The rise of meme coins has brought forth many other dog-themed altcoins. While Dogecoin is a small subset of the Bitcoin network, through the Litecoin hard fork, other meme coins have been developed on other top blockchains, including Solana. Moreover, the meme coin industry has a market cap of over $21 billion and a 24-hour trading volume of about $1.2 billion.
As more traders prefer dog-themed coins, the low-cap meme coins have experienced more volatility than the top ones. For instance, Floki (FLOKI) has rallied over 113 percent in the past seven days after billionaire Elon Musk named it the new CEO.
However, it is Shiba Inu’s popular spin-off, Shiba Predator (QOM), that has attracted more traders’ attention. Mind you, the Shiba Predator (QOM) has outlined its sole mission is to flip Shiba Inu in performance. Notably, Shiba Inu gained global popularity after rallying over 24,171,414 percent from its ATL in less than two years.
Following the collapse of several crypto firms in 2022, global regulators are keen on digital assets traded by investors. As a result, most countries are offering centralized exchange licenses to vet and clear crypto projects on their behalf. Regulation of meme coins is not yet clear in most jurisdictions as most are just trading instruments with minimal other businesses like DeFi and smart contract capabilities.
Nonetheless, the meme coin developers know that the speculative aspect is insufficient to sustain future growth prospects. Consequently, meme coin projects led by Shiba Inu seek to build smart contract capabilities. The Shiba Inu ecosystem is readying to unveil its Shibarium beta that enables the development of decentralized financial ecosystems.
Source: https://coinpedia.org/price-analysis/shiba-inu-spin-off-qom-goes-parabolic-nearly-10x-in-a-month/