Over the year, the value of the "meme" token has grown by millions of percent, and its capitalization exceeded $ 40 billion. What other coins can repeat the path of the altcoin
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On October 28, the Shiba Inu token renewed its all-time high at around $ 0.000086, its price increased by 1000% over the month, and by a million over the year. Altcoin entered the top 10 cryptocurrencies, its capitalization reached $ 43 billion. The coin even surpassed Dogecoin, which is the progenitor of "meme" cryptocurrencies.
The latest wave of growth for Shiba Inu kicked off after the popular marketplace Robinhood published a poll on which coin to add for trading next. Also, a petition to add an altcoin was signed by over 400 thousand people, but so far no decision has been made.
Altcoin really has prospects, due to the existing ecosystem, scalability and popularity among users, which is growing, says Artem Deev, head of the analytical department at AMarkets. He added that the growth of tokens should also be expected due to the popularity of new projects among investors, including institutional ones.
If Shiba Inu does not maintain the excitement around itself, very soon, as often happens, the token will face a serious decline, warned OWNR Wallet Grigory Sytenko. According to him, the rapid growth of the rate is short-lived, so the altcoin can expect a large-scale correction in the near future.
“The question is whether the Dogecoin clone will survive this correction,” the expert emphasized.
The most promising "meme" tokens
Trading volumes of "meme" tokens attract new investors to the most risky adventures, no one is trying to assess the risks, there are no fundamental reasons for the price growth of such tokens – there is only a technical effect of the free market from artificial imbalance of supply and demand, Nikita, senior analyst at Bestchange.ru Zuborev. According to him, it is important to understand this in order to understand the mechanisms of price growth – more attention from the media, more demand, and hence a potential price increase.
Speaking about specific projects that have maximum prospects, these are "dog" tokens that are somehow related to the Elon Musk brand, the specialist explained. The most striking representative of such parasitism is the Floki Inu token, named after Musk's puppy, Zuborev added.
A distinctive feature is the serious marketing of the project – the creators of the token even launched an advertising campaign in London on public transport, including metro stations. In addition, according to the developers, negotiations are underway with some crypto exchanges to list FLOKI.
If we consider the potential based on the strength of the community, then Floki Inu is the most promising of the existing ones, the expert is sure. But most of the "Mask effect" has already been played, and this factor must be taken into account.
Another notable project is Dogelon Mars, whose creation is also associated with Elon Musk. The project became famous, among other things, thanks to erroneously inflated data on the CoinMarketCap portal at the time of the creation of the token, which brought the token into the top 10 in terms of capitalization for some time.
This project also openly parasitizes the Musk brand, while Vitalik Buterin's name was also manipulatively used when launching the ELON token, Zuborev emphasized.
According to him, there are many "dog" tokens in the shadows. There is no certainty that sooner or later more attention will be paid to them, but such a probability remains, so you can buy for a small amount that you cannot lose, some "meme" tokens like: Baby Doge Coin (BABYDOGE), Samoyedcoin (SAMO) , Hoge Finance (HOGE), KleeKai (KLEE), The Doge NFT (DOG), SafeMoon Inu (SMI) and many others, the expert noted.
A couple of "non-dog" tokens that are also noteworthy are SafeMoon and MonaCoin, Zuborev said. The SAFEMOON token is a kind of "secondary memcoin" – a meme on a meme. The main idea of the developers is that SafeMoon is a kind of analogue of Dogecoin, only in the DeFi market. The success of the token is not guaranteed.
MONA token can be attributed to the realm of "memes", but on the other hand, this token is a recognized token at the level of the Japanese government. If we consider options for diversifying the "meme portfolio", you can study the prospects of the token more closely.
Despite the success of such tokens in recent months, and before this rally in early 2021, you need to be very clear that, in the short term, "meme" tokens can bring unprecedented interest on investments, but in the long term, most investors can lose up to 99% of their attachments. Their growth is a real trend, but it is unlikely that it will be sustainable when the general market trend changes, concluded Zuborev.