Meme coins are cryptocurrencies inspired by memes that are fascinating or fun ideas. Chest coin projects, like other cryptocurrencies, work on Blockchain and related technologies.
What do FLOKI, DOGE and SHIB have in common?
Meme coins run on Blockchains that use smart contracts like Ethereum and Solana. People buy chest coins to be a module of a community or for fun. Examples of recognized chest coins are Floki (FLOKI), Dogecoin (DOGE), and Shiba Inu (SHIB). Dogecoin, Shiba Inu and Floki are “dog coins”. The three coins tend to be associated with Elon Musk’s tweets about the Shiba Inu dog and the Doge/Shiba Inu.
Billy Markus and Jackson Palmer created Dogecoin, while the creators of Shiba Inu and Floki are anonymous. Koindeks.com As we have also reported, on June 21, 2022, Elon Musk gave Dogecoin great support by saying that Tesla accepts Dogecoin as payments. He reiterated that SpaceX will soon do one-on-one. Floki, Dogecoin, Shiba Inu are growing rapidly with community boost, while their low prices attract investors.
Dogecoin and Shiba Inu gained wide acceptance worldwide. But Floki is making a more reasonable impact in the crypto market due to its smaller market cap. Compared to the current market price, Floki’s market cap would need to increase by at least 70 – 80 times to reach the market caps of Dogecoin or Shiba Inu.
Developments that will affect meme coin projects
Dogecoin, Shiba Inu, and Floki have developed different catalysts such as FlokiFi Locker, Shibarium, and the recently launched Dogechain to avoid lack of decentralization, scalability, attracting and prospering diverse communities. Analytics Insight analysts discussed these developments and their impact on ecosystems as follows.
FlokiFi Locker mainnet launch
The first auxiliary product released under the umbrella of “FlokiFi” is the highly anticipated FlokiFi Locker protocol. Locker is an innovative “crypto-asset locker” solution that allows holders to lock NFTs, Liquidity Pool (LP) tokens and multiple tokens. FlokiFi Locker is the most cutting-edge and innovative crypto locker solution in the global market today due to its innovative reinforcement, NFT lock and differentiation to the ERC-1155 standard. The project’s FlokiFi Locker will go live on the mainnet in September. It is expected to be a valuable catalyst for Floki.
Shiba Inu; scalability and decentralization are having some difficulties. However, the community is excited about Shibarium, a layer-2 scaling solution to solve Ethereum problems. Ethereum is decentralized and trustworthy, but it has problems with scalability. Shibarium will allow scalability without hindering decentralization and security. Shibarium will allow lower gas prices, increased throughput, metaverse and gaming. Crypto markets are highly volatile and difficult to predict. However, many expect the price of the Shiba Inu to rise astronomically when the Shibarium is released.
Dogechain was recently announced as a precious layer 2 network for Dogecoin. It enables Coin to continue to evolve as a platform for DeFi, Blockchain games and NFTs. Layer-2 is essentially a network built on top of an existing blockchain, enabling scalability. The new layer-2 network Dogechain has opened many extra programs for Dogecoin holders. Thanks to the proof-of-stake authentication mechanisms, it can have improved efficiency. However, Dogechain is different from other layer-2 networks as it does not run directly on an existing random Dogecoin Blockchain. It is a bridge in the middle of Dogecoin and the private Polygon-based network.
The chest coin with the most potential according to analysts: Floki
Dogecoin and Shiba Inu currently have a larger market capitalization than Floki. However, according to Analytics Insight analysts, Floki exhibits stronger fundamentals and potential due to its lower market cap. Floki is called a chest coin that thrives with real benefit. In the ecosystem, the alpha version of the metaverse NFT game is actually playable. The mainnet version of the innovative crypto-asset locker protocol will be released this month. The Floki community is also working hard to be listed on many exchanges.