Shiba Inu and Dogecoin are joke tokens with a capitalization of billions of dollars. In our new LATOKEN review, let’s try to figure out why such tokens are popular and whether it is worth waiting for the emergence of new meme cryptos. Read in our LATOKEN review!
Lots of meme tokens
Among the largest cryptocurrencies in terms of capitalization, there are several “meme” tokens like Dogecoin ($37 billion), Shiba Inu ($31 billion), and others. Altcoins continue to be in demand; on November 7, 2021, an unknown person acquired 20 trillion SHIB for about $1.15 billion.
There are many comic cryptocurrencies out there. Most of them are based on the conceptual game around Dogecoin or Elon Musk. For example, there is a Floki token named after Musk’s puppy. There is also an altcoin called Dogelon Mars, the creators of which tried to combine both trends in one name.
The paradox of “meme coins” illustrates the very essence of market relations: the price of any asset is the amount for which they are willing to buy and sell. Thus, we can say that there are no fundamental reasons at all for evaluating “meme coins,” like other cryptocurrencies and even national currencies.
There are indicators that investors and traders rely on when assessing future demand, but not a single currency in the world has an actual physical fixed value.
The success of meme tokens
The success of Dogecoin or Shiba Inu also lies in the fact that people are hungry for everything new and unusual.
Investing in such tokens can also be compared to collecting stamps or antiques — the value of such assets makes sense among a narrow circle of “collectors” -investors. Hype, excitement, stimulation of the price growth of such tokens on the part of Elon Musk can be called short-term speculations. Profit, of course, may be obtained, but only knowledgeable and understanding traders and crypto enthusiasts might be able to benefit and earn money.
In our LATOKEN reviews, we have repeatedly said that when dealing with cryptocurrency, it is essential to do your own research before each purchase. Even if the popularity of Dogecoin and Shiba Inu declines over time, new meme projects will likely appear with different levels of success.
Investing for the sake of speculation
The popularity of meme coins is also explained by a simple fact — the dream of quick and huge profits. Unfortunately, it is impossible to predict the price of such tokens, which means that for many, it becomes like a “ticket to ride” for speculation.
The price of meme tokens depends on the hype created by influencers. This is why it is difficult to predict a clear-cut rise or fall.
You can invest for the sake of speculation — if you have some information or are confident in the future “pump,” then there is an opportunity to earn. However, again, you shouldn’t make rash decisions based on emotions. Don’t forget that LATOKEN doesn’t give any investment advice. In addition, we can expect the emergence of other “meme” tokens in the near future since the interest in such projects does not fade away.
If you want to start trading meme coins, you can always do it on the LATOKEN exchange!
- START TRADING DOGE
- START TRADING SHIB
Do you want to learn more about the most promising tokens through LATOKEN Review, and always stay up to date? To do this, just follow us on Medium, LATOKEN Blog, or LATOKEN VCTV channels.
About LATOKEN
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LATOKEN crypto exchange does not provide any investment, tax, legal, or accounting advice. This article is written for informational purposes only. Like other assets, cryptocurrency is subject to market risk. Please do your own research and trade with caution.
