With the crypto market running through a bit of turbulence this summer, how have the old guards of meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB), been able to withstand the storm? Well, DOGE’s price has fallen close to 20% in the past 30 days, and SHIB is far from reaching its fundamental price level with a staggering 4 Trillion SHIB left to achieve the target.
With the Doge-based meme coin duo not so hot right now, should investors capitalise on their bearish state or seek out new meme coins with fresh incentives, such as Caged Beasts (BEASTS) — an altcoin that allows you to earn passive income without staking.
Is Dogecoin Still the Leading Meme Coin for Decentralisation?
In the year 2023, a cryptocurrency emerged with a unique origin story. Initially created as a light-hearted joke, Dogecoin (DOGE) surpassed all expectations, turning over a thousand individuals into millionaires. This digital currency gained traction as a meme coin, symbolising the power of internet culture and driving its value through memes.
Dogecoin’s rise to fame can be attributed to its devoted community, which even includes influential figures like Elon Musk. Major companies such as Microsoft, Newegg, and ExpressVPN jumped on board, accepting DOGE as a form of payment. While Dogecoin has become synonymous with decentralised finance (DeFi), it has faced challenges due to its inefficient Proof-of-Work (PoW) mining mechanism and limited utility beyond its meme status. As a result, its community, which largely controls its value, has started to lose enthusiasm.
Shiba Inu: Aiming for Innovation
When Shiba Inu entered the market in 2020, it set out to address the shortcomings of Bitcoin and Dogecoin. Inspired by the meme power of Dogecoin, Shiba Inu (SHIB) positioned itself as a meme coin with a vision for the future of cryptocurrency. By adopting the energy-efficient Proof-of-Stake (PoS) mechanism, SHIB achieved faster transactions and lower fees compared to Bitcoin and Dogecoin.
SHIB has ambitious plans in the works, including the development of a decentralised exchange, NFT art projects, and ventures into the metaverse. These initiatives aim to create a comprehensive ecosystem for SHIB’s community. However, some critics express concerns about the originality of SHIB’s offerings and cast doubt on its ability to compete with newer meme coins that bring unique innovations to the table.
Caged Beasts: Taking on the Big Dogs
With its presale just recently commencing, media attention for this altcoin is through the roof, with investors bullish on this meme coin’s solid and secure fundamentals. Caged Beasts (BEASTS) is an Ethereum-based coin using the sustainable PoS mechanism which SHIB incorporates, but what’s truly unique to this meme coin is the Caged Beasts storyline to drive the growth of the crypto.
BEASTS is based on the tale of Dr Jekyll, that set up a bio-lab to create these mutated animals with the intelligence and power to bring an end to oppressive centrality designed by humans once these ‘Caged Beasts’ are set free, and whose goal is to free them? Us. Anyone that supports the movement will play an active role in forwarding the narrative. In the pre-sale that is now live, the caged beasts will mutate to become more powerful with cybernetics and weaponry, representing the growth of the cryptocurrency. It all feeds into the narrative that ‘the caged beasts will save the world’.
Further incentivising the growth of Caged Beasts, that’s unseen with other meme coins, is the referral scheme, where a user creates a referral code, and when used by new members purchasing BEASTS, the creator receives 20% of the purchase amount instantly in USDT (ERC20), Ethereum (ERC20) or BNB. Meanwhile, the purchaser gets 20% more BEASTS—leading all parties joining the community and spreading the word through the referral scheme to benefit with passive income.
The Meme Coin Formula in 2023 and Onwards
In conclusion, Caged Beasts emerges as a remarkable DeFi project that embodies sustainability, ethics, and community governance. Unlike DOGE, Caged Beasts successfully establishes a strong foundation for a meme coin in the DeFi space, ensuring its longevity beyond the initial hype. With solid fundamentals and a commitment to anonymity, Caged Beasts provides investors with a stable future in DeFi and lucrative passive income opportunities. As a result, the market sentiment is increasingly optimistic towards meme coins like Caged Beasts, which demonstrate originality and promise in the evolving DeFi landscape.
Caged Beasts
Website: https://cagedbeasts.com
Twitter: https://twitter.com/CAGED_BEASTS
Telegram: https://t.me/CAGEDBEASTS