Reminiscent of the ICO craze at the end of 2017, numerous new small cryptocurrencies are gaining millions of dollars in market value. There seems to be no apparent reason… Many of them seem like each other’s fork, promise great things, but never really offer them, and their value is not just a deception… Now an altcoin project looks like the new Dogecoin.
Dogecoin (DOGE) is the king of useless altcoin projects, according to some!
Created as a joke, Dogecoin has accumulated a market value of $ 100 billion, which was thought to be nearly impossible 2 years ago. DOGE’s meteoric rise was triggered by Elon Musk, who continued his habitual tweets about the meme currency and hosted an SNL episode last night.
DOGE has cleared the air for meme / joke currencies as a genre: it proved that something with little or no real-world use can skyrocket at frantic valuations simply because people collectively believe in its value. As a result, thousands of useless tokens are deployed every day on networks like Solana and Binance Smart Chain. These aim to be the next Dogecoin.
Meet Shiba Inu (SHIB), the DOGE killer: 500 percent did!
Shiba Inu (SHIB), a DOGE-inspired altcoin, has surged nearly 500% this week and, apart from a heavily exaggerated community and massive purchase volume, has no core product. The website states that this project is intended to be a “Dogecoin killer” and that users can hold billions or even trillions of tokens. This highlights the enormous supply of cryptocurrencies. There is also a decentralized exchange called Shiba Swap, which has not yet been launched. However, that didn’t stop people from rushing and buying the cryptocurrency.
The massive gains in these cryptocurrencies are insignificantly easy, according to experts. The vast majority of currencies that are seeing similar gains are often booming. For example, WRAFT INU, a new DOGE-inspired fork at BSC, has dropped over 95% from its peaks. According to some experts, without an original product, solid foundations, or a valid use case, the fate of most of these cryptocurrencies is asymptotically toward zero. This remains a mystery, as it is difficult to predict when this will happen.