Looking for the next Doge – Garlicoin

After half a year on a rollercoaster in which the crypto market as a whole grew by a factor of 8, a semblance of sanity has returned to the markets. One of the hallmarks of this bull run is the emergence of memecoins as a key pillar of the crypto ecosystem that is attracting the attention of the likes of Elon Musk. Despite the lightning-fast rise of DOGE and all the dog-themed coins trying to follow in DOGE’s footsteps, memecoins still remain a minuscule part of the crypto world with 1/30th of the market cap of the entire market. So, still a relatively untapped corner of the crypto world, the opportunity remains for many other memecoins to match DOGE’s success.

However, now that momentum has temporarily faded from the market, the search is shifting to projects with solid foundations that can survive the madness. The attention of the mainstream, and the resulting price increases of DOGE, has spawned a number of memecoins of questionable legitimacy. We believe that some of the memecoins that have seen a lightning fast rise do not have the fundamentals to thrive in the long term. To separate the wheat from the chaff, we used the following parameters to identify solid projects – community, credibility, and finally token economics.

When evaluating the top 20 memecoins on Coinmarketcap based on these three parameters, one little gem caught our eye – Garlicoin (GRLC).

Based on the strong fundamentals and the fact that GRLC is still valued at 1/7000th of DOGE, we believe there could be strong upside potential. This article will elaborate on this statement.

Community – large and robust following, emerging ecosystem, unique identity and easy mining on commodity hardware

A veritable community coin, Garlicoin was born from a December 25, 2017 reddit post promising the creation of a garlic bread-themed cryptocurrency if the post got 30,000 upvotes. By the will of the garlic bread gods (if such a thing exists), the post got the established upvotes and so Garlicoin was born and brought his toasted, buttery, stinky goodness to his community. It is important to emphasize the origins of the project because unlike other top-down memecoins that have emerged to exploit the gold rush of the past six months, Garlicoin was born in response to community demand.

Reddit followers – r/garlicoin already has an impressive community of 101k members. To put that into perspective, Shiba Inu which is worth 500x Garlicoin has a 160k community on Reddit. Even more impressive is the loyalty of the community members, which says more than just the absolute number of followers. On the subreddit r/GarlicMarket, GRLC loyalists are eager to trade products and services for Garlicoin.

Unique Identity – Furthermore, we strongly believe that a memecoin should have its own unique identity to support the long-term growth of the community. Garlicoin stands out from all the dog, Elon Musk, and moon themed coins and has a unique identity within the crypto world, meaning it doesn’t compete with everyone else for attention in the market.

Easy to Mine & ASIC Resilience – Besides the GRLC HODLers community, the miners are another important pillar of a community-driven memecoin. Designed to be accessible to anyone with non-specialized commodity hardware, Garlicoin’s mining algorithm, Allium, can run on both GPUs and CPUs that are widely owned. In addition, Allium is

designed to be ASIC resistant, meaning it is not economically viable to create dedicated hardware for Garlicoin mining that could potentially exceed the performance/price of off-the-shelf computer hardware. This keeps GRLC mining accessible to ordinary consumers, furthering the community focus of the project.

Credibility – survived the crypto winter, regular technology upgrades, honest website content & well-documented wiki

Project Lifetime – As previously emphasized, unlike some memecoins that have emerged in the recent past in response to the explosion in prices, Garlicoin has been around for 3 and a half years. This means that the project survived the last crypto winter, which marked the end of the road for many projects, leaving behind only the most resilient. This leads us to believe that the community is in it for the long haul and therefore less likely to have a back pull.

Short block times, fast transactions and an algo that adjusts the difficulty. – With 40-second block times, GRLC is designed to ensure fast and low-cost trades. In addition, GRLC uses Dash’s DGW difficulty adjustment algorithm, which adjusts the mining difficulty in line with the hash rate. Unlike other altcoins with a low hash rate, this makes GRLC resistant to hijacking by profit mining pools that can lead to significantly higher block times, i.e. long transaction confirmation times.

Regular technology upgrades – As noted in the table above, the GitHub repositories indicate recent upgrades, with the latest release being released on May 12. Compare this to the 2nd largest memecoin on the market, Shiba Inu doesn’t even give access to the source code, which gives little good basis to evaluate their high claims. In addition, the developers recently launched WGRLC as a BEP20 token on the Binance Smart Chain, meaning that the token can now be purchased on Pancake Swap and would open the door for listings on other decentralized exchanges in the near future.

