Meme tokens are digital assets built on the ERC-20 standard that can be used as a digital collectible or have their own utility within an ecosystem.
Meme Coins are a new cryptocurrency that’s generating buzz in the cryptocurrency world. But what exactly are they, and why should anyone be interested? Let’s have a look at the concept of meme coins and what makes them special.
What Are Meme Token/Coins?
Meme coins are cryptocurrencies inspired by the Internet and social media memes or jokes. Dogecoin was the first meme coin to be created (DOGE). DOGE was launched in 2013 as a spoof of the iconic Doge meme of a Japanese Shiba Inu dog.
Meme currencies are notoriously volatile. They are mostly community-driven and owing to online community recommendations and FOMO, they may quickly develop popularity. However, when traders shift their focus to the next meme coin, their price may drop abruptly.
Another feature of meme coins is that they frequently have an enormous or limitless supply. Shiba Inu (SHIB), for example, has a total supply of 1 quadrillion tokens, while DOGE has no maximum supply and currently has over 100 billion tokens in circulation. The low cost of meme tokens can be linked to their large supply, as they do not have a coin-burning mechanism. Millions of some meme tokens may be purchased for just $1 USD.
What Is Shiba Inu?
Shiba Inu (SHIB) is an Ethereum-based cryptocurrency whose mascot is a Shiba Inu (a Japanese hunting dog breed). Shiba Inu is commonly regarded as a Dogecoin alternative; in fact, its proponents refer to it as “the Dogecoin killer.” Ryoshi, an unidentified individual or group, created Shiba Inu in August 2020. You can trade SHIB to USD on the crypto exchange.
The Shiba Inu ecosystem’s guiding principles are written out in a “woof paper” (likely a play on white paper), which can be found on the ShibaToken.com website.
According to the paper, Shiba Inu was formed in answer to a simple question: “What would happen if a crypto project was totally managed by its community?” It began as an “experiment in decentralized spontaneous community building,” according to its founder Ryoshi. Ryoshi believes that the strength of collective decentralization may generate something far more powerful than a centralized team could ever achieve.
Shiba Inu is an Ethereum-based ERC-20 token, which means it is generated and housed on the Ethereum blockchain instead of its own. According to Ryoshi, he picked Ethereum to develop the Shiba Inu ecosystem because it was already safe and well-established, as well as because it allowed the project to remain decentralized.
The first Shiba Inu restaurant
Fast-food restaurant chains such as McDonald’s are joining the metaverse, while blockchain-based ventures such as Shiba Inu are gaining traction in the real world.
A decentralized fast-food restaurant was built after a massive “partnershib” featuring Shiba Inu’s chief developer Shytoshi Kusama.
Welly’s, a blockchain-based “burger joint” fast-food restaurant, has opened its doors. It’s on Via Sannazaro, 4 in Naples, Italy.
The restaurant rebranded in little than a week, using the Shiba Inu dog as its official image, new packaging materials, and responding to new marketing methods.
Welly’s accepts the cryptocurrency SHIB, and the imminent introduction of Shibarium, the Layer 2 network, will increase its scalability, allowing for cheaper and faster transactions.
About Welly’s Story
The business began in 2021 with the goal of delivering healthy fast food and adding value to its clients by paying attention to them in addition to offering high-quality meals.
The restaurant’s crew was really interested in crypto, so they started thinking about how to grow the business and devised a strategy to sell NFTs. However, this wasn’t enough.
The restaurant’s creators then began to consider the basics of crypto, namely decentralization, and how the SHIB community might become involved in the initiative. Finally, the founders pitched Shytoshi Kusama the idea, and a contract was struck.
Additionally, Welly will also make use of the Shiba Inu trinity of tokens: SHIB, LEASH, and BONE. Payments will be made with SHIB, while governance will be done via BONE. LEASH, on the other hand, will provide “special access to privileges, discounts, and prizes” to its holders, as well as Shiboshi NFT holders.
Welly also intends to employ Shibarium Layer-2 for supply chain management, allowing users to track the components used in its fast food. The layer-2 solution has not been released, although it may do so this year alongside the Doggy DAO.
Crypto content restaurants
The cryptocurrency market has gotten a lot of attention in the last year, and it’s proven to be an excellent marketing approach for businesses looking to attract crypto-savvy customers.
The Crypto Street Restaurant in Clearwater Beach, Florida, has jumped on board with the cryptocurrency trend. The restaurant first opened its doors in December 2021, with cuisine inspired by crypto terminology. The DeFi Caesar Salad, Shiba Shrimp cocktail, and Bitcoinana split are among the menu’s offerings. Wall art includes Ethereum and Bitcoin logos, as well as a rocket heading to the moon.
‘Voosh,’ an Indian restaurant, has also added cryptocurrency-themed dishes to its menu. The most popular Voosh product is their traditional Indian tea, but the company has given it a fancy crypto-themed name: ‘Crypto Chai by Voosh.’ Voosh’s efforts have piqued the interest of Indian crypto enthusiasts. Bitcoin Masala Oats, Smart Contract Poha, Chicken Tikka Crypto Samosa, and many other delectable dishes are among them.
Doge Burger, a Dogecoin-themed virtual restaurant that recently opened in Dubai, is another example. The Doge Burger is the UAE’s first crypto-inspired eatery. The restaurant announced on its Instagram page that it will accept payments in a variety of major cryptocurrencies, including Bitcoin, Ethereum, XRP, and, of course, Dogecoin. Doge Burger’s main goal is to hasten the introduction of cryptocurrencies in the UAE.
Analysts and detractors of meme coins have long advised against investing in them, claiming that they are “speculative” and have no practical use case and that their market cap might “hit the doghouse” at any time. In mid-2021, Thailand’s financial authority banned meme coins, fan tokens, and NFTs from being traded on crypto exchanges.
Recent occurrences, such as the opening of Shib-themed outlets Welly and Shiba Coffee Company, suggest a shift in the narrative. Tesla CEO Elon Musk also accepted Dogecoin (DOGE) as payment for electric cars and tuition at his proposed Texas university so maybe it is time to start safe some money on online crypto wallet to have an additional payment opportunity.
If you are a newbie in crypto world, don’t worry – there are a lot of crypto academics or blogs where you can find everything from basic terms to how to buy bitcoin with bank account transfer.