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The 2010s have seen advancements in the capability of the internet. One of the main factors incorporated into the new age of the internet is allowing people to be ‘prosumers.’ This word was coined by Professor Henry Jenkins in his 2006 book ‘Participatory Culture’ and is a portmanteau that combines producer and consumer. Prosumers have been permitted by social networking and blogs.
Internet meme culture has also been at the forefront of progression online due to its rapid spread via social media platforms. Memes refer to behaviour, idea, image, and style that began as catchphrases but have now become broader by progressing into more elaborate structures such as GIFs and videos.
Recent statistics published by GlobalWebIndex show that 54% of generation z users (41% of millennials and 21% of the generation x audience) search for new internet memes daily. Memes have become so popular that it has transcended into the world of crypto, leading to the creation of meme coins.
This subsection of crypto is self-explanatory; these cryptocurrencies are based on internet memes. Dogecoin (DOGE) was the first meme token to emerge in 2013, which gave active buyers a whole new perspective on cryptocurrencies. The developers of Dogecoin anticipated it to be a light-hearted and entertaining crypto coin.
Dogecoin created the foundation for meme coins, leading to the inception of other prominent projects such as Shiba Inu (SHIB), Dogelon Mars, and Floki Inu.
However, there is an upcoming meme coin that plans to divert from this by branding itself as feline crypto called Big Eyes (BIG). This editorial explores how Big Eyes could dethrone meme coin veterans Dogecoin and Shiba Inu.
What Did Dogecoin Bring New To The Market?
As previously stated, Dogecoin (DOGE) is best known for being the first meme token in the crypto market. It is based on the popular 2013 ‘doge’ meme, which centres around a Shiba Inu dog humorously looking at the camera while accompanied by satirical internal monologues in a Comic Sans font.
The developers of Dogecoin envisaged it as a fun and cheery cryptocurrency that would attract a greater appeal beyond the core Bitcoin audience. Dogecoin diverts from Bitcoin’s proof-of-work protocol in multiple ways; one of them is by using Scrypt technology. The meme coin contains a block time of 1 minute while having an uncapped total supply, meaning there is a limitless number of Dogecoin tokens users can mine.
Users can mine Dogecoin by themselves or by joining a mining pool. A token holder can mine the digital currency on Mac, Linux, or Windows with a GPU. Since 2014, DOGE holders have been able to mine Litecoin the same way as the two procedures merged.
It is a cryptocurrency primarily used to tip on Twitter and Reddit to reward the sharing or creation of quality content. Token holders can be tipped from Dogecoin by participating in a community that uses digital currency or a Dogecoin faucet. A Dogecoin faucet is a website that offers users a small amount of Dogecoin for free as an introduction to the currency, starting engaging and interacting in Dogecoin communities.
DOGE’s success was heightened by Elon Musk’s endorsement of the currency in early 2021 on Twitter. Musk’s mention of Dogecoin often increases its value. The indication that Elon Musk dictates the direction of Dogecoin is evident when he hosted the American talk show Saturday Night Live in 2021. Musk admitted Dogecoin is just a hustle on the show, leading to a decrease in value by 40%.
Dogecoin automatically has an advantage over other meme coins due to pioneering this sub-sector of crypto, making it extremely difficult for newer meme tokens to dethrone its position as the number one meme currency.
Why is Shiba Inu The Dogecoin Counterpart?
Shiba Inu (SHIB) is another prominent canine coin that is a direct counterpart of Dogecoin. The meme coin emerged during the first wave of the COVID-19 pandemic when many people were looking for new methods of making money. It is a decentralised meme token that has evolved into a vibrant ecosystem. SHIB quickly gained traction due to its cute canine charm and its endorsements from notable influencers, such as Elon Musk and Vitalik Buterin.
Musk has endorsed Shiba Inu since 2021, frequently conveying his support and approval for SHIB on social media. Additionally, Ethereum co-founder Vitalik Buterin boosted the recognition of Shiba Inu by carrying out the largest crypto donation in history. Buterin gave an estimated $1 billion worth of SHIB to the India Covid Aid charity.
Recently, Shiba Inu was one of the most significant topics in crypto due to the value of meme coins skyrocketing by 30% in a day last week. In 2021, Shiba Inu outperformed Dogecoin, briefly overtaking it in market capitalisation and value, further contributing to its growth in popularity. The SHIB community is attempting to reduce the number of tokens in circulation to try and pave the way for more upside.
How Can The Feline Coin Big Eyes Overthrow Dogecoin?
Big Eyes (BIG) is a community-driven coin that aims to shift wealth into the decentralised finance ecosystem. The blockchain network recognises that community coins are big wealth generators and wants to provide more by building an ecosystem that self-propagates for hypergrowth by using NFTs to enable access to more content and events, which makes participating worth it.
The crypto project also plans to protect a crucial part of the world’s ecosystem by donating 5% of its total earnings into a charity wallet, which will be given to ocean-based charities to help conserve sea life. Its developers have already found a way to creatively link their feline-themed token, as cats stereotypically enjoy eating fish.
The blockchain network gives credit to the cat mascot being the founder and developer of the Big Eyes network. This satirical approach creatively entices people while sticking to the typical anonymity concept that centres around crypto.
A common theme amongst these meme coins is their mascots, primarily centred around dogs. However, Big Eyes takes a different approach by having a large-eyed cat as its mascot. The meme coin is inspired by Japanese culture by having its mascot designed in a manga/anime style. Using this style of drawing for their mascot allows BIG to target one of the biggest entertainment markets in the world, as the global anime market is estimated to reach $59.39 billion by 2030, according to Grand View Research.
By doing this, the crypto network distinguishes itself well from other meme coins, giving it a potential advantage in the crypto market. Other distinct features of BIG include community governance, tax-free fees, and a dynamic tax system. Big Eyes also incorporates a unique NFT collection, with high ambitions to reach the top ten.
Final Thoughts
All of these unique features give Big Eyes the potential to dethrone the meme coin pioneer Dogecoin while reaching the height of Shiba Inu. This is primarily due to how the meme coin distinctively brands itself with a feline figurehead and contributes to aiding ocean-based conservations, elements that will likely captivate many buyers.
To find out more about Big Eyes (BIG), visit the links below:
Website: https://bigeyes.space/
Telegram: https://t.me/BIGEYESOFFICIAL
Twitter: https://twitter.com/BigEyesCoin
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