Dogecoin, Shiba Inu lost in the woods! Are they worth investing?
Dogecoin are falling out of favor. All the crypto biggies have witnessed a sharp fall in the market-cap in the last few days and meme coins are no exceptions, experiencing a severe meltdown. With crypto majors like Bitcoin and Ethereum halving their value from the peak, meme tokens including Shiba Inu and Dogecoins have plunged more than 70 per cent from their peaks.
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View Details »Cryptocurrency investors who have piled up meme coins are finding this year’s journey so far pretty painful as the crypto prices have become less breezy, said the market experts. Anshu Agrawal, Co-Founder, Flint said, «Meme tokens were supposed to have certain designated use cases of their own, and have unfortunately been more associated with online jokes than other software products that are sector originals. Their performance and fame depend on influencers' social media support and hype, he added. The lack of euphoria adds to the negative sentiments amongst the investors. These factors, plus the proposal of ban from the Central Bank of Russia and the hawkish commentary from the US Federal Reserve are several reasons that are hurting the sentiments for meme coin investors. In addition to this, the United Kingdom, Spain, and Singapore regulators also tightened the rules on crypto-asset promotion. All these have added to the downward trend of not only meme coins, but for the whole crypto spectrum. Praveen Kumar, founder and CEO for Belfrics Group said, „When mainstream cryptocurrencies are having a bad run, meme tokens will
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