Is Dogecoin & Shiba Inu really dead?
There is a lot going on in the crypto industry, but we haven’t heard much from the popular meme coins, Dogecoin and Shiba Inu. Are they already finished?
The meme coins were certainly the most exciting and highlighted coins of 2021. Those with the straightforward purpose of going “to the moon!” These coins drew the attention of the general public since they were synonymous with the ‘get-rich-quick’ scheme.
To be honest, many people did profit from the tremendous rise, but the majority were merely putting money in with the expectation of becoming wealthy. They were everywhere, from Twitter to Tesla, and one thing was clear: they had all of the attention.
Then came the crypto winter!
Not only do these meme currencies encounter obstacles, but every cryptocurrency does. And those with a real team are growing and regaining ground again.
However, we haven’t heard much from these meme currencies in recent times. So, in this blog, I will specifically discuss Dogecoin and Shiba Inu!
Dogecoin:
Let’s be honest. Elon Musk’s tweets aren’t as upbeat about the crypto markets or Dogecoin as they were. Earlier, the billionaire tweeted that Dogecoin had currency potential. The price was roughly $0.08 at the time.
In a 12-tweet thread in April, Robinhood CEO Vlad Tenev indicated that Dogecoin might possibly be a future currency provided it overcomes certain basic flaws with its scalability and speed.
Since the Robinhood exchange added Dogecoin and Vlad Tenev posted the thread, the price of Dogecoin has decreased over 50% from $0.14.
DOGE has retraced every optimistic news development and Elon Musk tweet in what has been a 12-month bear market. The decline began in May 2021, after the Dogecoin all-time high of $0.74 was reached on May 8th.
Dogecoin did not appear to be dead at first, as it found support at the EMA 8 for most of the previous year, not closing a monthly candle below it until December, when it crashed down to the EMA 21. It bounced back to that EMA in January 2022, when it was denied, then again in April. That was the technical side.
Now, let’s talk about dogecoin as a project. To put it simply, there isn’t much going on around. On Twitter, for example, where they may directly communicate with their audience, little happens beyond meme sharing, sponsored posts, and retweets!
Shiba Inu:
Let’s start from the beginning.
Shiba Inu’s price today is $0.000013 USD with a 24-hour trading volume of $380,369,353 USD. Shiba Inu is up 2.26% in the last 24 hours. The current CoinMarketCap ranking is #15, with a live market cap of $6,942,367,761 USD. It has a circulating supply of 549,063,278,876,302 SHIB coins and the max. supply is not available.
Many experts believe Shiba Inu will vanish before the end of 2023. There is only a limited quantity of coins for sale, with one quadrillion tokens in circulation.
Many experts, like Mathew Henry and specialists from The Swinburne University of Technology, fear the Shiba Inu will go extinct since its currency has no use.
According to these experts, all meme-based currencies with no function will pave the way for tokens with true utility.
Furthermore, with a market cap of $6.9 billion, the token will need to outperform popular crypto projects such as Avalanche, Polygon, Polkadot, and Solana in order to crack the top 10.
Conclusion:
Nothing in the cryptocurrency world is definitive. With the cycle of bear and bull markets, we’ve seen major currencies fall to near zero and then rise again. So, there are no end destinations for any of these projects, but the ideal point for both is to stay active. To survive, they must demonstrate that they are valuable, effective, and more than just a meme coin!
The content provided in this article is not sponsored and is correct upto the best of my knowledge. This article is not financial advice and we are not responsible for any action taken in response to this article!
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Info Source: CoinMarket Cap and more!
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