Dogecoin (DOGE) and Shiba Inu (SHIB) are two of the most popular meme coins that have attracted interest even beyond the cryptocurrency industry. The coins’ popularity came at a time when cryptocurrencies' attention went mainstream and speculation hit unprecedented levels. Consequently, many investors both newbies and crypto savvy traders, jumped on the bandwagon with the hope of becoming overnight millionaires.
The hype around these coins was however short-lived and once the buzz died down, many people were left holding bags of little worth and others lost billions in the aftermath. Now, with the dust having settled, the truth has been laid bare and investors have lost their love for these once popular meme coins. New entrants and seasoned investors are much more careful and interested in crypto projects that offer value rather than diving blindly into speculative schemes.
Rise and Fall of Meme Coins
Dogecoin (DOGE), the OG of meme coins, was founded as a joke with the creator intent on showcasing the vulnerability of cryptocurrencies and the irrelevance of digital assets. As such, the tokens weren’t supposed to have any value or utility. However, the crypto space found a way to popularise the token hence kicking off waves of speculation. Even Elon Musk joined the brigade with his regular pronouncements triggering sharp rises in its value.
Dogecoin’s (DOGE) popularity resulted in the creation of a whole new category of meme coins with Shiba Inu (SHIB) leading the charge. The common attribute of all these coins being that they were not backed by anything or have any underlying value. This proved to be the problem that would bring down the house of cards.
At its peak, Dogecoin (DOGE) was priced at $0.68 while Shiba Inu (SHIB) traded at $0.000079 with daily trading volumes exceeding $25 billion and $32 billion respectively. The tokens’ values have fallen drastically since their 2021 peaks with both losing over 90% of their value to date. This sharp decline results from the investors' realisation that these meme coins have no utility and that their value is based on public sentiment.
Now, investors are focused on investing in tokens and crypto projects like Option2Trade (O2T) that have underlying utility and potential to multiply their value in the Future.
Option2Trade Financial Revolution
Option2Trade (O2T) is a disruptive trading platform that is changing the global financial landscape by leveraging innovative technologies. Option2Trade (O2T) is a licenced new generation social trading platform that combines AI, Social-Fi, and DeFi to democratise trading of both traditional and next gen financial assets. Users have premium access to Forex, Indices, stocks, commodities and cryptocurrencies through Option2Trade (O2T) multiple platforms specifically tailored for each asset class.
The Option2Trade (O2T) platform has a native token, O2T, with multiple use cases on the ecosystem and in the greater crypto economy. The O2T token is built on the Ethereum blockchain and serves as a critical component of the Option2Trade (O2T) ecosystem by facilitating faster transactions, governance and rewards schemes. O2T versatility provides immense value for both its users and investors through enhanced utility and future growth potential.
The Option2Trade (O2T) platform is still in the takeoff stages with growth expectations on an upward trajectory further adding to the tokens value. The ability to bring traditional and modern day investors under one roof will enable the platform to outperform some existing exchanges by drawing users from a wide target market. With such potential, O2T value could easily grow 20x in the near future.
Conclusion
Traditional meme coins appear to have run their course with the speculative element of cryptocurrencies paving way for more useful alternatives. The recent capitulation of once popular Dogecoin (DOGE) and Shiba Inu (SHIB) is testament to the changing crypto landscape and maturity finally kicking into the sector. Now, tokens with more utility like O2T are more favourable to investors as they realise their usefulness in supporting their native ecosystem. With crypto going to the mainstream and the ongoing merger of traditional and digital finance the token’s fortunes can only go up.
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