Many investors turned to the meme token for fear of losing profits
There are thousands of cryptocurrencies, but not all have the potential to bring us profits. Successful projects stand out in terms of whether they have real usefulness and how they stand out from the competition.
With that in mind, there are some tokens we may want to remove from our potential buying list. Bloomberg analyst Eidria Chimino points out 2 crypto coins that are popular but do not have the solid framework needed for lasting profits in the crypto world, and recommends that we avoid them. In this article we will find out who they are.
It is one of the most popular meme coins in the world, growing by more than 45,000,000% last year.
The reason for such a profit? 3 items raised its price. One is the strong community of crypto supporters known as the Shib Army. They maintain momentum on social media and cause excitement about the potential of Shiba Inu.
This leads us to the second reason for great success. Many investors turned to the meme token for fear of losing profits . The third prerequisite for the jump in the digital currency is its value. It is traded for a fraction of a cent, which makes it easier for investors to grab a large amount of priceless coins by joining Shiba Inu traders waiting for “bags of money”.
However, profits are unlikely to continue , as altcoin has already begun to decline. Since the beginning of the year it has decreased by 26%. SHIB is just a token running on the Ethereum network. It is used for trading, stacking and payments at some merchants, but it does not offer anything unique , so there is really no reason to raise it again and provide a steady income.
Floki Inu (FLOKI) is a cryptocurrency named after Elon Musk’s dog. However, Tesla’s CEO has nothing to do with it. It jumped more than 8190% from its launch last year to its peak a few months later. Since then, however, it has fallen by 89%.
The digital currency is proud of its meme-token status. In fact, her website says that the path to her widespread acceptance is through “using the power of memes.”
This new coin has several applications. It is designed to power a game in the metaverse called Valhalla. The game currently being developed will be play-to-earn, so players can earn more from digital currency by playing.
Floki is also planning an irreplaceable token (NFT) market. Altcoin has several decentralized financing agreements that allow investors to stake their crypto assets or use them as collateral for lending.
Will all this be enough for the cryptocurrency to stand out in the crypto world? Probably not. Its competitors are already far ahead in these areas, so it seems unlikely that investors will invest in the meme coin in the long run. That’s why it’s best to add this crypto asset to your “avoid whatever” list.
We remind you that the analysis and opinions in the article express the personal views of the experts and are in no way a financial recommendation. You have to make all the money decisions yourself !!