If you’re familiar with cryptocurrency, then you’ve probably heard of dogecoin recently. Based on the popular meme, dogecoin is essentially a cryptocurrency created as a bit of an internet joke. However, its current price trajectory is nothing to laugh at. Following a deliberate effort to buy into the token by Reddit users as well as a shout-out from Tesla CEO Elon Musk, the price of dogecoin recently rose by over 400% in the last few days, though it has slipped since then.
Besides making a lot of money for these investors, dogecoin has also opened up the discussion about meme tokens and what they mean for the future of cryptocurrency. Far from a joke, meme tokens are becoming a legitimate subsection of cryptocurrency investments that could see more use moving forward.
The problem with them, however, is that most meme tokens are created without a strong blockchain behind them. Because they are essentially created to be online jokes, not enough effort is put into the actual blockchain system behind it and thus, they are rather ineffective outside of their tokens which are mostly bought for humorous purposes.
How Frenchie is Changing Meme Tokens
The most obvious similarity between the Frenchie token and dogecoin is that they are both based on dogs. Dogecoin is based on the Shiba Inu dog from the popular meme while Frenchie is based on the Frenchie bulldog. However, this is where most of the similarities and.
Most of the focus on dogecoin is on its token and this is because its actual blockchain is not very strong and is very limited in terms of its use cases. The Frenchie network, however, incorporates a lot of DeFi properties and this makes it more effective and has more potential uses. This includes a staking feature that rewards liquidity providers on the network. Frenchie also intends to offer NFT options in the future, tapping into a new and very lucrative section of blockchain application, particularly in the art world.
This system will be run entirely on the BSC mainnet. It will incorporate smart contracts into its inner workings to ensure efficiency within the system. Currently, its native $FRN token is being burned at the rate of 50 billion for every 500 new holders but when this is finished, the network will be 100% autonomous.
In terms of trading, a number of platforms are already holding the token such as PancakeSwap, DexGuru, and 1inch. The token is also listed on Trust wallet and it is expected that it will be listed on CoinGecko and CoinMarketcap in the near future.
The Future of the Meme Economy
In the past, meme-based tokens were considered an odd internet phenomenon for the sake of entertainment among its supporters. However, the recent rally of dogecoin has shown that the industry can be much more and that meme tokens can very well form an important subset of the crypto industry. For this to happen, however, strong blockchains must be put in place.
This is exactly what the Frenchie network intends to do moving forward. Besides creating an interesting token based on an adorable dog, Frenchie will also create a token and an ecosystem that has proper usability across the globe. This includes transactions that are fast while still being affordable as well as other blockchain resources like smart contracts. We have already seen what the meme economy can look like without proper blockchain structure and now, the Frenchie network will explore what can be done with this proper infrastructure in place.
In doing this, there are plans to maintain the community-focused mindset that exists in many blockchains. Once the structures are set up, control and governance of the ecosystem will be turned over to the users and the Frenchie network protocol will remain open source and free. If the plans for full-fledged development fall through, they are plans for a self-governance contract as well as an upgrade to a new version of the system.
This will ensure that the Frenchie network and its native token have a possible lifespan that will last far to the future and continue to expand and evolve even as the industry itself does. Dogecoin created a foundational legacy for the meme economy but now it is time for the foundation to be built upon and the Frenchie network seems like a worthy successor.
We can expect that the meme tokens that will follow from this will not have the classic flaw of an interesting concept but inadequate technology behind it. It seemed that consumers had to choose between a true meme token and an effective blockchain. With the Frenchie network, they do not have to make this choice but can enjoy both easily.