As a result, most altcoins as well as meme coins pulled back sharply, triggering a massive retreat after flatlining. With the sharp declines in light of SEC’s crackdown on cryptocurrencies, the new crypto entrant Caged Beasts (BEASTS) could be the key to restoring the credibility of the meme coin industry.
Leading the decline was Polygon (DOT), with its DeFi token plummeting by 27.75%. Conflux (CFX), the native token of Conflux Network, along with EOS, also suffered significant losses, plunging approximately 25%. ApeCoin (APE), Solana (SOL), and Axie Infinity (AXS) followed suit with steep declines of over 24%, 22%, and 22%, respectively. Leading meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB) witnessed drops of over 15% and 16% respectively.
Dogecoin and lingering doubts
Dogecoin (DOGE) still has the loyalty of some crypto enthusiasts, such as Tesla CEO Elon Musk, but some people believe DOGE’s time in the spotlight is up. Musk has been very vocal about his support for Dogecoin, as exemplified by his bullish tweets. His appearance on Saturday Night Live in 2021 propelled DOGE to its highest price of $0.74. However, the token’s value has since declined by 91% and currently trades at $0.06.
However, nothing Musk has done has been enough to stop Dogecoin’s decline. It’s limited utility and the Binance lawsuit has exacerbated its fall. Speculative tokens like meme coins may be the last to recover from this challenging time, though Dogecoin loyalists are still ride-or-die.
Shiba Inu’s resilient road to recovery
Shiba Inu (SHIB), once hailed as the ‘Dogecoin Killer,’ is also facing a challenging period due to regulatory scrutiny in the cryptocurrency market. SHIB has plummeted by approximately 40%, reaching a price level of $0.000005, resulting in a mere 7% profitability and making it one of the least effective tokens at present. The SEC’s lawsuits against Coinbase and Binance have given rise to uncertainty and triggered a widespread sell-off across digital assets, with SHIB being among the casualties. Increased selling volume reflects bearish market sentiment, raising concerns about SHIB’s future. However, the crypto market’s volatility and the resilience of the Shiba Inu community offer a glimmer of hope for a potential turnaround.
Can Caged Beasts restore the dignity of Meme Coins?
Caged Beasts (BEASTS) is a brand-new meme token still in its presale phase. With a unique spin on the Dr Jekyll and Mr Hyde story, a community-driven focus, and a unique referral programme, Caged Beasts may just be the next big meme coin.
Caged Beasts stands as a potential restorer of dignity for meme coins, especially in light of the challenges faced by Dogecoin and Shiba Inu. Its secure fund-locking mechanism and implementation of ‘Caged Liquidity’ set it apart by promoting transparency, security, and decentralisation in finance. With 75% of raised funds securely locked until the specified release date, Caged Beasts demonstrates responsible tokenomics, instilling trust among investors.
The token also has an attractive referral program, where both the referrer and the referred get a 20% bonus to their wallet. Register your email on the website and tell the world meme coins are here to stay!
Meme coins can recover from the current challenges by embracing responsible tokenomics, promoting transparency, and enhancing utility beyond just the meme status. By implementing secure mechanisms, fostering community engagement, and showcasing real-world use cases, meme coins can regain trust, attract investors, and establish long-term viability in the evolving crypto industry.
Learn more about Caged Beasts (BEASTS):
Disclaimer: The above content is non-editorial, and TIL hereby disclaims any and all warranties, expressed or implied, relating to the same. TIL does not guarantee, vouch for or necessarily endorse any of the above content, nor is it responsible for them in any manner whatsoever. The article does not constitute investment advice. Please take all steps necessary to ascertain that any information and content provided is correct, updated and verified.