Memecoins are popular, which became clear early this year with the huge increases in Dogecoin (DOGE), Pepe (PEPE) and Shiba Inu (SHIB). Although many memecoins add little value, the news platform Forbes considers Shiba Inu to be one of the few with actually useful functionalities.
Shiba Inu is more than a cute memecoin
Shiba Inu is not just a “cute” memecoin, according to Forbes; since its inception in August 2020, it has made remarkable achievements. This is evident from the innovations within the network, such as the decentralized exchange (DEX) ShibaSwap and the Layer-2 (L2) solution Shibarium.
The project further expands its functionalities through collaborations with various parties. A recent example of this is the partnership with Zama.ai. This technology allows users to process data without decrypting it first, providing a higher level of privacy and security.
In addition, Shiba Inu has made strides in the world of non-fungible tokens (NFTs) and DN-404 tokens. These unique digital assets within the Shiba Inu ecosystem serve as inalienable identities or properties. The ecosystem also includes a domain name system that allows users to register unique and memorable addresses for their digital identities and applications, increasing the usability and accessibility of the network.
Why do memecoins perform better than altcoins?
Young crypto analyst Will Clemente recently explained in an interview with Anthony Pompliano why memecoins outperform most altcoins. Clemente states that many altcoins are complex and difficult for traders to understand, which deters private individuals. In contrast, memecoins offer simpler investment opportunities with potentially high returns, with increases of 10x or 15x not uncommon.
The lack of a clear narrative around altcoins this cycle, in contrast to the dominance of NFTs and decentralized finance (DeFi) in 2021, also plays a role according to the analyst. Clemente compares investing in memecoins to poker: beginners would rather choose a table with like-minded people than compete with experienced professionals in the Bitcoin (BTC) market.
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Source: https://newsbit.nl/dit-is-hoe-shiba-inu-zich-onderscheidt-van-andere-memecoins/
