CoinMarketCap estimated there were more than 5,000 meme coins available to investors by late June
Following news that the 'king' of meme coins Dogecoin has relaunched its foundation with plans to become a serious global cryptocurrency, is DogeCola ‘on trend’ as a meme coin worth taking seriously? Meme coins are tokens backed by crypto influencers and investors have rapidly increased in popularity. CoinMarketCap estimated there were more than 5,000 meme coins available to investors by late June. Created as a joke meme back in 2013 Dogecoin started the trend, rising to prominence after Tesla CEO Elon Musk tweeted about the novel token in April 2019, replying to a tweet saying “Dogecoin might be my fav cryptocurrency. It’s pretty cool.”
While meme coins are a type of cryptocurrency, a key difference between the likes of Dogecoin and currencies like Bitcoin, comes down to utility. Namely that most meme coins, serve no real-world purpose. Even more reason why DogeCola, which is both a reflective token and a soft drink brand, has such potential to grow the meme coin market more sustainably in the future. In just the past week the cola-branded meme token, has delivered on its promise of distributing 1,000 sample cans of the fizzy drink to its token holders. And as its doubling-down on its listing on BigONE exchange with a staking activity, it’s certainly appears worth a closer look.
In this article we’ll therefore review how the ‘reflective’ token mechanism works to maintain price stability, the role the DogeCola soft drink brand plays in its growth, and what this could mean for the chances of success in such a fast-moving meme-market place.
Taking a look ‘under the hood’ of DogeCola
Auto-boost function: The auto-boost feature helps distinguishes DogeCola from the other standard meme tokens on the market. The DogeCola project's developers added this feature to prevent the all too common ‘pump and dump’ associated with meme tokens. It was designed to make variable repurchasing and token burns based on the transaction volume every 24 hours. The goal is to keep the price of DogeCola high by burning tokens and reducing supply every time a sale is made with the tokens.
Reflection mechanism: The reflection mechanism means the tokens are self-generating and aim to discourage selling by promoting a ‘hold and earn’ use culture. By implementing a reflective mechanism in the token’s smart contract, all transactions involving tokens are ‘taxed’, and rewards are distributed evenly among holders. The DogeCola team does this to encourage the holding their tokens, and the commission on sales is much higher to prevent whales from dumping and driving the price down
Both the auto-boost and reflection mechanism are underpinned by a buy and sell fee structure: on buying 6% is set aside for the auto-boost function, with 2% going reflection to holders and 4% of marketing. While on sales, 7% is for auto-boost function, 7% for reflection to holders and again, 4% allocated to marketing.
Branded cola drink: The DogeCola team has begun the process of bringing their soft drink brand to the market as soon as possible. In a recent interview the DogeCola project's lead developer, Chris, confirmed that the primary goal is to have the soft drinks readily available for purchase in stores, within the next three to six months. In the meantime, DogeCola token holders this week snapped up the first 1,000 samples. As Jason McLeod of the community-based #stopelon crypto initiative, commented on Twitter: “I definitely think this is the way crypto will go in the future. For me, it’s all about that link from crypto to ‘everyday’ people in the ‘real’ world.” The DogeCola team also plans to fight plastic pollution caused by corporations like Coca Cola, using a community-led vote to determine which eco-charities to support – enhancing their ‘disruptive’ branding in the process.
What the crypto experts think of DogeCola?
At the launch of DogeCola in July, Chris the lead dev and founder proclaimed: “If you like Coca Cola, if you like Dogecoin, then you will love DogeCola.” While the meme coin has risen in price by 556.1% from listing on CoinGecko to its all-time high, with the current price 500% from the listing price, its already has some push back from within its 10K strong international Telegram community. “Please know that you are in a project with a team that many times literally does not sleep in 72 hours; please do not look at x minutes candles in DogeCola; try to be patient, intelligent, trust the process and stick to your guts and vision,” said @Freejo1 in response to such jitters.
Jason Suttie, CMO of Bumper, a new protocol designed to protect the value of your crypto says: "What I find most exciting about projects like DogeCola is the visibility it's bringing to the crypto space from the general public. Everybody knows Cola, many non-crypto people have now heard about Dogecoin. DogeCola creates a connection between a physical and virtual object which starts to make crypto less scary for the uninitiated. It's through clever projects like this that crypto will make big steps toward mass adoption."
Chairman of BigONE, Anndy Lian, says he believes that DogeCola being based on a reflective token mechanism and with a real-world use has a clear advantage in the crypto marketplace: “We are excited to list DogeCola on the BigONE exchange because it’s ticked all the boxes - a smart reflective token mechanism, branded cola drink, a great development team with passionate community behind it.” Certainly, this is supported by news that the team has succeeded in reaching 20k token holders just a couple of days after their CoinMarketCap airdrop on August 27th. And with a DogeCola sponsored NSCAR driver due to be announced shortly to further promote growth, this reflective token is surely one to watch out for.