Dogecoin (DOGE), the memecoin with the largest market capitalization, saw a drop of more than 2% in the past 24 hours and almost 5% month-on-month.
At the same time, the new Ethereum-based meme token Dogecoin20 (DOGE20), with its innovative approach and steady supply, has captured the attention of investors and soared past the $240,000 mark in presale.
Reasons Behind the Decline of SHIBA and DOGE
In the turbulent world of cryptocurrency, recent events have once again highlighted the volatility of the market. In particular, meme coins such as Shiba Inu (SHIB) and Dogecoin (DOGE) have experienced significant declines. The underlying causes of these market movements are multifaceted and reflect broader economic and market-related factors.
- Expiration Date of Options
A major factor contributing to the recent market declines is the expiration of Bitcoin and Ethereum options, which totaled more than $3 billion on Friday, March 15 alone. Such expirations often bring significant volatility as traders unwind or adjust positions. Bitcoin’s drop below $66,770 and Ethereum’s temporary dip to $3,656 highlight the impact of these option expirations on market prices.
- Reduced Expectations of Fed Rate Cuts
Recent statements from US Federal Reserve Chairman Jerome Powell have dampened market expectations of possible interest rate cuts. The presentation of new economic data, including inflation figures and employment statistics, suggests a more robust US economy than expected, giving the Fed more reason to delay rate cuts, possibly until the end of this year. This has directly affected both the stock market and the crypto market, with the latter being extra sensitive to such macroeconomic signals.
- Liquidation of Crypto Assets due to Liquidity Problems
A massive wave of liquidations, wiping out more than $680 billion in market value, has also contributed to pressure on crypto prices, including those of meme coins such as SHIB and DOGE. With over 192K traders liquidated in the last 24 hours, this trend reflects the harsh reality of rapid market movements and the resulting liquidity problems for many investors.
- Delayed Inflows into Bitcoin ETF
A significant drop in inflows into the US Spot Bitcoin ETF, down 80.6% to $133 million, further illustrates Wall Street’s waning interest in cryptocurrency amid new economic data. This cooling of institutional interest may have had an indirect impact on the broader crypto market, including meme coins such as SHIB and DOGE, by affecting overall market sentiment.
While traditional memecoins such as SHIB and DOGE struggle under the pressure of macroeconomic factors and market volatility, a new player has emerged on the scene and is turning heads with its remarkable performance: Dogecoin20 (DOGE20). This new Ethereum-based meme token offers a breath of fresh air in the memecoin space and looks to defy the negative trend with its innovative approach and strong pre-sale results
The New Shiba Inu and Dogecoin? Dogecoin20: The Crypto ICO That Can Create Meme Coin Millionaires
Dogecoin20 (DOGE20), the latest Ethereum-based meme token, is taking the crypto market by storm, with an impressive presale that has already surpassed $240,000 within just one day of launch. This increase is not only due to renewed interest in meme tokens and a bullish market trend, but also to DOGE20’s unique features that set it apart from its predecessors.
🚀 #DOGE20 isn’t just another Shiba Inu-inspired derivative.
Upholding Dogecoin’s ethos to Do Only Good Everyday, it offers passive rewards through on-chain staking. 🌱🌟
Embracing a greener, more sustainable future with the most widely loved #Memecoin in the world! 🐶 pic.twitter.com/zqlONodRPB
— Dogecoin20 (@DOGE_COIN20) March 14, 2024
With its innovative approach that puts a more sustainable and philanthropic spin on meme coins, DOGE20 offers an attractive alternative. It uses the Ethereum network’s proof-of-stake mechanism, which significantly reduces the carbon footprint, something that traditional proof-of-work cryptocurrencies like Dogecoin cannot match. Additionally, DOGE20’s unique staking system incentivizes investors to hold their tokens for longer periods of time by richly rewarding the earliest stakers.
🐶 #Dogecoin is a beloved token but has been limited in its potential future worth because it has an infinite supply that will always emit more #Tokens into the market. 💎#DOGE20 fixes this with a fixed supply, allowing for unhindered upwards pressure on the token price. 🚀🔄 pic.twitter.com/MvnjTeVdhp
— Dogecoin20 (@DOGE_COIN20) March 15, 2024
A major selling point of DOGE20 is its fixed supply of 140 billion tokens, with a predetermined allocation focused on marketing, development, philanthropy, staking rewards, and liquidity for exchanges. This approach promises steady growth and long-term value.
DOGE20’s appeal is further enhanced by its affordable entry price of $0.00014 per token during the presale, a price that is expected to increase as the sales phases progress. This offers early investors an excellent opportunity to get in before the price potentially explodes after the official listing on Uniswap.
In addition to the promising rise of Dogecoin20, in the dynamic world of memecoins there are two other promising coins that can potentially offer investors significant returns.
Smog (SMOG)
Smog is an exciting new meme coin that plans to reward its community with possibly the largest airdrop in history. By holding Smog tokens and completing missions through the zealy.io platform, you can take full advantage of this airdrop.
A significant portion, namely 35%, of the total supply of Smog tokens is reserved for crypto airdrops, meaning more than 400 million tokens are being given away for free. Currently, these tokens are worth around $0.21 each, but they are expected to reach a new All Time High soon, possibly above $0.30.
Through the official website you can participate in the Smog airdrop and earn points by completing missions, resulting in more Smog tokens from the airdrop. You can buy $SMOG through the website itself and through the decentralized exchange, Jupiter. Get $SMOG on Solana for low trading fees or on Ethereum for staking, earning extra airdrop points and $SMOG.
Sponge V2 (SPONGEV2)
Sponge is a meme coin that was launched last year during the PEPE era and gave early investors a huge profit of up to x100. As interest in SPONGE waned, the team has decided to launch the new Sponge V2 token, with more functionality and an emerging crypto play.
With the move to Sponge V2, it is now possible to stake the tokens with an APY of 174% and trade via Polygon (MATIC). Soon, the Sponge V2 team will launch its play-to-earn game, which will allow you to earn even more SPONGE based on your performance.
$SPONGE Army has arrived! 🧽💪$PEPE coming for you! 🐸⚔️ #SpongeV2 #MemeCoin #Altcoins pic.twitter.com/B0Kl2lXKwy
— $SPONGE (@spongeoneth) March 14, 2024
Sponge V2 is available from the official website and has increased in value more than 4x since launch. Since Sponge V2 has not yet reached $1 billion, the token still has room to rise further, especially after the launch of its crypto game, which could make the project viral.
Disclaimer: This article contains insights from independent authors and is not part of BitcoinMagazine.nl’s editorial content. This is not investment advice, please do your own research.
Source: https://bitcoinmagazine.nl/nieuws/doge-en-shib-crashen-terwijl-dogecoin20-naar-250k-pumpt
