Meme coins have become more and more prominent over the years, the same way the cryptocurrency market has. Although not many people know that Dogecoin (DOGE) started as a joke in 2013 between two engineers, Jackson Palmer and Billy Marcus. Since then, the meme coin has become one of the top ten cryptocurrencies, with a market value of $8.72 billion as of writing. Similar coins have since come out, with Shiba Inu (SHIB) not being far behind one of the most popular cryptocurrencies. Launched in 2020, SHIB, known as “the Dogecoin killer,” ranks 12th with a market cap of $7.06 billion according to Coinmarketcap.
Entering the meme world, Big Eyes Coin (BIG) is a play-to-earn platform where you can buy directly using your card or Ethereum (ETH). All altcoins are collectively referred to collectively as altcoins. Memes are altcoins despite being called memes. Keep reading to learn more about Dogecoin, Shiba Inu, and Big Eyes.
What’s New For Dogecoin (DOGE)?
The eccentric billionaire CEO of SpaceX, Elon Musk, reached the height of his popularity when he publicly declared his support for Dogecoin. Musk has been actively promoting the coin since his appearance on Saturday Night Live, and as a result, its value has surged. However, the bull run was short-lived, and when the crypto winter hit at the beginning of 2022, meme coins began to lose weight rapidly. Musk stepped in to save the coin by announcing Tesla will take Dogecoin as payment, and the electric vehicle manufacturer has enormous amounts of the cryptocurrency in reserve. After this information was made public, the price of DOGE slowly started to increase again, and it has now been doing so steadily as of the time of writing.
Following the debut of Dogechain, an independent blockchain constructed using Polygon Edge, a unique blockchain building tool from Polygon, played a significant role in the increase the coin had last week. Although not affiliated with Dogecoin, over 480,000 transactions took place with around 58,000 wallets registered on Dogechain.
If you are not familiar, Dogechain is a proof-of-stake blockchain, which is EVM-compatible, that promises to give Dogecoin usefulness, scalability, security, and robustness. So, Dogechain doesn’t compete with Dogecoin. Instead, it looks to add smart contract features to the coin that started the trend. Dogechain is marketed to support DeFi, NFTs, and gaming as a layer 2 scaling solution. Dogechain is not built on the Dogecoin network but rather the Polygon Edge “private label” framework, which is compatible with Ethereum, according to its whitepaper.
Why Is Shiba Inu (SHIB) Burning Tokens?
The rate at which tokens are burned into non-spendable wallets continues to determine how well Shiba Inu (SHIB) performs. To decrease the supply of the token, which may eventually result in higher prices as it becomes rarer, one would need to short the supply while the demand is still rising. A significant number of SHIB tokens have been taken from circulation in the last 24 hours.
According to the Shibburn Twitter account, the SHIB army was able to transfer 105,165,658 Shiba tokens, equivalent to around $181 million worth of SHIB, to non-spendable wallets over the course of the last day, where they would be permanently locked. According to the tweet, it took eight transactions to burn such a large number of tokens. The Shiba Inu token burning portal, which debuted earlier this year, is the primary source of SHIB burns.
According to WhaleStats, a whale tracking tool, SHIB has resurfaced as one of the top 10 tokens purchased in the last 24 hours among the 500 largest ETH whales. After recent profit-takings that caused a large drop in the price of Shiba Inu, whales started accumulating again. Retail holders reportedly bought up the SHIB that institutional investors had abandoned. However, due to past profit-taking, the current whale buy-up has yet to be felt in the overall balance of the top 100 Shiba Inu owners.
Will Big Eyes Coin (BIG) Take Over The Meme World?
Big Eyes Coin (BIG) is a fully-fledged community token with the explicit purpose of transferring wealth into the Defi community and safeguarding a crucial area of the global ecosystem. Community tokens are significant revenue producers for the company and charities. By utilising NFTs to provide access to additional material and events that make the blockchain hype ship well worth boarding, Big Eyes Coin (BIG) intends to contribute more by creating a blockchain ecosystem that self-propagates for hyper-growth.
The developers have said the coin would be owned by the community with 90% available when it launches. 5% of tokens will be given to save the oceans and placed in a visible charity wallet holding. Fees for the Marketing Wallet, LP Acquisition, and Auto Burn features will be added thanks to the dynamic tax structure the team has built. The procedure is even more fun because there won’t be any fees or taxes imposed within the DeFi Big Eyes environment. This implies there won’t be any fees for Big Eyes Swap, making it hassle-free to swap or move cryptocurrency. A similar idea will hold true for the Big Eyes NFT market, which may be the preferred destination for many JPEG enthusiasts. Only the resale of NFTs will be subject to tax, in which case 4% will go to the original owner, 5% to holders of BIG tokens, and 1% to charity. The holders of BIG tokens will choose which charity will receive the 1% from reselling the NFTs.
Big Eyes Coin aims to become the most talked-about meme coin in 2022 and continue to rise until 2030 through innovation and acquisition, media marketing, and influencers will be implemented. The team is focusing on investing in the future of the cat to create and safeguard ocean sanctuaries, including all the gorgeous fish that reside there.
The team has released four stages that the coin will undergo with a 200,000,000,000 token circulation. The coins’ values are the following: active, playful, hard to kill, and sociable. Small paw prints lead to giant leaps.
Investors on opposite sides of the cryptocurrency debate claim that meme coins are purely speculative and that their real worth of them lies inside the community. However, the opposition points out that meme coins are designed to capitalise on the volatility of cryptocurrencies rather than to increase industry usability or efficiency levels. The former side believes that as long as enough people can understand a token’s worth, there is no distinction between meme coins and other cryptocurrencies. Presale coins are a great way to get into the crypto world. Investments are very personal, so before you invest or become a token holder, make sure the coins align within your crypto portfolio.
Disclaimer: This is a sponsored article, and views in it do not represent those of, nor should they be attributed to, ZyCrypto. Readers should conduct their own independent research before taking any actions related to the company, product, or project mentioned in this piece.
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