June is right around the corner & it could mean another month of rallies and downturns for crypto holders and traders depending on the coin at stake. Memecoins also have a significant role amid all this upheaval.
Dogecoin had a long run as the only notable project. It is now facing several rivals and potential rivals carving a niche in this space. DigiToads, for instance, is looking to operate differently from the standard memecoin aesthetic. Some others seek to replicate Dogecoin’s success by riding on similar notoriety.
DigiToads (TOADS)
Memecoins typically have little sophistication. A person or group usually launches a project with a meme subtext but no roadmap, serious utility, or governance structure. In that sense, DigiToads could be the first project to create a genuinely transformational memecoin.
$4.4 million after only a few weeks of presale is confirmation of this outlook. Investors, whales, and ordinary traders certainly see the potential in this unique memecoin. Raising millions of dollars in an uncertain market for a new project is highly impressive. For investors who got in at the start of the presale, they have already realized gains of over 250%
DigiToads operates as a pay-to-earn gaming metaverse that incentivizes gamers to nurture toads. This game is compelling, with the players having a chance to collect Non-Fungible Tokens (NFTs) throughout the game and stake them to earn rewards in the form of TOADs tokens.
Therefore, the ongoing interest in the presale will likely tick up further upon full launch. This project can become the first to have utility as its core proposition rather than meme notoriety.
Shiba Inu (SHIB)
Dogecoin launched in 2013 but became a phenomenon in 2019 and 2020 with significant rallies. In 2020, this success inspired a group called “Ryoshi” to launch Shiba Inu. For full context, Shiba Inu is a Japanese dog breed that became an internet meme and then the logo of Dogecoin. Subsequently, Shiba Inu came along with the bold claim of being the “Dogecoin killer.”
Well, it didn’t quite kill Dogecoin but made a name for itself as a memecoin. Shiba Inu is the second largest memecoin today and has a market capitalization of over $5 billion. This project has achieved notoriety online and is commonly mentioned in the same sentence as Dogecoin. It remains a notable memecoin heading into June.
Floki Inu (FLOKI)
The story of how some memecoins come to life can sound unbelievable. Elon Musk is a larger-than-life force in the memecoin space. He decided to name his puppy Floki after a Viking character, and behold came a memecoin called Floki Inu based on the hype. Musk himself has denied owning any FLOKI, and the inspiration from this dog is purely the work of FLOKI creators.
A bit over the top, you might think. Well, that cuts it for some memecoins. In fairness to the project, the team behind it has since tried to add some dimension to the coin. The project will look to have some decentralized finance products and educational content about the cryptocurrency sector. How far the team will take up this angle remains to be seen. Accordingly, Floki Inu has got some traction among memecoin enthusiasts and is a project with potential.
Conclusion
Memecoins have grown far beyond what the initial creators of Dogecoin would have ever hoped for. The entry of the likes of DigiToads into the market shows the dynamism of this subsector with the introduction of more dimension to memecoins. Heading into June, crypto enthusiasts will be hoping for an overall resurgence in the market. In the memecoin space, the above-listed projects are in a prime position to harness any tailwinds.
For more information on DigiToads visit the website, join the presale or join the community for regular updates.
