Dogecoin, the meme-inspired cryptocurrency, has taken the crypto world by storm. Its success has fueled investors' interest in other meme-based digital currencies. In this article, we explore five alternative cryptocurrencies to Dogecoin that are worth watching in 2023.
DigiToads, also known as TOADS, is a play-to-earn meme coin that has recently caught the attention of traders and investors. The unique concept behind DigiToads is one of its distinguishing features - it aims to be a community-driven platform that rewards users for their engagement. Users can earn TOADS tokens by participating in various activities such as playing games, on-chain trading competitions, and meme contests.
The presale of DigiToads includes $150k worth of giveaways to encourage new members to join the community and increase their reward chances. Only 585 million TOADS tokens will ever be produced with an automated burning mechanism reducing the number further. This deflationary model distinguishes TOADS from Dogecoin whose unlimited supply restricts token value growth.
Tamadoge (TAMA) is another successful meme currency with an intriguing roadmap featuring NFTs and Play-to-Earn principles. It was introduced in 2021 with a decentralized game called Tamadoge where players earn TAMA tokens by completing challenges.
One factor contributing to TAMA's success is its innovative use case which has proven popular among gamers driving demand for TAMA token. Another factor contributing to its popularity is its strong community focused on long-term success with a loyal following of investors who believe in its potential.
The upcoming launch of an augmented reality app called Tamadoge Arcade will allow users to observe and communicate with their dogs while engaging them in competitive combat creating new use cases for TAMA.
Dogelon Mars (ELON) is a relatively new cryptocurrency inspired by Elon Musk's tweets about various cryptocurrencies including Dogecoin. ELON is a decentralized finance project operating on the Ethereum blockchain with plans to become an "intergalactic currency" used by future colonists on Mars and beyond.
Although no detailed roadmap or whitepaper has been published yet, developers have announced plans to release a staking feature allowing users to stake ELON tokens in exchange for xELON which offers exciting new incentives for the Dogelon Mars DeFi ecosystem. Developers are also publishing comic series centered around Dogelon while motivating the crypto community to campaign for inclusion of ELON token on major exchanges.
Baby DogeCoin is another digital token developed by the Dogecoin community with lightning-fast transactions and cuteness as its selling point. It's hyper-deflationary designed to increase in value over time. A unique mechanism that sets it apart from other projects' burning mechanisms is that each time users make purchases, they receive new coins in their wallets creating more liquidity accessible for investors.
Developers claim that BabyDoge's mission is rescuing dogs in need while bringing crypto adoption into mainstream through rewards, NFTs, decentralized exchanges, and credit cards payment options on their website despite limited practical applications at present.
Shiba Inu (SHIB), an Ethereum-based cryptocurrency named after the dog breed became famous online as one of Bitcoin's competitors. SHIB has developed into a genuine cryptocurrency with commitments from supporters despite its roots as a joke coin.
The emphasis on fostering community distinguishes SHIB from other meme-based cryptocurrencies enabling its users to interact with each other through several projects such as ShibaSwap - facilitating trade without depending on centralized exchanges - and Shiba Gallery - allowing artists to display and sell their creations using SHIB.
The project's team has also taken steps to guard against undue inflation by burning half of the total supply, raising token value. Although recently launched, SHIB already has a sizable fanbase with market valuation surpassing $6 billion listed on major exchanges.
These five alternative cryptocurrencies - DigiToads (TOAD), Tamadoge (TAMA), Dogelon Mars (ELON), Baby DogeCoin and Shiba Inu (SHIB) - offer potential growth opportunities and distinctive characteristics for investors looking to diversify their portfolios or discover the next big thing in the crypto industry. As cryptocurrencies continue expanding, it's impossible to predict which altcoin will experience price explosions shortly. Nonetheless, these five are worth watching in 2023 as cryptocurrency becomes more widely used with new concepts like rewards, NFTs, decentralized exchanges, and credit cards payment options on websites.