The influx of individual investors and meme coin boom that SHIB is experiencing these days was once entirely in the hands of Dogecoin. The former leader of dog-themed cryptocurrencies has recorded mind-blowing growth rates with support from social media. It is now trading at 10th place and now follows its biggest competitor, SHIB. So, which altcoins can be Dogecoin alternatives as we enter the last two months of the year? We take a look at Satavisa Pati’s list.
Dogecoin has appreciated 12,000% since its first day
Dogecoin is meme coin, a cryptocurrency based on or inspired by memes. There are 128 meme coins with a total market cap of over $44 billion. The largest is the Shiba Inu (SHIB), with a market cap of $35 billion. According to the project’s website, Dogecoin is “an open-source P2P cryptocurrency favored by Shiba Inus worldwide.” The Shiba Inu is a hunting dog breed from Japan. SHIB, on the other hand, is a different cryptocurrency. In 2021, Dogecoin received a lot of attention from Reddit users and, of course, Elon Musk. Interestingly, Elon Musk also owns Dogecoin along with Bitcoin and Ether.
Bitcoin (BTC) closes this year with 113%
Created by someone and someone under the pseudonym Satoshi Nakamoto in 2009, Bitcoin (BTC) is the original cryptocurrency. BTC is also known as ‘digital gold’ and is the world’s largest cryptocurrency. The price of Bitcoin has increased by about 113% per year and recorded a new all-time high at about $67,000 per unit.
Ethereum accompanies Dogecoin (DOGE) with 458%
The Ethereum Blockchain is growing rapidly and is almost always in competition with Bitcoin. With a market cap of approximately $469 billion, Ethereum or Ether is the largest altcoin project by market cap. Recently, the share of ETH price in the crypto market has increased from 18% to 20%. In a nutshell, it is a decentralized Blockchain platform that cuts out third parties. According to the report, the price of Ethereum increased by roughly 458% in the trading of 2021.
Cardano (ADA)
Cardano is also a decentralized Blockchain platform that uses a native cryptocurrency. It is notable for its early adoption of Proof of Stake (PoS) verification. Cardano (ADA) provides P2P secure transactions. Cardano also works like Ethereum to enable smart contracts and decentralized applications powered by its own cryptocurrency, ADA. Cardano’s ADA token has seen relatively modest growth compared to other major cryptocurrencies.
Ledger giant: Ripple (XRP)
Launched in 2013, Ripple is one of the largest cryptocurrency projects in the industry, with a market cap of tens of billions of dollars. Ripple’s total supply of 100 billion XRP tokens still qualifies it as a low-value cryptocurrency. Currently, Ripple is used by more than 250 banks for cross-border payments and has an impressive transaction processing time with minimal fees.
Fierce competitor of Dogecoin (DOGE): SHIB
The Shiba Inu recently rose to record highs over the weekend to become the 9th largest cryptocurrency by market cap. Founded in 2020 by an anonymous person named Ryoshi, SHIB hit an all-time high on Sunday, up 50%. Shiba Inu coin’s website refers to it as ‘a decentralized meme token that evolves into a vibrant ecosystem’. In September, Shiba Inu rose nearly 40% after US-based Coinbase said its customers could trade, send, receive or store SHIB on its platform.
Interoperability platform: Polkadot (DOT)
cryptocoin.com Polkadot, whose analysis we share, provides cross-chain transfer of not only tokens, but also any type of data or cryptocurrency. This currency provides a bridge for networks so that many applications built on Polkadot can run on Ethereum and Bitcoin. However, it is more scalable and faster. Polkadot already has monetary value on exchanges, making it a crypto worth watching.
Binance Coin (BNB)
Binance Coin is a form of cryptocurrency that you can use to trade and pay fees on Binance, one of the world’s largest crypto exchanges. Since its launch in 2017, Binance Coin has gone beyond just facilitating transactions on Binance’s exchange platform. It can now be used to book commerce, payment transactions and even travel arrangements. It can also be exchanged for other forms of cryptocurrency such as Ethereum or Bitcoin. Its price in 2017 was only $0.10; It climbed over $382 with a gain of more than 382,000% by September 30, 2021.
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