The Truth On Why Dogecoin, Shiba Inu, and Mem Tokens Are Not Gaining Value
Elon Musk denied owning SHIB coin, which impacted these meme coins negatively. Let's shed some light on the situation.
While popular cryptocurrencies like Bitcoin and Ethereum are getting attention for their performance, meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) haven't performed as expected. Nansen analysts suggest that these meme coins are not doing well because investors are more interested in leading cryptos like Bitcoin and Ethereum.
According to them, memecoins are lagging behind BTC, ETH, and other rising altcoins. Currently, memecoins are highly unpredictable and have low trading activity, as most investors are focusing on Bitcoin and Ethereum.
The cryptocurrency market, aside from memecoins, is also facing challenges with liquidity. Feel free to hit the follow button for more updates! If you find this article helpful, a tip would be greatly appreciated. Thanks in advance!
