Floki, Baby Doge Crushing the Memecoin Competition in 2023

MemeFi projects Floki and Baby Doge have been flying this year, in terms of both utility and price action. Other memes, such as Dogecoin and Shiba Inu, have lagged $BTC and $ETH.

Meme + DeFi = MemeFi

Floki and Baby Doge have had a monster year so far in 2023, and the price of their tokens has far outperformed other major memecoins, as well as Bitcoin and Ether.

Available on both BNB Chain and Ethereum, the MemeFi projects have been building out the components of their ecosystems. For Floki, that means developing its Valhalla GameFi Metaverse and the FlokiFi token locker, which has about $30 million in TVL. In February, Floki got a major boost from its conscious pivot to attract users in China.

More recently, Floki partnered with Thena, with Thena becoming Floki’s preferred Decentralized Exchange (DEX) and FlokiFi becoming Thena’s recommended liquidity locker.

Meanwhile, Baby Doge has been growing its Baby Doge Swap exchange and token locker protocol. Last week, the exchange passed $60 million in Total Value Locked, with more than $10 million in TVL in its locker. The team is also introducing gaming into its ecosystem, starting with Baby Doge Chess.

This week, Baby Doge announced it is expanding its Decentralized Finance (DeFi) features to other blockchains. Right now, the Baby Doge community is voting on which network it will tackle first: Ethereum, Arbitrum, Optimism or Avalanche.

The focus on utility is paying off big time in 2023.

So far this year, the value of $FLOKI has increased by about 314%, and the token’s market cap (MC) is just above $300 million, according to CoinMarketCap.

$BabyDoge has been red-hot as well, posting a 195% increase in 2023, with a current MC of $323 million, according to CoinMarketCap.

For context, the price of $BTC and $ETH have increased by 72% and 53% during that same time.

And while Shiba Inu has also been intent on developing its MemeFi ecosystem, including the hotly anticipated layer-2 Shibarium network and Shib the Metaverse project, the price action of its tokens hasn’t been nearly as positive yet in 2023.

The value of payment token $SHIB has increased 32% this year ($6.3 billion MC). The value of Shibarium gas token $BONE has increased 22% ($244 million MC). And the value of VIP token $LEASH has increased 29% ($41 million MC).

Meanwhile, the reigning king of memecoins has greatly underperformed the MemeFi projects as well as $BTC and $ETH. Amid the overall crypto market upswing, the price of Dogecoin has increased by 8%. $DOGE has a current MC of $10.5 billion.

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What is Dogecoin:

Dogecoin purports to be the accidental crypto movement that makes people smile! Dogecoin features the Shiba Inu, a Japanese breed of dog, as its logo. It is an open-source, peer-to-peer cryptocurrency that utilizes blockchain technology. Dogecoin’s underlying blockchain technology is derived from Litecoin. Notable features of Dogecoin included its employment of the Scrypt algorithm, its low price, and its unlimited supply. Dogecoin is very popular, ranking at the top of market capitalization, has enormous popularity, and maintains one of the strongest followings in crypto.

Where to find Dogecoin:

Website | Twitter | Reddit | Discord |

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What is Shiba Inu:

Shiba Inu is an Ethereum-based altcoin that has the Shiba Inu—a Japanese breed of hunting dog—as its mascot. The SHIB token aspires to be an Ethereum-based alternative to Dogecoin (DOGE). Unlike Bitcoin, which is designed to be scarce, SHIB was created to be intentionally abundant — with a total supply of one quadrillion. The Shiba Inu Token ecosystem supports projects such as an NFT art incubator and the development of a decentralized exchange called Shibaswap.

Where to find Shiba Inu:

Website | Twitter | Telegram | Discord

Source : bsc.news