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Chainlink is one of the most followed networks in the DeFi space. We could attribute part of the reasons to the protocols it powers, especially blockchain oracles. Chainlink’s success has led to massive hodling of its native and energy token, $LINK.
In this article, we’ll dive into two other cryptos — one you may already know and a newcomer to the DeFi space — emulating Chainlink’s token, $LINK, to generate a potentially high return on investment (ROI) for investors. They include Shiba Inu (SHIB) and Parody Coin (PARO). See more below!
Chainlink (LINK) — Powering Blockchain Oracles
The Chainlink network is famous for powering blockchain oracles. This offering is a unique one — scarce in the DeFi space. Similar protocols like Chainlink include WINKlink, Band Protocol, and API3 — none of whose crypto even makes the top 50 cryptocurrencies in the world.
$LINK, the native currency powering transactions, governance, and other protocols on Chainlink, is a top investor choice and store of value.
$LINK’s price shows it could be a good investment for long-term investors because it continues to power more protocols and approve partnerships that promote Chainlink’s ecosystem the more.
A recent partnership with Dolce & Gabbana will welcome Chainlink to the fashion space. Chainlink also powers many other smart contract-run protocols, including investment platforms in real estate, DEX, yield farming, etc.
Adding to the abovementioned facts, $LINK is a deflationary coin and has the potential to appreciate in worth over time. Investors should, however, beware of the high volatility of cryptocurrencies if they wish to invest quarterly or in the short term.
Shiba Inu (SHIB) and The Relentless SHIBArmy
Shiba Inu (SHIB) is a meme token — one of the few meme coins that have made the top 50 and top 25 list of the overall top cryptocurrency list. Shiba Inu (SHIB) is often dubbed the “Dogecoin (DOGE) killer” because of its vision of overtaking and overshadowing DOGE.
While it is yet to overtake DOGE either in unit price or market cap, Shiba Inu (SHIB) maintains a few strict laid down principles to empower it to achieve its vision.
First, it has a strong influencer marketing strategy and a strong community backing it. Moreover, SHIB was an experiment to test the power of the crypto community in powering the DeFi ecosystem. Apparently, it appears to have proven that the crypto community is the strongest force to reckon with in the crypto and DeFi industry.
Secondly, Shiba Inu (SHIB) uses an inflationary approach to keep its price stable regardless of its long-term impact on the token’s value. The network powering the token continually mints more $SHIB whenever needed. This, in turn, affects the unit price of SHIB.
One relevance of SHIB to LINK is its drive and hunger to remain at the top. The ginger in its community drives its price higher. It may not have the utility or ecosystem to power, but there is a community to contend with, which has proven resourceful in soaring its prices.
A Dive Into Parody Coin (PARO)
Parody Coin (PARO) is another meme coin like Shiba Inu (SHIB) and Dogecoin (DOGE), this time with an entirely different approach to meme token protocol. $PARO is a BEP20 token and powers a utility and ecosystem, unlike SHIB.
Parody Coin (PARO) ecosystem will comprise an NFT marketplace, a multi-chain DEX — for instant cross-chain crypto swapping, and a DEX bridge for easy cross-chain conversions across token standards.
$PARO will be used for in-house transactions and for paying fees in the protocol. The Paroverse, a name for Parody Coin’s ecosystem, will maintain a deflationary approach to drive the token price higher.
But aren’t these $PARO proposals, unlike true meme coins? Why is $PARO different? Here is what you may know:
Paroverse will prioritize NFT minting and trading as a primary utility in its ecosystem. The NFTs minted on the Parody Coin marketplace will be parodies of real NFTs.
This will automatically make $PARO a “joke” crypto because it will be used to buy joke assets. Meanwhile, creators of the parodied NFT will have the flexibility also to sell the original NFTs if they are the actual owners of the original NFT.
Parody Coin is running a live presale at a discounted price. Now is a great time to join the project early enough — before it runs an initial DEX offering (IDO).
Learn more about Parody Coin: