Digital assets are nearly always meant to be independent of government domination and abuse as the sector has risen in popularity, this fundamental characteristic has come into question. Altcoins are virtual assets that are based on the shortcomings of Bitcoin Though these altcoins may have amazing features that Bitcoin lacks, an altcoin can be a meme coin. The biggest meme coin is Dogecoin, and surprisingly, there are many alternatives to Dogecoin in 2022. In case you are investing in Dogecoin, first, look for alternatives. This post will tell you about the top options for Dogecoin. Let us get started.
Cryptocurrencies That Are Alternatives To Dogecoin
1. Shiba Inu
Dogecoin’s success sparked the creation of a plethora of copycat dog-themed digital currencies. Shiba Inu was introduced in 2020 by unknown creators as the “Doge killer” that will outperform Dogecoin in terms of value. The currency is based on the Ethereum ecosystem and aims to build a powerful Shib Army, a decentralized community. Ryoshi, this crypto’s unknown creator, locked a portion of about one quadrillion circulation on Uniswap and transferred the other remaining portion to Vitalik Buterin. Buterin burnt 90% of these tokens submitted and gave 10% to the pandemic relief fund in India. Shiba Inu is a great alternative.
2. Dogelon Mars
Dogelon Mars, which was released in April 2021, capitalizes on multiple crypto memes at the same time. It is a tribute to Elon Musk and Dogecoin, while Mars indicates the idea that currencies with rapid price increases will hit the moon. Dogelon Mars also has an unknown development staff. It further has a substantial token circulation, with one quadrillion generated and around 500 billion in supply. The remaining coins, like the previous one, were delivered to Vitalik Buterin. Dogelon Mars works on the blockchain of Ethereum, and according to a stat, an unidentified buyer acquired $1.28 million worth of tokens.
Samoyedcoin, one of the many meme currencies with dog symbols, serves as a community ambassador as well as a mascot for Solana. Anatoly Yakovenko is the co-founder of Solana on which this cryptocurrency operates. The idea of Samoyedcoin came from the Samoyed dog breed. The currency is further a pun on the identification of Sam Bankman-Fried, the key supporter of the Solana blockchain. The goal of Samoyedcoin is to attract unique users to Solana. Samoyedcoin is not a cryptocurrency you will find on popular platforms. You should look for the exchanges that deal mostly with meme coins.
Monacoin is a P2P payment decentralized network that works on ASCII art. Garnered large internet popularity in Japan after it was utilized to purchase a parcel of land.
In 2017, the price of MONA reached an ATH of $20.23 before falling below $1 the next year. Price surges occurred in 2019 and 2020. However, the largest rally occurred in 2021, when the value hit $4.36. The value of MONA then dropped again, and it was selling about $1.20 at the beginning of this year. You can profit from this coin easily. It has shown several rises and falls.
5. Floki Inu
The last popular alternative is Floki Inu. Elon Musk created yet another meme currency, Floki Inu. The currency hopes to emulate the popularity of dog-themed viral currencies such as Dogecoin and Shiba Inu. Musk named his dog Floki, which inspired the name of the coin. The creators of the dog-themed cryptocurrency want to outperform both Dogecoin and Shiba Inu. Although nothing is revealed about the coin’s creators, it is assumed that the founders were prominent users or Shiba Inu fans and the Reddit community. Floki is built on the blockchain of Ethereum, and its supporters are known as Floki Vikings.
Will Dogecoin Hit $1000?
Will Dogecoin reach $1000? It is possible, though exceedingly improbable, that Dogecoin will reach $1000. The price of Dogecoin is characterized by two parameters: market capitalization and processing behavior. We can calculate the market valuation and make credible estimates if we know the total number of coins in supply as well as the latest price. If Dogecoin is to rise, there must be more money pouring into the supply than the number of coins created. Dogecoin has no supply restriction. This could be the factor that will keep the price of Dogecoin less than others.
So, these were the five alternatives to Dogecoin. When evaluating meme currencies as assets, keep in mind that they have been highly unstable and can rapidly lose pace when anticipatory attention shifts to other cryptocurrencies. Cryptocurrencies are susceptible to fast price surges, which may provide huge gains, and too quick price drops during pullbacks. Whether or if you reinvest in meme coins, as well as which coins you pick, will be determined by your tolerance for risk. You must always conduct your own study and never pour more funds. Taking calculated risks is a better choice in the world of cryptocurrencies.