In 2021, memecoins saw exponential growth, especially the dog-themed ones. Meme coins are meme-inspired cryptocurrencies which tend to be highly volatile compared to major cryptocurrencies. This is because they usually have no real use-cases and they are influenced by social media and community sentiments. Buying meme coins, in a way, is showing support for their respective community. Usually retail investors find meme coins attractive because they typically only cost a few cents or even a fraction of a cent.
It does not mean much, because these coins have a huge supply. In a Twitter poll conducted by CoinmarketCap on “Which Top MemeCoins will survive & rise to the top in 2022”, one of the newest meme coin, SafeMoon, managed to gain almost half of the votes, accounting for 44.2%, followed by Shiba Inu and Dogecoin.
Which of These Meme Coins Still Holds the Title as The Most Important One?
Dogecoin is still the first meme coin by capitalization with $12 billion, followed by Shiba Inu with 7billion. SafeMoon’s capitalization is now very low, counting only $58 million. Just a year ago, May 2021, the coin reached an all-time high market capitalization of $5.75 billion. Since then, SAFEMOON price started to decline and it seems to be struggling to rise again. According to Google Trends, SafeMoon’s popularity has dropped by 99%. The project needs to increase its utility if it wants to compete with the other meme coins.
Dogecoin is still holding the title as the most important meme coin in the cryptocurrency ecosystem. The reason for this comes from the fact that this currency has been repeatedly cited by Elon Musk, who even claimed that he personally holds some DOGE. Its price, heavily influenced by Elon Musk’s tweets, managed to get around $0.70 almost a year ago. This confirms the fact that marketing and community hype are fundamental for Dogecoin, which has no real use-cases, apart from being considered by someone as a payment tool.
Do the other meme coins have some kind of utility?
The only noteworthy product that the Shiba Inu team developed seems to be a DeFi-like platform called Shibaswap, launched in July 2021. The platform lets its users add liquidity to the pool as well as swap and stake tokens. The platform will also soon allow its users to access NFTs and additional tools.
In terms of technological development, it seems that SafeMoon is a little more active than its competitors. The development is now focusing on the release of a multi-currency debit card, which is now in the pre-launch phase. Users will be able to use this card online or in-store and it should be globally accepted. The team also promised to come out with a hard wallet and, most importantly, SafeMoon own cryptocurrency exchange.
Will the development of SafeMoon cause a change in rankings?
Surely the development of the project is the most important step. In fact, most of the time, the more a project develops and innovates, the greater the adoption of its token and consequently its price. In addition, if we add strong support from the community, SafeMoon can hope to enter the top 3 of the best meme coins. https://www.gate.io/ exchange has already listed the SFM token, which is available for purchase and trading. Gate.io is considered one of the best exchanges in the world, for reliability and expertise in the crypto industry.
