The memecoin wars are upon us. Dogecoin (DOGE) has been king for a while, but DigiToads (TOADS) and other challengers now present credible alternatives. Memecoins collectively have a market capitalization that runs in the billions, showcasing internet culture’s power in growing cryptocurrency communities.
Memecoins are a fascinating subculture within the crypto space. They harness the viral popularity model of internet memes to create traction around the crypto coin. There are dozens of iconic memes that, even without a word inscription, are instantly funny to the recipient, depending on the context.
The utility of DigiToads (TOADS)
Memecoins like Dogecoin (DOGE) rely purely on the popularity of the meme subtext for their notoriety. DigiToads is looking to take the memecoin scene to another dimension by introducing utility to the coin.
Utility refers to the ability of a crypto coin or token to provide multiple types of value beyond just operating as a speculative asset. For instance, a crypto coin that incentivizes transactional usage is a medium of exchange in a tokenized ecosystem and serves multiple other functions in that space.
Accordingly, DigiToads is a memecoin that ventures into the gaming space. The blockchain finds a natural fit in gaming circles with the success of projects like Axie Infinity. Users will be part of a gaming ecosystem that features the potentially explosive growth of a memecoin and the enduring relevance of a gamified utility token.
The game itself implements the pay-to-earn (P2E) model. The gameplay revolves around a metaverse swamp whereby virtual toads take place in battles to hunt for flies or protect their habitat. As you play the game, you collect various rewards in the form of TOADS tokens. Users nurture their toads through the game to boost their strength and collect more rewards.
In-game NFTs Is The New Cool
Additionally, the game leans into a popular trend in this sector through Non- Fungible Tokens (NFTs). There are several in-game NFT collectibles that players have a chance to pick up and utilize in various ways. The game also has overall leaderboards to reward leading performers in the grand scheme of things. Those in the 25% percentile receive TOADS rewards for their efforts.
The choice of a toad as the game avatar is fascinating. Toads are some of the most resilient animals in nature, with the ability to survive easily in both water and land. They are closely related to frogs and are very memeable as well.
TOADS is the glue that holds the ecosystem together. Gamers get rewards in the TOADS and can also participate in staking with the requisite amount of TOADS. Additionally, users can stake their NFTs and earn residual income as TOADS. Staking NFTs is an excellent idea because it incentivizes collectors to hold them for some time and creates an element of scarcity to these unique assets.
More than just a memecoin
Comparing the elaborate structure of DigiToads with Dogecoin and Pepecoin, you get the sense that the former is a project keen to take memecoins to another level. Adding more dimension to the market conception of a memecoin.
Pepecoin takes after the notorious ‘Pepe the Frog’ meme that has become a staple in right-wing internet, with an unmistakable presence in popular culture. Elon Musk’s promotional activity for Pepecoin resulted in a significant boost, just as it did for Dogecoin when he tweeted about the memecoin in 2020.
DigiToads is looking to go one further than these memecoin titans. Having the memecoin angle is great, but organic growth from the actual utility is vital to DigiToad’s strategy to surpass all other memecoins in this space. DOGE creators very much intended it to be a joke in perpetuity, but DigiToads is looking to change this order of business.
Accordingly, the DigiToads team is looking to create a more sustainable project with long-term utility. The commitment to sustainability is also in the environmental sense, where 2.5 % of DigiToads profits go to charities committed to protecting rainforests that provide a habitat to billions of toads in real life. The project will also allocate 40% of its token supply to continual development, which is a great initiative in gradually improving the solutions on offer to participants.
The project is currently at the presale stage. DigiToads has raised about $3.4 million in only a few weeks, which is an impressive amount for a project launching in the current crypto atmosphere. The token price is set to reward earlier token sale participants with gradual raises in ten stages until the launch price. The earliest participants will stand a chance to multiply their token price by 5x by the time the token goes live.
Conclusion
DigiToads is looking to bridge the philosophical canyon in cryptocurrency development between its speculative and utility aspects. A utility memecoin is quite the introduction for a market teeming with similar projects. Doge and Pepecoin promoters better watch this space.
For more information on DigiToads visit the website, join the presale or join the community for regular updates.