The Market Of Meme Tokens
Ever since Dogecoin came to our collective consciousness as a meme-turned-crypto coin, we all want into the action. The interest that this dog-based meme generated led to many more dog-based memes flooding the market. As soon as people saw the Dogecoin being bought regardless of its reputation, more dog-based memes have flooded the market. The Dogecoin, the FEG, the Shiba Inu, and many more.
With a negative outlook hovering over the values of these coins, there are certain essential things that users should consider before taking the plunge to buy them.
Dogecoin
The Dogecoin is a dog-based meme that is based on the Japanese-Shiba Inu dog breed. Dogecoin came into public consciousness when billionaire businessman Elon Musk tweeted about it. Currently, the Dogecoin, which is traded as DOGE, owes its popularity to Elon Musk.
This has since increased the value of the coin. This is a simple reason user should be wary of the currency. Recently, the price of the DOGE went down when Elon Musk called it a hustle. With the price of a cryptocurrency coin based on the activities of a single wealthy billionaire, it is such an investment risk to consider.
Shiba Inu Coin
This is a nearly worthless coin launched in August 2020 founded by a guy called Ryoshi. It was nicknamed “Dogecoin killer,” but far from nearing the Dogecoin in value soon.
The Rise of the Shib coin is due to the recent success of Dogecoin. This means that the Shib has no value of its own. This is one reason users should be cautious about the coin. Apart from that, the future of the Shib coin is not certain.
Cryptocurrency experts have warned that it is already too late to invest in the coin. Moreover, the price of the Shib fell by 14% to a lowly $0.000029 from $0.000034. This is a decline that is likely to burn a hole in the pockets of investors.
Experts have warned would-be investors that they have an uncertain future should they buy Shib coins. This coin is unsustainable. If they join the Shib bandwagon, they are sure to lose money.
The Shiba Inu Coin has “false popularity” that is mainly driven by the Chinese crypto market. The mainstream crypto market calls it “the Shitcoin” due to its nearly useless value.
FEG Token
The FEG Token is traded as Feg. According to reliable insiders and experts, the FEG coin is not an excellent long-term investment. Due to updated reports from the analysis of the coin, it is manipulated easily. FEG has a low market capitalization that allows its community of supporters to manage the coin’s reputation. It could be sold as a successful investment when this is far from the truth.
People looking for virtual currencies with excellent returns should stay away from the FEG. The FEG is a high-risk and lousy investment. The price of 1 FEGtoken is equal to around $0.000489 as of today. Moreover, if you invest in the FEG today, your current investment could devalue as the FEG is expected to lose some value.
Conclusion
These dog meme-based coins seem to have an increasing value. However, investors have considered them all a threat since they were all formed from memes. While their online supporters might have a slightly different opinion, these coins have been labelled as “risky and volatile.”
