Earth As Gloom Overtakes Crypto
The meme-coin craze is in full swing, with the likes of Shiba Inu and Dogecoin sinking 80% from their all-time highs in early May. In late October, the Shiba Inu fell another 65%. But the gloom isn’t limited to cryptocurrency. Other industries, including the music industry, have also suffered losses.
A year ago, Memecoin was doing so well. Its popularity grew, but then, it fell. It was hit even harder than the sector’s original coins. And despite their massive value ranges in late 2017, meme coins have been hammered hard. The resulting drop has weakened the market enough to make anyone reconsider their investment decisions. But how do you recover from such a slump?
A month ago, the first signs of trouble were visible. Meme coins, which rely on internet jokes to fuel their rise, have been hit by the current bear market. The Shiba Inu, which is associated with actual software products, has lost about 65% of its value since late October. This explains the recent slump in trading volume. The jokes that once swayed retail day traders now seem sad.
While the sector suffered from a broader slump, the Meme coin themselves have not fared nearly as badly as their sector counterparts. In fact, some of the most popular meme-coins have fallen as much as 80% from their all-time highs. The sector has sunk to record worth ranges in the last year. If the decline continues, these meme coins will fall even further, as the gloom overtakes the rest of the crypto market.
Meme Coins Return to Earth As Gloom Overtakes Crypto
The last week has seen the meme-coin dogecoin fall 20%. The currency was boosted by Elon Musk’s tweet on Friday that the currency would soon be used to purchase Tesla Inc. merchandise. The move has raised the prices of Dogecoin, but other cryptocurrencies remained relatively flat. While the gloom overtakes crypto, Musk’s announcement has been a long-term hint at the move. Various reports have indicated that the website of the car maker had included a payment option for dogecoin.
Meme coins are back to earth again as gloom spreads over the crypto market. The Shiba Inu meme has become the most popular meme-based currency, with a 20% rise in the last 24 hours in Hong Kong. The other cryptocurrency is flat on the day. However, Musk’s tweet has sparked a more serious discussion on the subject. He said that Dogecoin will be accepted at Tesla stores and on its website.
Doge, the digital dog breed, was one of the first meme coins to take off. A pair of software engineers created the token in 2013 and it immediately caught on. The company’s CEO, Elon Musk, even embraced Doge’s success, and other companies were inspired to create their own new tokens based on the dog’s breed. This is the story of how a single symbol can influence the value of other crypto currencies.
