Whale Mastered SHIB, BABYDOGE and Meme Coins

Bittime – Meme coins are crypto assets inspired by funny and viral internet phenomena, such as images, videos, or characters. Meme coins like Shiba Inu (SHIB), Baby Doge Coin (BABYDOGE), and Memecoin (MEME) were originally meant as jokes or a form of entertainment, but have now become one of the popular investment trends in the crypto world.

However, behind the popularity and rising price of meme coins, there is an alarming fact. Recent data shows that most of the meme coin's supply is controlled by a small group of investors called whales. Whale is a term for investors who own a very large number of coins, so it can affect the price and liquidity of the market.

Whale Mastered SHIB, FLOKI, and BABYDOGE

According to analytics platform Power Your Own Research, five major meme coins — Dogecoin (DOGE), Shiba Inu (SHIB), Floki (FLOKI), Baby Doge Coin (BABYDOGE), and Memecoin (MEME) — are dominated by whales. For each of those cryptocurrencies, the top 10 wallets are responsible for more than 50% of the circulating supply.

BABYDOGE is the most unevenly distributed meme coin, with 99.7% of its supply held by the top 10 wallets. Followed by MEME with 96%, SHIB with 75.03%, FLOKI with 69%, BONE with 53.9%, PEPE with 49.6%, and DOGE with 42.1%.

The dominance of whales on meme coins poses some risks for investors. First, whales can manipulate the price of coins by buying or selling large amounts, creating extreme fluctuations. Second, whales can reduce market liquidity, making it difficult for other investors to enter or exit their positions. Third, whales can threaten network security, as they have the power to influence network consensus or rules.

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New Generation Meme Coin More Decentralized

Meanwhile, a new generation of meme coins running on top of the Solana (SOL) blockchain appears more decentralized and democratic. Solana is a blockchain that offers speed, scalability, and low fees, thus attracting many developers and users.

Two popular meme coins on Solana are Bonk (BONK) and Dogwifhat (WIF). These two coins have only 14.3% and 22.6% of their supply is held by the top 10 wallets, as per the PYOR report. This shows that meme coins on Solana are more evenly distributed and more resistant to manipulation.

Bonk (BONK) is a meme coin that focuses on communities and games. BONK has a burn and staking mechanism, which means a portion of each transaction will be burned or locked, thus increasing the value of the coin. BONK also has a gaming platform that allows users to play and earn coins.

Dogwifhat (WIF) is a meme coin inspired by an internet character named Doge, who is a Shiba Inu dog. WIF has a deflationary mechanism, which means the amount of coin supply will decrease over time, thus increasing demand. WIF also has an NFT (non-fungible token) platform that allows users to create and trade unique digital collectibles.

Recently, BONK was successfully listed on the high-end centralized exchange Robinhood, which is one of the largest investment platforms in the United States. This shows that the meme coin on Solana is starting to gain wider recognition and adoption. The price of BONK jumped by 19% in a short period of time, reaching $0.0008 (Rp 12.57) per coin.

Also Read How to Buy Crypto:

Meme Coin Investment Tips

Meme coin investing is exciting and challenging. You can make a lot of money, but remember, the risk is also high. Well, to make you more prepared, consider the following surefire tips:

1. Research First, Don't Just Buy

Before being tempted to buy meme coins, first study the background. Find out the vision, mission, team, roadmap, and community. Don't forget to check the reputation and security of the platform you use to transact.

2. Don't panic, be calm

In the crypto world, FOMO (fear of missing out) and hype are common. Don't be easily tempted! Always fact-check and analyze, don't follow emotions. Make decisions based on careful consideration, not speculation.

3. Have Clear Targets and Boundaries

How much money are you prepared to invest? What profit do you expect? When will you sell or buy coins? Answer these questions to help you determine the right investment strategy.

4. Diversify, Don't Put All Eggs in One Basket

Don't put all your money on one meme coin. Spread it to several coins, even to other types of crypto assets such as Bitcoin, Ethereum, or stable coins. This is to minimize risk and increase the chances of profit.

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Conclusion

Meme coin investing can be an attractive option, but always remember to research, stay calm, have a strategy, and diversify. With these surefire tips, you can maximize your chances of profit and minimize risk. Happy investing!

How to Buy Shiba Inu (SHIB) on Bittime

You can buy and sell Shiba Inu (SHIB) in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.

Shiba Inu (SHIB) is available on Bittime with the SHIB/USDT market pair. To be able to buy SHIB USDT on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is Rp10,000. After that, then you can make a crypto asset purchase in the application.

Learn the complete guide on how to buy Shiba Inu (SHIB) on Bittime.

Monitor the price chart movements of Shiba Inu (SHIB), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read:

SHIB Price Soars 128% in 7 Days: What is SHIB Price Prediction?

What is Baby DogeCoin (BabyDoge)?

Meme Coin Wars: SHIB vs PEPE vs BONK, Who Is The King Of Crypto Memes?

DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.