Place/Date: - June 2nd, 2022 at 6:53 am UTC · 4 min read
Meme coins have made many crypto investors and enthusiasts rich, and have also liquidated many others’ net worths in a short time. This situation has made many crypto investors wary of investing in meme coins.
Someone who invested $100 in Dogecoin in May 2015, will have $9.758 million – that’s a 97581% increase. The same applies to many other trending meme coins like Floki Inu (FLOKI), Shiba Inu (SHIB), and Dogelon Mars (ELON), among others.
While the above stats is reality, meme coins aren’t trustworthy cryptocurrencies. It is true that cryptocurrencies generally are vulnerable to extreme price swings—meme coins, however, are vulnerable to twice as extreme as normal bitcoin (BTC) and altcoins.
The reason for meme coins’ extreme price swings is partly due to the mode of creation. (I’ll elaborate on these later.) Meanwhile, in the course of this post, we’ll compare a utility meme coin, RoboApe (RBA), and Dogecoin (DOGE), and see why RBA is a great contender to Dogecoin (DOGE) in the near future.
Meme coins are crypto whose histories trace down to internet-based jokes or popular celebrities or media figures such as Elon Musk. They are primarily created to be traded in DEXs or centralised exchanges (CEX) – not to power utilities.
Nonetheless, meme coins have graduated from being just cryptos inspired by internet jokes – created simply for the purposes of trading – to powering real use cases. These types of meme coins are called utility meme coins.
Floki Inu (FLOKI) is considered among the pioneers of the utility meme coin revolution, which envisioned the paradigm shift in how meme coins were received in the mainstream media. RoboApe (RBA) is another utility meme coin that will power an ecosystem comprising what looks like a metaverse game, educational facilities, and merch.
RoboApe (RBA) is a utility meme token that will power an internet game, educational facility, merchandise, and an NFT marketplace, among other future offerings in the RoboApe ecosystem.
$RBA will be fully community-driven in the near future after all the necessary products and features have been integrated. Users will have to contribute to the platform and provide liquidity through a cross-chain DEX to earn proportionate fees subsequently.
Furthermore, the $RBA token will be deflationary – unlike Dogecoin (DOGE) or many other meme coins in the crypto market. This will drive $RBA’s price soaring over time. Many meme coins do not have high prices because their networks keep minting tokens to cover community expenses like marketing, token influencer marketing, airdrops, etc.
Dogecoin (DOGE), on the other hand, is a pioneering top-tier crypto sitting on the same table as other top 10 cryptocurrencies. Its market capitalisation speaks volumes of the meme coin as a popular investment choice for enthusiasts and investors.
Needless to say, $DOGE does not power any utility. In fact, it was only created as a payment system, and simply for trading on crypto exchanges like many succeeding meme coins.
In contrast to RoboApe (RBA), $DOGE is an inflationary token, meaning that its value will likely depreciate over time. $DOGE may rise above the ranks to feature in the top 50, top 25, or even top 10, crypto, still its unit price may likely not be worth the hype because of the constant minting of $DOGE tokens.
At the introduction of this post, I mentioned that meme coins’ mode of creation contributes to their extreme price swings. This is true because meme tokens were created just for the fun of cryptocurrencies based on an internet joke. Therefore, insignificant trends (negative or positive) may likely affect their price.
Experts suggest that investors monitor trends and ensure that meme coins are easily traded in a centralised exchange (CEX) or decentralised exchange (DEX) before choosing to buy or sell them. This is to enable investors to buy or sell meme coins easily when they suspect unusual signals in the market.
Judging from the above comparisons, RoboApe (RBA) is absolutely a future rival to Dogecoin (DOGE).