Once upon a time in 2021… When meme tokens gave some of us full wallets. Our hype barometer dares to look into the crystal ball and sees one thing clearly: Shiba Inu, Dogecoin and whatever they are called will only do one thing in 2022. Implode. Let’s dive in to take a closer look at its cause.
The hype on social media – specifically on Musk’s Twitter account – has made the three Shiba Inu-inspired meme tokens (Shiba, Doge, and Floki) very hot digital assets. At one point, Shiba Inu was up more than 121,000,000% year-to-date, while Dogecoin rallied 27,000% between early November 2020 and early May 2021. Meanwhile, this year Floki Inu has posted rather – let’s say – “modest” four-digit gains.
The cryptocurrencies have one thing in common: Although they have had a lot of hype, they have no competitive advantage or differentiation from other cryptocurrencies with real use cases. Shiba Inu is just an ERC-20 token running on the Ethereum blockchain. Means: It is subject to the same high transaction fees and long transaction times as other meme tokens that affect the ETH network (Here you can buy Ethereum ). The situation is similar with Dogecoin, whose transaction fees are significantly higher than those of most well-known and important cryptocurrencies.
And the most important thing: The real application is given with coins like IOTA (MIOTA) and Co. – but not with the hype coins from 2021. No applications = no longevity. Because the trend in 2022 is clearly going in the direction of the user and, above all, functions for the user. Simply having cryptocurrencies in your wallet is no longer enough. We want more – and more means including blockchain in our lives.
Hype potential: real-life applications
If we look at a hype coin from the year 2022, this is exactly what becomes clear. Polkadot combines user-friendliness with immense added value for crypto fans. At Polkadot, several blockchains are connected to each other. This means that the networks are able to communicate with each other. One of the great advantages of the Polkadot network is the ability to implement your own blockchain projects quickly and at a low cost. And that’s one reason why the prognosis is promising. Because here you go a different way and offer a reduction in bureaucracy and, above all, a saving in fees.
If there’s one clear theme for 2022 in crypto, it’s to stay away from hyped Shiba Inu coins that offer nothing of substance.
Read More About: What is a MEME Token?
How much longer can the Shiba Inu hype continue?
More than 950 percent price gain in one month. Ranked 9th by market cap with more than $40 billion invested in SHIB.
The meme token with the dog’s head may be going through the roof, but it’s anything but new: neither in technology nor in its history.
Almost exactly like the Dogecoin, which was highly hyped a few months ago, there was a tweet from Elon Musk at the beginning of the boom. At DOGE, there were still a few clear indications that he would support the currency. At SHIB, posting a Shiba Inu puppy picture was enough to fuel the rally in crypto exchanges.
However, Elon Musk was asked on Twitter over the weekend how many SHIBs he would hold himself. His succinct answer: “none”.
The course promptly dropped briefly but is now back on an upward trend. The only halfway tangible thing about the meme token seems to be Vitalik Buterin’s commitment. The Ethereum founder is said to keep half of the entire Shiba Inu stock in a wallet in order to steer the market with deliberate scarcity on the one hand and to finance charity projects on the other.
Dogecoin and Shiba Inu – after all, jointly capitalized with almost $80 billion – show: It is not the technical finesse or the innovative use case, why the top cryptocurrencies generate their values. And the “older” DOGE shows it: hyped meme tokens fluctuate extremely, but thanks to their fame they can remain at a respectable level.
