Created by Ryoshi, Shiba Inu operates on the Ethereum blockchain network. As a cryptocurrency, SHIB has attracted the attention of many crypto investors. This has made them plunge into increasing liquidity. The hope that SHIB will take DOGE’s place fuels these decisions. Investors hope that SHIB will become the best meme-driven currency.
Shiba Inu features a ShibaSwap decentralized exchange. When users provide Shiba Inu, they can dig for liquidity and stake their Shiba Inu coins to earn interest. Holders can also use Uniswap to stake their money in exchange for other assets. As of 10th October, Shiba Inu’s value was $0.00002578 and had a market cap of 10.88B on CoinMarketCap. This crypto is also popular for being bold and having a sense of direction. These attributes inspire investor confidence.
Yet, there is a lot of speculation about Shiba Inu. So far, there is no certainty about the legitimacy of this crypto. This places investors’ funds at risk for fraud and attacks by scammers.
SafeMoon is a Decentralized Finance token seeking to provide a substitute financial system. Developed on Binance smart chain blockchain, this crypto is very recent. As of the time this article was written, SafeMoon had a market cap of $968,058,293.29 on CoinMarketCap. SafeMoon is less established and thus frailer in the crypto environment. As of 10th October, SafeMoon’s value was $0.000001646. This is affordable for many investors and cryptocurrency traders.
SafeMoon uses dual-key cryptography to handle users’ private keys on two devices. It features a business model that motivates long-term investing. This discourages traders from active selling. In this model, they charge 10% of the sale price, which splits in two. One half goes to loyal holders and the other to new crypto investors to promote liquidity. SafeMoon creators support that creating a limited supply enables increased value. This happens when more investors sell their tokens.
SafeMoon cannot serve in the real world. The absence of any real-life application for this token lowers its value. A holder can only trade them for another cryptocurrency. You can also choose to keep them as an investment. The value would not increase unless there is an update or creators have a pending project.
Dogecoin draws its underlying technology fromLitecoin. This makes it a worthy cryptocurrency for traders and investors. It is famous for its accessibility and the fact that it is peer-to-peer crypto. DOGE had a market cap of 32.258B as of 10th October with a value of $0.25 on CoinMarketCap.
Dogecoin is the most popular meme crypto since the concept of digital assets first began. It has also displayed a desirable price graph. The coin has remained alive and popular because of its many charitable works. The philanthropic nature of the entire DOGE community has helped them make a good name. They donate and give tips for noble causes; an attribute that has earned them huge crypto popularity and following.
Dogecoin has significant potential for hitting its all-time high. This is particularly because of the volatility that describes the crypto market. Nonetheless, there is the challenge of investors being fearful of securities and access. Another critical consideration is whether Dogecoin is on the Binance Smart Chain list. In a sense, appearing in the largest crypto trading platform is a measure of reliability and legitimacy.
Are any of these meme coins a good investment?
There is no clear or concise answer to which of the three is a good investment. It is clear that better oversight is necessary now more than ever. The emergence of more cryptocurrencies that are like Dogecoin has made it so. This is because of the questionable foundational technological value.
Individual investors must check the currency that best matches them and their goals. Take note of the offerings of individual coins. Also, look into their advantages and disadvantages, and the level of risk involved. Finally, try to speculate on how inflation may run over time.