Cryptocurrency is in a state of flux and is highly volatile. Two canines based crypto coin; Dogecoin and Shiba Inu have prospered in this volatile climate. Elon Musk , the maverick CEO of Tesla has kept a close watch on these two crypto assets and his tweets have influenced these two cryptoassets in a number of ways.
Dogecoin(DOGE) and Shiba Inu(SHIB) often make it to the top 10 positions on the CoinMarketCap while at times it values have tanked. Both the canine based meme coins have fluctuated in values and investors must cheek every aspect before investing in them.
Let us check out how these two meme coins will fare in the near future.
Is Dogecoin and Shiba Inu Values Going To Crash
The cryptocurrency market has been negatively impacted by the COVID-019 pandemic as well as the Russian invasion of Ukraine. The current market condition puts both the meme coins in a very precarious position. Other meme coins like Avalanche, Seesaw, Protocol and a deluge of other cryptocurrencies are posing a serious threat to Dogecoin and Shiba Inu.
Shiba Inu is in the preparatory stage of launching the Shibarium layer-2 solution in order to boost the memecoin’s brand. The much delayed project has a negative impact on the meme coin’s prospects. Shiba Inu has also resorted to the burning strategy to set its price.
Last year Shiba Inu burned over 7.2 billion cryptocurrencies. This strategy is employed to surge the price of the cryptocoin . It was also reported that ShibaSwap 2.0 was launched to manage the burning strategy and also for boosting the values of cryptocurrencies.
However Shiba Inu’s burning strategy did not help and the final impact of the move will be seen in the coming months.
Dogecoin(DOGE) was a joke coin and had entered the arena as a competitor to Bitcoin. It has established itself as a mainstream cryptocurrency and last year a series of tweets by Elon Musk helped to skyrocket its prices. DOGE is expected to grow in popularity but it will face stiff competition from dog-related cryptocurrencies such as Shiba Inu, Floki, and others. Its values have surged by 12,000 percent in 2021 and its downfall in 2022 could be equally dramatic