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Meme coins have proven to be highly lucrative investments, especially for those who were fortunate enough to have purchased them early.
Because of the intentionally farcical nature of many meme coins, a large portion of the community originally dismissed them. Their rising value over the past few years has proven that meme coins are no joke.
We review the performance and potential of two established meme coins Dogecoin (DOGE) and Shiba Inu (SHIB), as well as Parody Coin (PARO) which launches soon and is currently in its presale phase.
Parody Coin (PARO) is a BEP20 token on Binance's BNB Chain and the utility token of the Parody Coin. Parody Coin (PARO) plays a critical role in its parent ecosystem and is used as the currency for paying transaction fees when using dApps like Parody Swap and Parody Bridge.
Parody Coin is also used to pay for fees and services such as minting and trading Parody non-fungible tokens (NFTs) on Parody Market, one of the flagship applications in the Parody Coin ecosystem. Parody Market is an NFT marketplace platform that will produce Parody NFTs based on popular existing tokens which can be minted using Parody Coin (PARO) and traded with other users.
The deflationary nature of Parody Coin (PARO) means that it is likely to appreciate over time because the total token supply decreases over time, increasing scarcity through token burning. You can also stake Parody Coin (PARO) to earn rewards, with two ways to earn revenue: through Parody Coin's Paroflection and ParoRewards programs, and by staking via BNB Chain.
Right now, Parody Coin (PARO) can be purchased only through presale. The token will premier on decentralized exchange (DEX) PancakeSwap.
Shiba Inu (SHIB) is a decentralized meme cryptocurrency and its creation is attributed to the pseudonym 'Ryoshi'.
The token launched in August 2020 as a decentralized store of value like Dogecoin, and in the vain of Dogecoin features a depiction of a dog that belongs to the eponymous Shiba Inu breed.
Since then, Shiba Inu (SHIB) has grown along with its community and now supports an ecosystem of dApps and initiatives including ShibSwap, a rewards system, and an incubator program.
Dogecoin (DOGE) is the first meme coin and it is a cryptocurrency by the most basic definition, in that it acts as a store of currency that can be transacted peer-to-peer through a decentralized blockchain network. Positive aspects of Dogecoin include its speed, market capitalization, daily trading volumes, community, recognisability, and transparency (as Dogecoin is open source).
When Elon Musk got involved, as happens whenever he gets involved with something, the token rose to new heights of popularity and was thrust into the mainstream spotlight. Musk first tweeted about Dogecoin in December 2020 which caused a 20% increase in token value and he has tweeted about the token several more times since, each time resulting in an appreciation of value.
Elon Musk is just one of the many people who have invested in Dogecoin (DOGE) and is a very vocal and influential representative of the community.
Find out more about PARO:
Website: https://parodycoin.io/
Telegram: https://t.me/PARODYCOIN_OFFICIAL
Twitter: https://twitter.com/ParodyCoin
Instagram: https://www.instagram.com/parody_coin/
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
