While more hardcore blockchain enthusiasts might not like the advent of meme coins, there’s no denying that they’ve become incredibly popular over the past year. The biggest winner has been Dogecoin, whose popularity has soared thanks to the help of people like Elon Musk. Since its rise, crypto investors have eagerly scoured the market in search of tokens that could become the next Dogecoin.
If you fall into that camp, you’ll be interested in the following four altcoins. While I’m not sure these tokens will hit the top 10 tokens by market cap (as Dogecoin already has), I think they could easily be in the top 100 or even the top 50.
A lot of people think SafeMoon has already run its course. After having a remarkable bull run, the prices of SafeMoon have leveled off over the past couple of weeks. However, I wouldn’t be surprised if SafeMoon has more room to grow.
The worst part of Dogecoin is its tokenomic model. Unlike Bitcoin, which has a hard-coded limited supply, there’s potentially an infinite supply of Dogecoins. Therefore, Dogecoin has what’s known as an inflationary tokenomic model. Like governments that print too much money, Dogecoin could see inflation as its quantity of tokens increases.
In contrast, SafeMoon has a deflationary tokenomic model. For every transaction that takes place with SafeMoon, 5% of it is burned and destroyed forever. On top of that, another 5% is redistributed to the remaining holders. This means the total supply of SafeMoon is constantly decreasing. Over time, SafeMoon should go up in price, strictly on that basis.
Shiba Inu and Akita Inu
Considering Dogecoin is a dog-based meme coin, it’s not surprising that other doge-based meme coins are sprouting up. For the sake of convenience, I’m grouping two such coins together.
Shiba Token is a small cryptocurrency that was first started back in 2020. Since then, it’s steadily grown into a potential Dogecoin contender. Akita Inu, almost the same as its Shiba Inu counterpart, was started more recently, in Feb. 2021. Half of all Akita Inu tokens are owned by Ethereum co-founder Vitalik Buterin. That’s wasn’t really his choice, though, as the creators chose to give half of all tokens to him.
Both coins are seeing a lot of traction right now. While it's hard to say which one is superior, both are seen as the next top doge-based cryptos out there.
Considered one of the original deflationary meme coins to pop up earlier this year, Hoge has fallen by the wayside with the arrival of its later cousin, SafeMoon. While it's trading near all-time highs once again, Hoge doesn’t seem to have much parabolic momentum at the moment.
However, a meme coin's long-term success depends largely on its community. That’s why Dogecoin has become such a success. On that front, Hoge has one of the more solid, long-term-focused communities in the alternative meme coin market.
While Hogecoin isn't necessarily the largest, its social media fanbase remains dedicated regardless of what prices are. For that reason, I think Hoge still has a decent shot at becoming a serious Dogecoin contender.