In the eyes of cryptocurrency analysts, the constant craze for meme money is the main reason for Bitcoin’s price battle. And meme coins like Dogecoin and its clones are constantly absorbing funds from Bitcoin with Meme Token.
The money will return to the market soon: CEO of Crypto Quant
The current huge flows of fresh funds are statistically massive. Ki-Young Ju , CEO of CryptoQuant , believes that trends will change much faster, and brands with true intrinsic value, such as BTC, will regain market position. The opinion reads
“Smart money will soon return to the market and reverse the trend.”
It all started with Elon Musk, who has always favored the meme cryptocurrency DOGE. Supported by the name of Mark Cuban and Snoop Dogg, which has also attracted a number of investors in space, it became arguably the most discussed topic inside and outside the encryption area.
However, there are crypt whales on the market that know how to take advantage of the constant mania. Coins that seem to have no value or product attract people’s attention thanks to advertising services. In this eye-catching game, massive variations and promises for a multi-digital return can be observed.
The most recent example is an ID called Shiba Inu (SHIB) whose exchange value has increased tenfold in recent days alone. This also increases the snowball effect. Analysts say the huge increase in value is also the result of the most sought-after and viewed digital assets. In addition to the amazing return, the following information from C oinMarketCap confirms the same.
Smart money to go to Bitcoin soon
The CEO of Crypto Quant claimed that
“The fundamentals of the asset remain ‘strong,’ and the chain data supports this report. The market will soon become smart money and the funds will be transferred to the main coins with intrinsic value. The continued craze for the meme coin is the primary reason why the price of bitcoin has been in trouble. “
Meanwhile, many altcoins often see new records, including the massive rises in meme coins mentioned above . Nevertheless, he is the CEO of CryptoQuant. believes that this trend will change soon.
According to reports, institutional investors are constantly collecting cryptocurrencies, miners are refusing to sell, and smaller hoDLers are withdrawing their coins from the stock market at the same time.
What is Shiba Inu and how does it work?
Why was Shiba Inu created?
The most popular memo coin, Dogecoin, has seen tremendous growth and popularity in recent years. Dogecoin has been inspired by the Shiba Inu dog, and millions of others, including investors like Elon Musk, are investing in the cryptocurrency and thus promoting its use.
The Shiba Inu coin was created to offer competition to Dogecoin. Some even called it the “Dogecoin Killer” at some point. The Shiba Inu Coin (SHIB) was first listed on ShibaSwap, a decentralized exchange launched by Shiba Inu developers themselves.
SHIB was launched in August 2020, but has seen tremendous growth and development over the past year. Shiba Inu has become popular for investing in a wide range of projects in the cryptocurrency area, especially DeFi and NFT projects.
Shiba Inu has gained widespread popularity in the cryptocurrency market. Vitalik Buterin donated 10% of its Shiba Inu investment to COVID-19 in India and burned the remaining 90% and liquidated its entire Shiba Inu holding. This drew enormous attention to a project that had previously been left in the dark and forced it into the spotlight for the first time.
How does Shiba Inu work and what is the technology behind it?
Shiba Inu, unlike Dogecoin, which operates on its own block chain, is Hosted on the Ethereum network as an ERC-20 token. The Shiba Inu ecosystem consists of three tokens that ensure everything works as expected.
The first token is SHIB, a Shiba Inu character. This is an ecosystem jurisdiction that seeks to challenge Dogecoin. It is an investment coin held by investors in the hope of making a return on their investment. Another character is LEASH. LEASH, originally designed as a rebase token, was revamped and is now the second incentive-based brand on the ShibaSwap exchange. Finally, the third token is BONE, which is designed to be used as a governance coin for the Shiba Inu ecosystem. It allows holders to vote on upcoming updates to the Shiba Inu ecosystem.
What really sets Shiba Inu apart from Dogecoin is the ShibaSwap Distributed Exchange (DEX). DEX enables Shiba Inu to be a key part of the DeFi ecosystem in the Ethereum block chain. This allows Shiba Inu users to enjoy certain features such as trading, betting and handing over tokens. These features are not available on SHIB’s other major competitors, such as Dogecoin.