Top memecoins by market cap- Dogecoin, Shiba Inu & Floki
Memecoin is a term used for those cryptocurrencies which are depicted with comical or animated memes, While some of them may have real-world use cases, others may be fun, and may hold little or no intrinsic value.
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Highlights
- Memecoins have become the latest buzzword
- Dogecoin, Shiba Inu and Floki are some ofthe well-known memecoins
- Dogecoin is often touted as Elon Musk's favourite
With the explosion of cryptocurrencies, memecoins have been garnering attention. In fact, memecoins have often been seen as joke tokens without real-world use. However, not all memecoins fall under the same category. Some of them have real-world use cases and have witnessed a tremendous rally in their prices.
This article would talk about top memecoins by their market capitalisation.
Dogecoin
Initially started as a joke, Dogecoin is an open-source peer-to-peer digital currency, founded by Billy Oregon and Jackson Palmer and was forked from Litecoin in 2013. It is one of the most popular memecoins across the world, having a current market cap of about $13.47 billion and its native token is DOGE.
Interestingly, the memecoin is reportedly backed by Elon Musk, the Tesla boss, who is the second-richest person in the world. He is a vocal proponent of cryptocurrencies and has heavily influenced prices for Dogecoin. He is even involved in a legal battle around it, according to reports.
Currently, Dogecoin is priced at $0.09841 with a 2.76 percent decline over the last 24 hours.
Shiba Inu
Another canine-based memecoin is Shiba Inu, a spinoff of Dogecoin which trades in fractions of cents. At present, its market cap stands nearly at $6.71 billion and its native token is known as SHIB.
It must be noted that SHIB is an ERC-20 token based on Ethereum, a proof-of-work blockchain currently transitioning to proof-of-stake.
At the time of writing, Shiba Inu was trading at $0.00001135, down by 0.58 percent over the previous day.
Floki
Coming up next is Floki, which is also a canine-based memecoin. At times, it is also referred to by "Floki Inu" and its market capitalisation is about $311 million. Its utility token is FLOKI.
It is pointed out that Tesla CEO, Elon Musk, in September 2021, shared an image of his pet known as 'Shiba Inu' on Twitter with the caption ‘Floki has arrived’. Interestingly, memecoin 'Floki Inu' based on the name of the pet, zoomed by 1000 percent only in two days post its debut.
The memecoin is working on its flagship utility projects, namely, Valhalla, an NFT gaming metaverse; FlokiPlaces, an NFT and merchandise marketplace; and University of Floki, a content and education platform, among others. The meme-based crypto coin is hosted on both the Ethereum blockchain as well as Binance Smart Chain (BSC).
As of now, Floki is trading at $0.00003466 with a decline of 7.14 percent over the last day.
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