Are Dogecoin and Shiba Inu set to face the worst times in the nearby future?
Dogecoin and Shiba Inu are thriving in the highly volatile cryptocurrency market in recent times. Crypto investors are highly following these two cryptocurrencies with the influence of the popular crypto influencer, Elon Musk. Both of these cryptocurrencies are known for being memecoins in the cryptocurrency market. Sometimes Dogecoin and Shiba Inu make it to the top ten cryptocurrency list on CoinMarketCap while sometimes they go below the top ten. The prices are very fluctuating and crypto investors must look out for the current price before making any smart investment with Dogecoin and Shiba Inu. Let’s explore how these two cryptocurrencies will face the worst test in the nearby future for crypto investors.
Dogecoin and Shiba Inu
Cryptocurrencies or memecoins are set to face the worst test in the coming days with nearly 80% below their highest record from last year, 2021. The emergence of the vicious COVID-19 pandemic and its different variants, the Russian-Ukraine war, and many more have also affected the cryptocurrency market poorly. The current risk-off market shows concerns over what will happen to Dogecoin and Shiba Inu. Crypto investors are speculating that the overall crypto sell-off can create a huge impact on these memecoins in the nearby future. The emergence of multiple cryptocurrencies like Bitgert, Seesaw Protocol, Lucky Block, Avalanche, and many more are becoming a major threat to these two cryptocurrencies.
Shiba Inu is set to launch the Shibarium layer-2 solution to enhance the brand of this memecoin. But more the delay in the launch, the more negative impact on Shiba Inu from the point of view of crypto investors. Shiba Inu has decided to go for the burning strategy to trigger its price in the highly volatile market. The Shibburn strategy has burnt over 7.2 billion cryptocurrencies in 2021 for raising the demand of the memecoin by decreasing the supply in the market. It has also announced the launch of ShibaSwap 2.0 to address the burning strategy for sky-rocketing the cryptocurrency price efficiently and effectively.
But this burning strategy can earn the worst test in the upcoming days for Shiba Inu. It is speculated that the burning of billions of memecoins cannot create a serious impact on the rise in cryptocurrency price in 2022.
Meanwhile, Dogecoin came into the cryptocurrency market in 2013 as a memecoin to be a competitor of Bitcoin. It has successfully attracted millions of crypto investors to become a mainstream cryptocurrency. It also reached the top ten cryptocurrency list as well as stayed near the top ten at some point in time. 2021 was the best period for Dogecoin with the support from the cryptic tweets from the crypto influencer, Elon Musk.
It has been speculated that this cryptocurrency will develop further in the nearby years while some retailers and marketers will start accepting Dogecoin as the mode of payment within a short period of time. But DOGE can experience some tough competitors with dog-related cryptocurrencies such as Shiba Inu, Floki, and many more. In 2021, it successfully gained more than 12,000%. But in 2022 it is currently facing 80% below the all-time records.
Some other cryptocurrencies such as Ethereum and Solana are focused on providing smart contracts and other additional features. Meanwhile, Dogecoin is just a memecoin to make jokes on the cryptocurrency market. It is accepted only by lesser than 2,000 global merchants whereas there are more than millions of businesses across the world. Sometimes, Elon Musk controls this cryptocurrency price resulting in either a sudden high rise or a major drop.
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