Thursday, December 1, 2022

Memecoins Aim At Revamp While Trying To Return Their Former Glory

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Memecoins aim at a revamp while trying to return to their former glory and DOGE, sHIB and SafeMoon are trading far from their highs but each project is active and there’s a new chance for another rally so let’s have a closer look in our latest altcoin news today.

Memecoins aim at revamp as they took the crypto market by storm in 2021 after the attention and shilling from big-name influencers like Elon Musk and Mark Cuban that helped propel the coins like DOGE to 100x gains. As one should expect, on the crypto prices the rising prices have a tendency to reverse course just as fast as the meme tokens now tend to find themselves struggling for survival as the market matures and the investors that look for real-world use cases.

DOGEUSDT 1-day chart. Source TradingView

DOGE is the original meme coin and helped kick off the rally in 2021 after the price surged more than 20,000% from the low of $0.0036 back in January to an ATH of $0.74 and since that time, the price deflated along with the new market and now trades at $0.135. out of the memecoins, DOGE continues to be the most high profile of the pack despite not having major developments in the works and remains one of the most favorite topics of Musk as its price saw a notable increase started making offers to buy Twitter and take it private.

While DOGE recieved a lot of the big influencer attention and SHIB had one of the biggest impacts on the meme scene in 2021 after the price increased more than 5,799,999,900% from the low in October 2020 and helped the traders turn a $3400 bet into a  $1.5 billion paydays. The price of SHIB now trades at $0.000024 which is a drop of 73% from the ATH and the token sees a daily trading volume in excess of $500 million. SHIB holders experienced a slight bump in price when the token was listed on Robinhood but its continued weakness on the market has all erased the gains.

SHIBUSDT 1-day chart. Source CoinGecko

SafeMoon launched early on the in-game coin hypes cycle and it set out to reward loyal investors and discourage the speculators via the creation of the automatic liquidity pool. The proejct launched in Marh and the price climbed from below $0.0000006 to an ATH of $0.00001399 in April 2021 but it has been on a downtrend since then. The Safemoon protocol upgraded to v2 and included a token revaluation which decreased the supply by a factor of 1,000. after the migration to v2, the price of SFM continued to trend lower and now trades at $0.00068.

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