Ethereum-Based Meme Coins: How Will Shiba Inu and Dogetti Fare In The Crypto Market Through 2023?
2023 has shown what the crypto market is capable of. Through the majority of 2022, the market was in a state of decline, with Bitcoin (BTC), the crypto market pioneer, dropping from $68,000 to $20,000. So, how will cryptocurrencies like Ethereum (ETH) fare through 2023? And more specifically, how will Ethereum-based meme coins fare through 2023?
The two Ethereum-based meme coins we will examine today are Shiba Inu (SHIB) and Dogetti (DETI). Shiba Inu is a household name among meme tokens, residing in the top fifteen cryptocurrencies by market capitalisation. Dogetti is a newcomer to the crypto market, aiming to transform the way we view meme coins. Let’s find out how Ethereum, Shiba Inu, and Dogetti will fare in the crypto market through 2023.
Dogetti’s NFT Collection Turns Heads Among Crypto Enthusiasts
The NFT collection proposed by Dogetti could see the platform take meme tokens to the next level. Dogetti will implement a breeding mechanism for its NFTs in the fifth stage of its roadmap, allowing Dogetti NFT holders to create new digital companions to either hold or sell for crypto or fiat currency.
So, what else can we expect from the Dogetti platform? Dogetti will host a DAO within its ecosystem, allowing DETI holders to vote on proposals concerning the platform’s future. This allows Dogetti community members to actively shape the direction of Dogetti throughout its history.
Additionally, Dogetti users will be treated to two major services on the platform, the NFT marketplace and the Decentralised Exchange (DEX). Due to Dogetti building on the Ethereum network, users can swap any ERC20 token with another on the DEX!
Ethereum Continues Good Form Into February
As many know, Ethereum switched its outdated Proof-of-Work (PoW) consensus for a Proof-of-Stake (PoS) consensus. This switch in consensus meant that Ethereum’s energy consumption dramatically fell, resulting in a 99.95% decrease in the network's carbon footprint.
The change also meant that Ethereum was able to increase its transaction speed. While Ethereum utilised a PoW consensus, the network was only capable of handling 15-30 transactions per second. However, at Ethereum’s peak performance, the network is capable of handling 100,000 transactions per second.
Ethereum is performing extremely well through February. The network has increased its market capitalisation by 8.40% in the past seven days at the time of writing. This positive trend brings hope for the rest of 2023 for Ethereum and Ethereum-based cryptocurrencies.
Shiba Inu Hits $7 Billion Market Capitalisation
Shiba Inu introduced itself to the crypto market as a direct competitor to Dogecoin (DOGE). Although the meme token platform is currently below Dogecoin in terms of market capitalisation, Shiba Inu has still made a significant impact on the crypto market.
The meme token giant has recently proposed a blockchain named Shibarium. The Shibarium blockchain will be Layer-2, utilising Ethereum’s technology. The blockchain is currently in the beta stage of development and will launch in 2023 if the beta phase is successful.
As mentioned above, Shiba Inu has hit a $7 billion market capitalisation. The platform is currently experiencing a positive trend, increasing its market capitalisation by 5.35% in the past seven days at the time of writing.
Final Thoughts
So, how will Ethereum and Ethereum-based cryptocurrencies fare through 2023? According to current trends, Ethereum, Shiba Inu and Dogetti’s 2023 crypto journey will be positive. Each platform has a special set of characteristics that could help it maintain positive trends.
Additionally, Dogetti offers 25% bonus tokens with each presale purchase. All you have to do is enter the ‘WISEGUY25’ code at the checkout to receive yours.
For more information on Dogetti (DETI), please visit the following links:
Presale: https://dogetti.io/how-to-buy
Website: https://dogetti.io/
Telegram: https://t.me/Dogetti
Twitter: https://twitter.com/_Dogetti_