Top 4 Memecoins and Their Different Growth Strategies

As memes have become a crucial and occasionally lucrative aspect of internet culture, it's no surprise that they have found a use case in the world of crypto as well.

They go beyond the typical memes shared among friends and manifest as numerous crypto projects collectively referred to as memecoins. Typically, these digital tokens are primarily used for speculation and entertainment, revolving around amusing names (e.g., HarryPotterTrumpHomerSimpson777Inu) and memes. However, as the competition for attention and investment intensifies, the teams behind these memecoins are exploring new strategies to foster their growth.

According to Coingecko data, as of the current writing, there are at least 297 memecoins, with many simply duplicating each other (such as Baby Doge Coin, Doge Killer, ArbDoge AI, PolyDoge, Doge GF, etc.) in an attempt to attract as many new speculators as possible, providing them with another gambling opportunity.

Meanwhile, some of the leading and well-established memecoins are embarking on new strategies to differentiate themselves by incorporating the latest trends in the blockchain-powered crypto industry.

Now, let's delve into the top 4 memecoins by market capitalization and explore their respective strategies.

However, let's analyze them not in this order but according to the complexity of their strategies.

It appears that Shiba Inu (SHIB) has the most complex and ambitious strategy, particularly in terms of technological solutions.

Layers of Shiba Inu

Launched in August 2020, Shiba Inu has evolved into a complex ecosystem of several tokens with various use cases, continuously introducing new solutions to compete with more than just other memecoins. For instance, in August 2023, the project's team introduced Shibarium, Shiba Inu's designated layer-2 (L2) network. In simpler terms, Shibarium is a distinct blockchain that operates atop its base (layer-1, L1) blockchain, which, in this case, is Ethereum (ETH). L2 blockchains serve as scaling solutions for L1 blockchains.

Why would a memecoin require its own blockchain? Evidently, with this initiative, Shiba Inu aims to fortify its presence in decentralized finance (DeFi), the metaverse, Web3 (the concept of a decentralized internet), and gaming.

The realm of NFTs (non-fungible tokens) is also within their scope.

"Shibarium allows for the creation of chain-specific NFTs. Event tickets, items/assets used in games, art and music, and digital real estate are just a few of the possible applications for NFTs on Shibarium," claims the team.

Furthermore, this new blockchain enabled the launch of Shib Name Service (SNS) in October. SNS allows the replacement of complex alphanumeric SHIB addresses, used for sending and receiving coins, with a simple domain, such as doge.shib. Similar systems are already in use on other blockchains, like Ethereum Name Service. Meanwhile, Shiba Inu asserts that SNS is also a preliminary step toward creating Shibdentity, "a decentralized identity platform that empowers users to own and control their digital identities."

All of this builds upon the existing features for token holders within the memecoin's ecosystem, governed by a decentralized autonomous organization, Doggy DAO. Holders of a specific token within this ecosystem, tBONE, have the authority to vote on decisions regarding the development of the ecosystem.

This ecosystem also includes the "decentralized exchange" ShibaSwap (which is slated for integration into Shibarium), where users can generate additional income by staking tokens or providing liquidity. Additionally, the ecosystem boasts a collection of 10,000 NFTs (Shiboshis) and is in the process of developing games through an affiliated company, Shiba Inu Games. The company has already introduced a competitive card game, Shiba Eternity, and has plans to launch a blockchain-based version of the game.

The path of Floki Inu

Meanwhile, the top performer (in terms of price) among the top 4 memecoins in the past year, Floki Inu (FLOKI), currently lacks its own blockchain. Nevertheless, its ecosystem is diversifying in various directions.

One of its recent initiatives involves an entry into the tokenization industry, which aims to create digital tokens representing real-world assets such as securities, real estate, art, and more. To pursue this objective, the Floki team introduced the TokenFi platform, accompanied by its native token aptly named TOKEN. However, the launch encountered challenges related to the listing of TOKEN on the Bitget exchange. The platform opted to delist the token shortly after trading commenced due to suspicions of market manipulation, while the Floki team countered by accusing Bitget of manipulation as well. In essence, just another day in the world of crypto.

The Floki Inu ecosystem also incorporates the FlokiFi platform for securing crypto assets and is actively developing a staking solution to introduce more DeFi-like features into the realm of this memecoin.

Floki also has its own game, three NFT collections, and a virtual prepaid Visa/Mastercard card that can be funded with cryptocurrencies and stablecoins (SHIB users can also get a virtual prepaid card). Meanwhile, plans are underway for the physical card, which is expected to be launched soon.

This ecosystem is also striving to expand by attracting new users through crypto education services offered at the University of Floki.

The power of Dogecoin and Pepe memes

Now, in comparison to both Inu-themed memecoins, Dogecoin (DOGE) and Pepe (PEPE) may surprise due to their different approaches to project evolution.

Dogecoin, as the oldest and most established memecoin, originated as a joke cryptocurrency in 2013. With the endorsement of tech billionaire Elon Musk, it now holds the 10th position among crypto assets by market capitalization.

In contrast to other dog-themed memecoins mentioned earlier, the ecosystem of the ten-year-old Dogecoin is relatively straightforward. It positions itself simply as money and focuses on increasing merchant adoption worldwide.

The project's website asserts, "The direction of Dogecoin is paved by the many projects that the community feels best shape its direction. This is very intentional: it is important that Dogecoin remains a decentralized project with shepherds rather than rulers, whose projects and contributions stand or fall on their merits."

However, a check of the projects listed on their website reveals the following:

Source: dogecoin.com

Also, the latest announcement from the Dogecoin Foundation, described as "a not-for-profit organization tasked with providing support for Dogecoin through development and advocacy," is dated December 31st, 2022.

However, it cannot be claimed that nothing is transpiring within this ecosystem. As an example, Dogecoin is quite literally heading to the Moon:

Therefore, it appears that Dogecoin, despite lacking the elaborate developments of DeFi, NFT, and other areas, stands as the truest decentralized memecoin.

Nevertheless, this simplistic stance is challenged by Pepe, which seeks to surpass dog-themed tokens. Its strategy is so straightforward and provocative that all aspects of it can be encapsulated in a single image (or a word - “speculation”).

Which of these strategies might prove the most successful in terms of community growth and token price appreciation? The answer is as challenging as attempting to predict the emergence of a new meme trend. However, one thing is evident: for certain projects, a meme-only strategy might not be sufficient to stay relevant.