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Dogecoin and Shiba Inu are the current largest meme coins per market cap. Can Floki Inu challenge them?
In the history of Web3 and cryptocurrency, the 2021 bull market will be remembered for its memecoins. Memecoins, although they don’t have many utilities, helped people who caught the train at the right time make huge gains.
The History of the memecoins trend
Although Dogecoin was created in 2013, it started getting limelight in 2021 when Tesla CEO, Elon Musk, frequently tweeted about it. Elon Musk’s first tweet about Dogecoin was in 2019 when he said that Dogecoin might be his favorite cryptocurrency.
He openly tweeted in support of Dogecoin on Twitter. The coin would rally 30-50% whenever Tesla CEO tweeted about it. He calls himself “The Dogefather.” In May 2021, he announced that SpaceX would launch a “Doge-1” satellite to the moon, the mission that will be paid for in Dogecoin.
Although it is down by over 90% since its all-time high in August 2021, Dogecoin is still up by over 900% from 1 Jan. 2021, when it was trading at roughly 0.005 cents. It is the 10th largest cryptocurrency per market cap and the 2nd largest proof-of-work protocol after Bitcoin.
Shiba Inu is the 2nd most popular memecoin and the 12th largest cryptocurrency as per market cap. It was created as a Dogecoin killer by an anonymous person or group called “Ryoshi.”
Along with Elon Musk’s tweets about Dogecoin, Shiba Inu also gained traction in 2021 because the dog depicted in Dogecoin’s symbol belongs to the Shiba Inu breed. Shiba Inu grabbed eyeballs in May 2021 when Ryoshi sent 50% of his Shiba Inu holdings to Ethereum co-founder Vitalik Buterin. Vitalik then burnt 90% of the coins and donated the remaining 10% to India’s Covid Relief Fund. The value of that 10% was over $1 Billion at that time.
Around October 2021, Shiba Inu managed to flip Dogecoin for a brief period based on the news of the possibility that Robinhood might list SHIB. However, later Dogecoin took back its crown of being the largest memecoin.
The birth of Floki Inu (FLOKI)
Floki Inu was created by an unknown team of developers who were enthusiastic fans and members of the Shiba Inu community. It is based on Ethereum Blockchain and Binance Smart Chain.Like every other memecoin, this one was also inspired by Elon Musk and his activities on Twitter. It was created after Elon tweeted that his Shiba Inu d
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