People can be pretty divided when it comes to the cryptocurrencies they choose to support. Some hold on to Bitcoin with a vice-like grip, while others are all-in on a specific altcoin. One of the main reasons for choosing one cryptocurrency over another is social dominance—the aggregate effect of your friends and family’s preferences. If you’re thinking of moving some of your money into an altcoin as a new venture, consider this list of 5 altcoins with high social dominance.
Altcoins Are Changing The Game
In the cryptocurrency world, social dominance is usually directly related to popularity. A coin with a lower market cap will usually have a higher social dominance than one with a higher market cap because it’s more accessible to everyday people.
This means that smaller coins can be extremely volatile, which is great for speculators and even better for investors who are able to take advantage of opportunities from those volatility swings.
Shib is an altcoin, operating on top of an open source platform for global financial transactions. It is a stable, secure, and private currency based on cryptography. Cryptography uses a public key to encrypt data, which is only decrypted using the private key by the recipient of the data.
This ensures that no one can access or tamper with the data in transit or stored on your computer. The encryption is based on an elliptical curve algorithm which brings greater security than traditional cryptography methods.
One key way to determine which coin might be worth investing in is to look at its market cap—the number used to measure a currency’s value by multiplying its total supply of coins by their current trading price, including SHIB price and Dogecoin price.
Here are five altcoins whose market cap has recently started growing faster than others:
Shiba Inu (SHIB)
SHIBE is a cryptocurrency that focuses on creating memes and other forms of digital art with the ultimate goal of becoming the next internet sensation. It has a high social dominance, meaning that many people are talking about it and it is easily recognizable. It uses the Litecoin blockchain and operates off of Proof of Work mining.
The social dominance of SHIBE is calculated by analyzing data from Twitter and Facebook accounts that mention the word “SHIBE”. The account analysis takes into account the number of followers, the number of tweets, dates, etc. The more followers an account has and the more tweets are made about SHIBE, the higher the social dominance of this cryptocurrency.
Ethereum (ETH)
The Ethereum platform has been attracting attention from the public, investors, and tech gurus. The high social dominance of ethereum is a strong indication that this digital currency is on its way to the moon.
It was developed by Vitalik Buterin, a Russian-Canadian programmer and writer who was only 19 when he founded the platform. He had already worked with cryptocurrency before and has written several articles about bitcoin. The ethereum platform is an open source blockchain platform for decentralized applications (dapps).
The Ethereum Virtual Machine (EVM) makes decentralized apps possible. There are several altcoins based on the Ethereum blockchain but the most popular altcoin in this category is ether.
Pancake Swap (CAKE)
PancakeSwap allows users to trade tokens against other tokens as well as stable coins or other cryptocurrencies like Bitcoin and Ethereum. The platform also offers additional services such as social networking and a marketplace where users can advertise goods for sale or auction off goods they don’t want anymore – all without having to leave the platform.
In an interesting twist, PancakeSwap, which is the largest trading platform on the Binance Smart Chain, is actually beating out BNB in terms of social dominance. This means that more people are interacting with PancakeSwap on a daily basis than they are with BNB.
That’s quite a feat for a platform with only a few days of existence under its belt. And it really shouldn’t come as much of a surprise—the team behind PancakeSwap has developed an ecosystem around their cryptocurrency that bodes well for its future.
Dogecoin (DOGE)
Dogecoin is one of the more popular altcoins, which is considered to be a “joke coin” because of its name and appearance. Dogecoin was founded to poke fun at bitcoin and became popular among the online community because it was used to tip people online for posting interesting content or simply just doing something helpful.
It’s been said that dogecoin has no real purpose because it’s mostly used to tip people online or buy things like tea and coffee from other people who accept dogecoin as payment.
Dogecoin has shown steady growth for over two years now, though it has had a few hiccups along the way. This cryptocurrency started as a joke, but it’s since taken itself quite seriously. Though the doge meme is still around to provide some humor (and an excellent logo), Dogecoin has become a valuable and actively traded cryptocurrency.
Safemoon
Safemoon is a coin that is designed to be used in online games, and it has already gained some popularity in the tech world. Games like ‘Hearthstone’ and ‘Counter-Strike: Global Offensive,’ and sites like ‘Steam’ have already begun offering FMC as an accepted payment option. This coin is also supported by exchanges like Poloniex, so there’s a lot of potentials to be had here.
Safemoon Social Dominance is a concept in Safemoon Academy’s crypto-trading course that doesn’t have an obvious counterpart in the financial world—but it’s actually quite easy to understand. When investors are asked to describe the market, you’ll hear all kinds of wording: “bearish,” “bullish,” and even more obscure terms like “oversold” or “overbought.”
What the latter group of terms has in common is that they’re all trying to describe the market’s sentiment, or what large groups of people are thinking. The stock market is a social barometer: how people feel about the economy and their finances directly affects how they invest.
Conclusion
Despite the fact that many people are still wary of altcoins and their long-term viability, it’s hard to ignore the potential they have to disrupt some of the biggest industries in the world. While there’s no guarantee that any or all of these coins will be used by mainstream businesses in the future, they’re definitely worth keeping an eye on.
