- Shiba Inu and Dogecoin are striving in an extremely volatile crypto sector in recent times, times are harsh for memecoins.
- Cryptocurrency investors are massively following these couple of memecoins with the impact of well liked influencer, Elon Musk.
- As witnessed in the market, both Shiba Inu and Dogecoin keep oscillating in the top 10 cryptocurrency list.
Memecoins To Fall Off The Cliff?
Memecoins are prepared to face their worst test in upcoming days with around 80% below their peak from previous year. The surfacing of notorious Covid-19 pandemic and its distinct variants, Russian invasion on Ukrainian lands, and much more have also impacted the crypto sector negatively.
Present risk-off markets display concerns regarding what will occur to the rival memecoins, Dogecoin and Shiba Inu.
Cryptocurrency investors are thinking that entire market sell-off can make a massive influence on these memecoins in upcoming future. The surfacing of multiple crypto assets such as Avalanche, Lucky Block, Seesaw Protocol, Bitgert and many more are becoming prime risks to these couple of crypto assets.
Shiba On The Loose?
Shiba Inu is prepared to release Shibarium L2 solution to intensify brand of this memecoin. But the more this launch is delayed, the more negative influence it will be there as per the perspective of cryptocurrency investors.
Shiba Inu has finalized plans to use burning plans to trigger its value in an extremely volatile market. Shibburn strategy has burnt more than 7.2 billion of the supply previous year, to increase the memecoin’s demand by lowering the supply in market.
It has also made an announcement to release ShibaSwap 2.0 to address burning strategy for soaring crypto asset’s price effectively and efficiently.
Dogecoin To Follow The Trail?
Meanwhile, Dogecoin emerged into the crypto arena back in 2013, as a memecoin to be a contender of Bitcoin. It has subsequently lured millions of cryptocurrency investors to become a mainstream digital asset.
It also reached the top 10 crypto asset list as well as remained near top 10 list at some point. Last year was the best period for Dogecoin with backing from cryptic Twitter posts from cryptocurrency influencer Elon Musk.
It has been speculated that Dogecoin will develop more in upcoming years while some marketers and retailers will initiate a means of payment within a short time span.
But Dogecoin can experience some robust contenders with other memecoins like Floki, Shiba and more. Previous year, it successfully gained over 12,000%. But this year it is down by around 80% as compared to its peak.
Source: https://www.thecoinrepublic.com/2022/04/21/dogecoin-and-shiba-inu-en-route-to-become-underdogs/