Since Elon Musk rallied behind Dogecoin in 2021, meme coins have become extremely popular among investors. Despite rarely having any utility, these coins often shoot for the moon, turning regular individuals into millionaires overnight.
Now, a little-known meme coin called Saudi Shiba Inu (SAUDISHIB) is looking to do the same. The token was launched on the BSC network on July 21, 2022 and since then, it has already registered a 450 percent gain, according to an article by NDTV.
One of the main highlights of the token is its automatic staking feature, which provides SAUDISHIBA owners with a passive income on every transaction made on the platform. As per an official statement, 2 percent of every transaction will be distributed among token holders. Further, 6 percent of buy transactions and 8 percent of sell transactions are automatically sent to the token's Liquidity Pool.
The project has a total circulating supply of 1,000 trillion tokens, and the team has also implemented a passive burn feature, wherein a certain percentage of every transaction will be sent to a dead wallet. This will help decrease supply and pump prices. The platform also plans to launch a collection of 5,555 NFTs, which will be released on OpenSea shortly.
However, besides the auto staking feature, Saudi Shiba has no real utility and also suffers from high transaction fees. Both these factors raise significant concerns about the longevity of the project and its credibility as an investment.
Tamadoge
Tamadoge (TAMA) offers a viable alternative to SAUDISHIB. Unlike all the other meme coins such as Dogecoin, Shiba Inu and Saudi Shiba, Tamadoge comes with actual utility. It operates as the native cryptocurrency and governance token of its metaverse game called 'Tamaverse.'
The Tamaverse is a play-to-earn (P2E) platform where users breed, train and battle Tamadoge pets. These pets are minted as babies, and users need to feed and take care of them until they are ready for battle. Users receive dogepoints for winning battles and can redeem these points to acquire main prizes from the monthly Dogepool.
Unlike Saudi Shiba, Tamadoge does not have any transaction fees either. Instead, the platform generates revenue through sales fees when players purchase items from the Tamadoge store. This is the in-game marketplace where users can buy Tamadoge pets, their food, and other accessories.
Further, 5 percent of all spends will be burnt to create upward price pressure on the token.
Tamadoge has a maximum supply of 2 billion tokens. Half of these tokens will be released through the platform's presale event (which is currently running). One portion of the remaining tokens will be minted over the next 10 years, while the other will be reserved for listing on centralised and decentralised exchanges.
The token also has an extensive roadmap, including partnerships with CEXs and DEXs, the launch of P2E arcade games and an augmented reality smartphone app, like Pokémon Go. All of these factors have instilled faith amongst investors, with the project already racking up $1 million midway through its beta sale.
Conclusion
While Saudi Shiba Inu may have had an astronomical rise after its initial release, experts believe it will not be able to sustain its price valuations. Moreover, the project whitepaper is vague and does not offer much information about the platform, which is always a red flag.
On the other hand, Tamadoge provides utility, a good roadmap, and future potential. The presale event is also going strong, and all factors point to long-term potential in the meme coin industry. However, cryptocurrencies are highly volatile, and one should conduct thorough research before investing.
First Published: Aug 12, 2022 2:56 PM IST
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