Memecoins
Why the Baby Dogecoin, Shiba Inu and Smog meme coins are headed for disaster
You can get rich with meme coins, but it’s best to avoid these options for now
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By now you probably know that you can make quite a bit of money trading meme coins, if you play your cards right. This could include early entry with a meme coin, among other strategies.
What playing your cards right doesn’t mean is putting your money in a meme coin destined for disaster. The problem with meme coins is that their potential for big wins is only matched by the risk of spectacular crashes.
All meme coins can’t win, at least not at the same time. We’ve compiled three meme coins to avoid that could lead to disaster.
Baby Dogecoin (BABYDOGE-USD)
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Baby Dogecoin it’s a meme token (BABYDOGE-USD) created by Dogemoneta (DOGE-USD) fans. Its creators hinged its appeal on the fact that it was a dog-focused community. However, Baby Dogecoin has failed to break out of Dogecoin’s shadow.
Furthermore, it has been replaced by newer and flashier coins such as Floki (FLOKI-USD), PEPPER coin (PEPPER-USD), AND dogwifthat (WIF-USD). BABYDOGE was nowhere to be found during this March’s running of the bulls and has only a sliver of a 29% variation this year.
Also, BABYDOGE chain activities it shows people buying, but the volume isn’t strong enough to rock the boat. Overall, its price behavior signals that it is not positioned favorably for long-term success and is a meme coin you want to avoid.
Shiba Inu (SHIB-USD)
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Shiba Inu (SHIB-USD) burst onto the scene in 2020 as a self-styled competitor to Dogecoin. This was. At the moment it is on par with Dogecoin in terms of community participation – usually a hallmark of the success of meme coins.
It has also eclipsed Dogecoin in price growth. At the moment, Shiba Inu yes connected a staggering 31,000,000% from its all-time low in 2020. In contrast, someone who purchased Dogecoin gained 4989% over the same period.
However, SHIB’s days in the sun may be over. In March this year, when meme coins were all the rage, SHIB saw a 250% jump compared to January. This pales in comparison to more recent meme coins like Floki, which he posted up to 700%and dogwifhat, who pulled in up to 4,000%.
Given its track record, you would think that SHIB would be one of the best-performing meme coins during one of the market’s most intense rallies, but it is simply limping along. If you are looking for a cryptocurrency that has a future, SHIB is not one of them and is a meme coin to avoid moving forward.
Smog (SMOG-USD)
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Smog (SMOG-USD) is a dragon-themed meme coin that debuted on the Jupiter decentralized exchange (DEX) in February. It quickly rose by more than 3,000%, giving away handsome sums to investors who got there early.
However, SMOG is one among dozens of others Solana meme coins, which has become the most popular destination for meme coins. The only problem is that Smaug doesn’t seem to have anything else to offer, nor has he shown any staying power like, let’s say, BONK (BONK-USD).
In cryptocurrencies, pillars such as Bitcoin (BTC-USD), Ethereum (ETH-USD)and Binance Coin (BNB-USD) always come back even when they fall because they have real value.
For his part, Smog came in for a quick burst of attention. It currently is down 86% from its all-time high in March, a dramatic drop that does not bode well for the near future. Smog is a meme you want to avoid this season.
As of the date of publication, Hope Mutie had (either directly or indirectly) any position in the coins mentioned in this article. The opinions expressed in this article are those of the writer, subject to those of InvestorPlace.com Guidelines for publication.
Hope Mutie is an enthusiastic writer about finance and cryptocurrencies. At InvestorPlace, she keeps her finger on the pulse of the stock and cryptocurrency markets to create in-depth, information-rich content to help investors navigate the market with confidence.