ATH.
• $DOGE is a BNB Chain token.
• Users can visit Dogepedia, a resource containing documentation about the project, through the website.
• Also, the “Much Wallet” portal discloses different crypto wallets and their features in the blockchain space.
• Generally, the Much Wallets portal delivers Dogecoin’s perspective on various wallet providers.

Shiba Inu ($SHIB)

Shiba Inu is another memecoin inspired by the dog theme. Nicknamed the “DOGECOIN KILLER,” the token also gained popularity from tweets by Musk and Ethereum Co-Founder Vitalik Buterin. Its success created numerous copycats, including SHIBA2K22, Shibalana, King Shiba, and SpookyShiba. $SHIB has a current market cap of $7.5 billion with a circulating supply of over 549 trillion tokens.

• $SHIB price stands at $0.00001389, which is 85% less than its October 2021 ATH of $0.00008845.
• $SHIB is built on the Ethereum blockchain.
• Shiba Inu is one of the few memecoins with a comprehensive ecosystem. The project has a native DEX, ShibaSwap, which is audited by Certik.
• The project also has two other tokens, $LEASH and $BONE. $LEASH rewards users for providing liquidity, while $BONE allows users to vote on upcoming proposals.
• Shiba Inu already has its native metaverse, Shib: The Metaverse.
• Its GameFi product, Shiba Eternity, is in the works. According to its Twitter account, the game will be available on Android and IOS soon.
• The memecoin also has two native NFT collections, The Shiboshis and Shib Yard.

Dogelon Mars ($ELON)

As you can tell by its name, Dogelon Mars combines the dog theme and Elon Musk. The current market cap is $171 million with a circulating supply of over 548 trillion $ELON.

• Following its ATH in October 2021 of $0.000002279, $ELON has dropped in price by 86% and is currently trading at $0.0000003113.
• $ELON is an ERC-20 token on Ethereum and Polygon.
• Unlike the other memecoins on this list, Dogelon Mars has no utility aside from buying and holding.

Baby Doge Coin ($BabyDoge)

Baby Doge Coin was launched in 2021 with an ambitious roadmap comprising NFTs, GameFi, Pet Charity, and more. The token has a market cap of $166 million and its circulating supply is 115 quadrillion $BabyDoge.

• The token has dropped by 77% from its ATH in January 2022 and is trading at $1.43e-9.
• The memecoin is available on both Ethereum and BNB chains.
• Its native NFT collection, Baby Doge NFTs, was embraced by the community moments after launch. The NFTs also offer users PlayToEarn utility through its collaboration with Decentraland.
• Unlike other memecoins, $BabyDoge token can also be purchased with a credit card.
• Baby Doge Coin is also set to unleash its native DEX (Baby Doge Swap) on BNB Chain.
• The DEX comprises both swapping and earning features.
• Although the DEX is still in its testnet version, it is already drawing comparisons with the leading DEX on BNB Chain, PancakeSwap.

Samoyedcoin ($SAMO)

Samoyedcoin was launched in 2021 amidst the rise of the dog-theme memecoin trend. $SAMO has a current market cap of $43 million and a circulating supply of more than 3 billion.

• $SAMO is currently trading at $0.01168, down by 95% from its ATH in October 2021.
• The token is built on the Solana blockchain and is the leading memecoin project on the network.
• Its native collection, SAMO NFT, is available on numerous marketplaces, including Magic Eden and OpenSea.
• $SAMO can also be used for farming and staking on Solana-based DeFi platforms.
• Users can also buy Samo’s merch from the Bonfire store.

BSC News recommends you do proper research before investing in any of the preceding projects.