Traditionally regarded as joke coins, meme coins have little or no real-life application. Whereas Bitcoin would be recognized as digital gold, Ethereum would serve as a platform for decentralized applications; meme coins are thought to be pumped up on the basis of social media hype rather than utility. However, as the crypto market has been maturing, some meme coins have been trying to develop their use case so that they can be used beyond speculation.
The original meme coin, Dogecoin, has been gaining momentum as a payment method. Dogecoin can be used to purchase products at Tesla or the Dallas Mavericks, and it finds heavy use in the tipping of various online content creators. Much less developed than Ethereum, the Dogecoin blockchain offers a fast and inexpensive way to settle payments for small ticket items.
The Shiba Inu (SHIB) project has gone one step ahead by building its entire ecosystem. It has ShibaSwap, a decentralized exchange where users can stake, swap, and lend liquidity. SHIB has other uses: it's going into the metaverse and NFTs.
Other meme coins like Floki Inu and PepeCoin are also adding play-to-earn gaming, NFTs, and DeFi applications to ensure their continued existence. These functionalities may bring them somewhat of a reputation, but meme coins are still shunned because of their volatility and, to a large extent, community hype.
Although some meme coins are moving beyond their hilarious genesis, their technological potential remains rather limited in comparison to more mainstream cryptocurrencies. Investors should carefully evaluate utility before investing.
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VEIGO (Community Mod)
We're die-hard fan of Tron Blockchain
