Shib and Doge up over 15% in a week
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An editor at Coincrop
02 Sept 2022 | 2 min read
hile other cryptocurrencies have seen a decline in value over the past week, memecoins have actually surged! For example, Shiba Inu (SHIB-USD) has shot up 30% in market cap rankings, taking 12th position. Avalanche was even flipped in market capitalization thanks to this rally.
Memecoins illustrate the "crypto-casino" more than any other token, because of their satirical and debatable utility, these assets simply exist to be traded. Shib and Dogecoin (DOGE-USD) are continuing to buck the trend.
There's no apparent cause for this rise other than speculation and hype. When the bubble bursts, prices will plummet as dramatically as they rose. So be careful; if you're considering it,
However, the strong community behind each memecoin is an unquantifiable factor that can become a major value driver when the incentivized collective all move in one direction.
JonathanAn editor at Coincrop
Jonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.
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