cryptocoin.com As we have mentioned, many cryptocurrencies made a perfect start to 2023. While DOGE and SHIB are among them, many investors didn’t get what they expected from memecoins until April 2023. According to the data, other altcoins outperformed DOGE and SHIB. Experts, in the continuation of 2023, “Is it invested in SHIB and DOGE?” answered your question! Here are the details…
DOGE and SHIB are below their potential!
While SHIB and DOGE have always been pretty speculative, they came with the promise of almost unlimited upswing, at least in retrospect. Remember when Dogecoin experienced a massive 14,000 percent rally in early 2021? Dogecoin eventually peaked at an all-time high of $0.74. Billionaire Elon Musk was backing DOGE and the future looked brighter than ever for Dogecoin.
But the situation is not the same now. Although Twitter CEO Elon Musk has been ‘cheerleading’ for DOGE, it is not the same as what has happened in the past years. Although the name, which replaced the iconic Twitter logo with the DOGE mascot in the past weeks, gave DOGE a little bit of vitality, the DOGE price fell afterwards. Simply put, the same kinds of marketing tricks that may have worked in the past no longer work today. Experts say Musk can no longer wear a Dogecoin T-shirt to the Super Bowl (as he did this year) and wait for the Dogecoin price to skyrocket. He can no longer tweet a photo of his pet Shiba Inu and make this meme coin go up for more than a few days. If there’s one thing the crypto crash of 2022 has taught investors, it’s that it’s not fun to burn while holding the next crypto asset that drops to zero. And meme coins have the capacity to do just that.
Are Memecoins heading towards zero?
Admittedly, there have been some attempts to fix memecoin’s image. The “old” memecoin had nothing to support except hype, speculation and minor developments. The “new” meme coin, on the other hand, is shaped more around the concept of utility. For example, Shiba Inu developers are working on a metaverse game where you can spend your coins. They are also working on a Layer-2 scaling solution called Shibarium that will make it (theoretically) possible to turn the Shiba Inu into a blockchain for gaming and Web3. At least that’s what we’ve been told. The truth is, the new metaverse world seems like a desperate attempt to burn off the bulk of the roughly 589 trillion Shiba Inu coins currently in circulation. What about Shibarium? It actually caused the price of the Shiba Inu to plummet after crypto developers started questioning the code used to build it.
However, there are memecoins that have failed since last year but come with many promises. Examples include Tamadoge (TAMA) and Bonk (BONK).
So, are SHIB and DOGE still available?
According to the statements made by leading cryptocurrency analysts, a level is not yet clear for DOGE and SHIB. Projects that are a product of the rally of the last bull market will no longer be able to show such rises. The reason for this is explained as, according to experts, memecoins no longer have a future. According to experts, SHIB and DOGE will outperform other memecoins. The reason for this can be explained as having an extra benefit.
According to experts, meme coins are not a good investment in 2023. This is because they are not only risky, speculative and purely hype-based, but also because they perform well below the market and drag your portfolio down.
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