Honest Website Content & Wiki – Like the Dogecoin website, garlicoin.io is quite moderate in how it markets the project. Not promising the world and staying true to the memecoin spirit to keep it fun, light and accessible, the website expresses an interest in building a real community without the lure of quick cash. To quote their wiki page, “Hot out of the oven and ready to serve you with its buttery goodness. Garlicoin is the coin you never thought you needed, and you probably don’t.”

Given the attractive token economy (which we’ll delve into in the next section), it’s reassuring to see the deflationary aspect of GRLC only mentioned once on the website. This is a refreshing break from all the other memecoin websites you couldn’t scroll through without encountering the words BURN, LOCKED LIQUIDITY, REWARDS multiple times. These promises have undoubtedly proved successful in attracting significant attention amid the market craze, but the sustainability of these projects through more difficult times remains to be seen.


Economy of the tokens – maximum supply, 92% already mined, and 1/7000th of DOGE’s market cap

Maximum supply – Unlike most other memecoins on the market, GRLC has limited its maximum supply to 69 million, making it deflationary. To put this in perspective, even DOGE has no

with its current circulating stock already at 129.9 billion. With GRLC’s supply capped at $69 million, the increased demand to acquire GRLC would lead to a disproportionate price increase compared to its inflationary peers. Moreover, 92% of all coins are already mined and in about 4 years more than 99% of all GRLC would be mined. This puts GRLC in a select group of cryptocurrencies, with its scarcity making it even more interesting from a price perspective.

Market cap comparison – As highlighted above, DOGE and SHIB have their market caps set at 7000x and 500x that of GRLC respectively. If Garlicoin does indeed succeed in meeting the targets on the roadmap (which we are reasonably confident they will), then there is still a huge gain to be made. And if the memecoin market continues to grow, which is still a realistic possibility, this potential profit will increase even further. These figures are only intended to provide perspective. You as a reader are best placed to form your own judgement.

If it’s so good, why is it so underrated? – Surviving the crypto winter, not accessible on major exchanges, but not for long

Surviving the Crypto Winter – As with DOGE and most of the crypto world, the GRLC project witnessed a period of out of the spotlight over the course of the crypto winter. During this time, however, the community seems to have continued to support the project with improvements to their website, listing, technology upgrades and more, keeping the project afloat with strong foundations for future growth.

Not accessible on major exchanges – This is arguably the biggest barrier for GRLC to join the elite leagues of the memecoin world. However, it is clear that the project team is aware of this, which is reflected in the series of new listings over the past year. In addition, the launch of packaged Garlicoin is also a very positive sign, leading to its listing on Pancakeswap. GRLC has also recently been listed on Tradeogre, which is popular among the memecoin community. The roadmap and reddit posts indicate that more IPOs are in the works and expected during Q3 of this year. Given the foundations of the project, we believe that several exchanges will be interested in listing GRLC.


Conclusion

Robust community, strong credibility and attractive token economy makes us believe that GRLC is a coin well placed to join the elite leagues of the memecoin market. Still at 1/7000th of DOGE’s market cap, there remains significant upside space yet to be captured. With the project delivering massive upgrades in the recent past, including the launch of packaged Garlicoin (WGRLC), we are confident the team is well placed to meet the upcoming milestones on their roadmap. With WGRLC’s recent listing on PancakeSwap, for the first time the token has the potential to see a huge spike in demand if it catches the attention of major traders. With the block halving coming soon and further exchange listings on the way, now seems like a good time to add GRLC’s garlic goodness to your memecoin portfolio!

Disclaimer: An honest fundamental analysis of an emerging memecoin would not be complete without a mention of the risks associated with investing in them. Given the extreme volatility of crypto markets, it is generally advisable not to invest more than an amount that you could comfortably lose. We see HODLing a little bit of memecoins as an exciting opportunity to participate in a community-building exercise of a kind never seen before in history and have a laugh while we’re at it.

For more information about Garlicoin, please visit: https://garlicoin.io/

If you click links in this post to buy something, we may earn a commission. Thanks.

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