Crypto markets operate remarkably differently from mainstream financial markets. On the one hand, coins like Bitcoin have serious underpinning in seeking to decentralize the global financial system and whatnot. On the other hand, memecoins operate as literal jokes that utilize internet meme popularity. Well, at least that was the case for the first one to break out, DogeCoin.
Due to Dogecoin's success, many memecoins have emerged with varying degrees of success. DigiToads (TOADS) and Pepe token are new entrants to the scene, fast getting on the radar of crypto enthusiasts. The fact that there are now multiple memecoin options also speaks volumes about the dynamism of this industry.
DigiToads and PEPE Are Dominating
These memecoins are different standard-bearers of this subsector. DigiToads seeks to add utility to the memecoin scene by operating as a play-to-earn (P2E) gaming token. The game revolves around a nature-themed metaverse swamp that is full of adventure. DigiToads has only recently launched its token sale and has already raised over $3.2 million.
A metaverse gaming ecosystem adds more dynamism to the concept of a memecoin. In line with the name, the game is based on toad avatars as they seek to battle for their precious swamp habitat. The project also has NFT collectibles to tap into another popular aspect of crypto gaming. These in-game collectibles increase engagement and can be collected as players navigate the game and nurture their toads.
The Pepe the Frog meme is one of the most famous memes online, especially in right wing circles. It features a picture of a frog that is sometimes skeptical or nonchalant, with different meme inscriptions on the image. Well, there is now a Pepecoin inspired by this famous token, and it is quickly gaining traction in cryptocurrency circles.
DigiToads is keen on building its utility aspect as compared to other memecoins. There is much to work with in the gaming sector, where the blockchain has yet to achieve its potential fully. By combining the hype of a memecoin and the enduring popularity of a quality game, its creators are looking to build a more stable platform.
The fact that these projects, based on funny-looking amphibians, are now some of the most popular memecoins speaks to the dynamism of this sector. Memecoin popularity is based on the notoriety of memes in popular culture. It is noteworthy that DigiToads is trying to implement a virtual metaverse gaming ecosystem over and above its memecoin essence.
DOGE Rose But TOADS Has More Upsides
Memecoins take inspiration from internet memes and the viral humor they carry. Amid Bitcoin's rise as a scarce transformative asset with solid principles, Dogecoin was more of a parody coin whose creators had little intention of having it as a major cryptocurrency. A decade later, Dogecoin and other meme coins are an established component of the crypto sector, with several coins with a combined market capitalization of hundreds of billions of dollars.
The astronomical rise of Dogecoin came after a seemingly humorous tweet by Elon Musk in 2019 and several times in the next few years. Musk already had tens of millions of followers on Twitter with significant name recognition on Twitter. He would use phrases like 'one word: Doge' or post the Dogecoin logo, a Shiba Inu dog, as an unstoppable sandstorm. Without a doubt, Elon's promotional activity has been a focal point in Dogecoin's popularity.
Crypto enthusiasts carried the joke, and Dogecoin soon became one of the most popular cryptocurrencies out there. The coin appreciated more than 1000% in the middle of a crypto rally of 2020-2021 before tapering off. Shiba Inu coin piggybacked on the popularity of Dogecoin, and the two have since become the notable memecoins of this crypto era. Shiba
Nowadays, a memecoin refers to coins that fall under the broad umbrella of projects with a humorous or fun tinge. Many projects with the memecoin label have serious development teams behind them. DigiToads is an example of this approach by building on what DogeCoin and SHIB achieved but with the advantage of utility. DOGE may still be the biggest stablecoin, but TOADS could have more upside, given its actual use cases.
The role of memecoins in the cryptocurrency industry is mixed. Some look at them as a hilarious spin on established crypto names like Bitcoin and Ethereum. For memecoin traders, they represent legitimate investment opportunities. Famous personalities like Elon Musk can instantly change the price of a memecoin with a tweet.
Some memecoins have tried to strike a balance between the two polar ends of crypto development. That's where the likes of TOADS come in. TOADS is a memecoin but provides the utility of a P2E gaming token with a vibrant gaming ecosystem in tow. The beauty of this industry is that it has something for just about everyone.
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