Cryptocurrency Expand Like a Meme Coin
What Makes a Cryptocurrency Expand Like Meme Coins? There are many different factors that can make a cryptocurrency expand like a meme, but two main factors have been identified. First, the coin must have underlying fundamentals. Meme coins are entirely unproven, meaning they don’t have a useful use in the real world. Meme coin are also considered speculative investments, because there is no tangible utility. Moreover, meme coins have no market power compared to companies that are already cornering the market.
Meme coins are essentially a form of speculative digital currency that is based on the hype in the crypto market. An example of such a coin is the Shiba Inu, which saw a massive surge in October 2021. It climbed to the top ten cryptocurrencies by market cap. Though it has since fallen from these heights, the cryptocurrency is still gaining attention and hasn’t completely erased its gains.
The second factor is scarcity. Meme coins have a large circulating supply, unlike Bitcoin, which is limited to 21 million coins. They also lack functionality, but they have the potential to outperform traditional cryptocurrencies. A good example of a meme coin is Shiba Inu. The Shiba Inu has enjoyed much hype during its launch in October 2021, rising to the top ten by market capitalization. However, it has since dropped to below these highs. While it has not completely erased the gains made in October 2021, it continues to gain attention and is growing in popularity.
What Makes a Cryptocurrency Expand Like a Meme Coin?
One reason for meme coins to surge in price is the hype in the crypto market. The Shiba Inu, which has the face of a Japanese dog, jumped in value by 1000% in a single week. Despite this, it remains unclear why it has risen to these levels. This is likely a case of viral publicity and community interest, which are the driving factors behind the coin’s price spike.
The hype associated with meme coins derives its value from the hype that surrounds it. The Shiba Inu, for example, ranked high in the crypto market in October 2021. Its recent crash did not erase the gains, but it is still enjoying steady attention. The shift to Shiba Inu is an example of a meme coin. Unlike the majority of meme coins, the Shiba Inu has a broader use case.
Meme coins have a strong use case, and a strong meme coin can outperform a bitcoin. The Shiba Inu has a strong use case, and its ShibaSwap protocol has a higher demand than the average meme coin. The deFi project has listed Visa and Mastercard as potential competitors, which could make Zilliqa the next cryptocurrency to explode.