With the rise of cryptocurrency worldwide and the emergence of thousands of new coins, it is becoming increasingly harder to differentiate the different projects, their purposes, utilities, and ultimately potential value. This article will try to shed some light on some of the types of coins, their use cases, and potential long-term viability by examining newcomer Parody Coin (PARO) and Dogecoin (DOGE).
Parody Coin (PARO) – an all-encompassing ecosystem
Parody Coin (PARO) is a new decentralized token on the Binance Smart Chain, which aims to provide its holders and the broader community with an empowering ecosystem, which places the needs of the community and holders at its heart. Through the development of technologies and financial tools, the Parody Coin seeks to revolutionise its users’ experience.
The Parody Coin (PARO) will give its users and the broader crypto community access to a Swap, namely the Parody Swap, which will let users exchange and convert any cryptocurrency in any blockchain at the best rates available on the market. This multi-chain swap will serve as a fundamental use-case for the token and in turn, increase its potential value in the long term.
Moreover, the Parody token’s ecosystem will include an NFT marketplace, which will combine the Parody and the broader NFT ecosystems. Users will be able to create a parody NFTs, of existing blue-chip collections that Parody Coin holders will be able to mint.
In addition to creating a DApp store, which will allow third parties and developers to build and launch applications within the ecosystem, the Parody Coin’s development team is proving itself flawlessly through its initiation of an official audit of the token. Also, the liquidity will be locked in time.
The emergence of these functionalities amounts to the foundation of the Parody Coin’s Metaverse, the PAROVERSE, which will create a thrilling and empowered crypto community.
Dogecoin (DOGE) – the mother of meme coins
Dogecoin (DOGE) is a decentralized, peer-to-peer digital token that emerged in 2013 but only gained in popularity in the years 2017-2018 during the spike of cryptocurrencies. Its goal is to provide an alternative to Bitcoin (BTC) and the main blue chips as a fun, light-hearted, and open-source token.
While being adaptable to different blockchains, Dogecoin (DOGE) is mainly tradable on the Binance Smart Chain, meaning it has good scalability, low transaction fees, and low transacting time. Since its creation, the DOGE blockchain has emerged, but it has not proved to be very adaptable, especially when compared to Ethereum or Solana, whose protocols offer developers an infinite amount of possibilities.
Dogecoin’s main purpose instead of being its utility, is by far the hype behind the token, thanks to the thousands of online communities which used it as memes and the infamous Tweets of the world’s richest man Elon Musk, who pumped the price of the token.
As Dogecoin has little to no utility per se, its main value comes from the speculations and strong-wheeled communities that support it. By May 2022, Dogecoin (DOGE) is in the top 15th largest crypto in terms of market capitalisation, which stands at more than $16 billion.
As new cryptos will continue to emerge, some have more utility than others. As it is evident from this article, tokens such as the Parody Coin (PARO) aim to grow in popularity through the development of ecosystems, and tools that will serve crypto users and in turn increase the popularity and value of their coins. Alternatively, tokens like Dogecoin (DOGE) or Shiba Inu (SHIBA) have developed little tangible use cases and instead draw their popularity from strong community support and social media hype. Regardless of which strategy is more sustainable for the long run, we are still to witness interesting developments in crypto.