Tag Archives: doge

Will Dogelon Mars follow in the footsteps of DOGE, SHIBA?

By: Gupta

Tiger King, Banano, Pepe Cash, Wownero. Without context, these terms sound like made-up words but they are actually meme coins. Meme coins represented a market cap of $71.5 billion, with a 24-hour trading volume of $7.8 billion. These were serious numbers for tokens considered as a joke by the vast majority of crypto investors. Dogecoin and Shiba Inu are well-recognized assets among the top 15th. However, Dogelon Mars made its presence known on October 30th. The coin registered a growth of 360%, reaching $0.000002670 from $0.000000482.

In this article, we will try to evaluate if $ELON has the same potential as its former compatriots in DOGE and SHIBA.

Doge Elon Mars; Strong Fundamentals and Market Sentiments

Source: Santiment

According to Santiment, ELON registered rising active addresses over the past week. Active Addresses is a positive sign of transactional activity and addresses were minimal during Q3 but it is currently on a steep incline. However, community involvement is more important for meme coins and it possessed an edge in that sector as well.

Source: Trading View

As illustrated by the chart above, ELON had a social dominance of 15.58%. It means 15% of the total market mentions was related to ELON. Note, Social dominance comprises more than 50+ crypto projects.

Meme token’s market strength is highly dependent on community sentiment. Hence, positive development allows for better market performance. Recently, Polygon announced it would be listing Dogelon Mars, and QuickSwap DEX also added ELON for Liquidity Provider mining. Additionally, another strong advantage for Dogelon Mars is its listing on Kucoin. Kucoin is currently the 4th largest spot exchange with over 14.5 million visits per day. In comparison, Coinbase had 15.8 million visits.

A new all-time high?

Source: Trading View

Meme tokens are difficult to predict as their rallies are extremely incoherent to the rest of the market. However, considering ELON is able to find support at $0.000001538, it should re-test its previous ATH value. Once $0.000002500 is breached, ELON will have a clear path all the way to $0.000005. Regardless, it is important to note that meme tokens are extremely volatile, and capital loss is a strong possibility. As always, Do Your Own Research.

WILL THE REAL SHIBA INU PLEASE STAND UP?

Last month I was fixated on the meme coin Doge as it seems to be hitting a lot of headlines due to Elon Musk flirting with it and even accepting Doge as payments for Tesla and proposing to launch a Doge-1 satellite to moon. Elon Musk is trolling with Doge and this meme coin is riding on celebrity ratings.

But the Saturday Night Live which was hosted last week by Elon Musk also seen the rise of another meme coin. Shiba Inu, which is nicknamed the Dogecoin Killer rose from the ashes and has been breaking crypto exchanges the last few days.

I’d like to discuss the similarities and difference between these two meme coins to ensure crypto buyers know what they get themselves into.

SIMILARITIES
1. Both are meme coins
2. Both are tokens
3. Both feature the same Shiba Inu dog in their logo
4. Both wants to go to the moon

DIFFERENCES
1. Doge has infinite supply whilst Shiba has limited supply
2. Doge is built on Bitcoin Blockchain whilst Shiba is built on Ethereum Blockchain
3. Doge has a centralized system whilst Shiba is completely decentralized
4. Doge is inflationary whilst Shiba is deflationary
5. Doge has no ecosystem whilst Shiba is building an ecosystem
6. Doge will be a stable coin whilst Shiba wont be a stable coin

SHIBA INU COIN: VALUE AND MARKET CAP EXPLAINED

The value of Shiba Inu today (12th May 2021) has been fluctuating between a 24 hour low of $0.00001260 and a high of $0.00003137, at the time of writing.

While Dogecoin has been on a steady incline since the beginning of 2021. The currency has yet to hit the $1. As it stands Dogecoin has hit an all-time high of $0.74 and has dropped back to about $0.50

The current market cap for Shiba Inu (SHIB) is $11.7 billion at the time of writing whereas, for Dogecoin the market cap for the currency is $67.24 Billion, which is a slight dip from where Forbes had placed it in early May 2021, at $69 Billion.

Dogecoin place as the fourth most popular currency on the market has not yet changed, as it sits behind Bitcoin, Ethereum and Binance Coin. Whereas, its up and coming competitor Shiba Inu coin has ranked within the top 20 cryptocurrencies on CoinMarketCap. You can see the value of cryptocurrencies on trading sites such as Coindesk, which shows the real-time value of cryptocurrencies.

INVESTING IN CRYPTO IS A RISK
As many know, investing in cryptocurrency is taking a risk as the market can be extremely volatile. There is also no guarantee that you can convert crypto assets back into cash, as it may depend on the demand and supply in the existing market. Coins can also be “burned” at any moment, diminishing a large supply.