Among the larger and more dominant downward trend, several pockets of growth have erupted within crypto. One specific area attracting capital and attention has been a sub-category of the meme coin genre. Investors are accumulating meme coins with utility.
Shiba Inu (SHIB) and DigiToads (TOADS) are firm amid the Shibarium Beta bridge release, and anticipation for The Swamp grows.
The observable trend has been scrutinized by analysts who concluded that the reliance of the meme genre on hype caused heavy draw-downs throughout the bear market and that utility solves this issue.
Integrating utility adds legitimate use cases for end users, which always drives price, and these tokens could easily be altcoins to examine this year.
DigiToads is the new king of the meme-utility hybrid?
DigiToads has established itself as a front-runner among emerging crypto projects and has already raised over $6.7 million.
The native ecosystem, The Swamp, has motivated these vast capital inflows, and presale participants are betting on a repricing event when the ecosystem’s cash flows materialize.
The Swamp opens a world of earning for investors, and its features combine to create a larger flywheel effect. It includes one novel mechanism, non-fungible token (NFT Staking), which has rapidly turned the DigiToads Collectibles into trending NFTs.
Owners of the collection stake their NFT and receive payouts in TOADS. This passive income source redirects more of the TOADS supply towards long-term supporters aligned with the protocol’s mission to become an established web3 currency across the decentralized finance (defi) scene.
The Toad Tax also assures the sustainability of these payments by directing 2% of all transactions in The Swamp to the payout pool. On top of this, the taxation system ensures a deflationary tokenomics model by burning 2% of transactions.
Toad Cade, the play-to-earn (P2E) game, can offer another earning opportunity. Meanwhile, the Platinum Toads initiative ensures the DigiToads’ coffers continue to grow by distributing treasury control to the most skilled on-chain agents.
Community members also receive seasonal airdrops, and The Swamp features much more. By aiming to offer multiple revenue streams to investors in the form of a deflationary token means TOADS is a token investors can explore. Analysts are bullish and predict more gains after the token launches on Aug. 21.
Shiba Inu Shibarium beta bridge is live
Shiba Inu developers pushed the Shibarium Beta bridge in the final week of July for users to move SHIB ERC-20 tokens between Shibarium and Ethereum.
BONE, LEASH, and SHIB are firm as a result. Users can now participate actively within the ecosystem at a far lower cost. Ethereum gas fees have historically hindered meme coins.
BONE is the gas token for Shibarium, and it will be accumulated in smart contracts and periodically swapped for SHIB, which will be burnt.
This added deflationary pressure bodes well for SHIB holders, and the overall utility upgrade led analysts to forecast an impressive potential range high of $0.00002085 in 2024.
Closing thoughts
The bear market has changed the way investors perceive value. This emerging meme/ utility hybrid trend provides a best-of-both-worlds solution.
Tokens still have upside potential, and the utility gives the projects stable support, ensuring they retain the gains they make.
DigiToads is currently in its presale, available for $0.05 but set to increase to $0.055 on launch. Investors maintain a bullish outlook on TOADS, expecting gains in the coming weeks.
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Source: https://crypto.news/shiba-inu-and-digitoads-surge-amid-shibarium-beta-bridge-release/