As all crypto communities are well aware that it is almost difficult to deny the fact that crypto memes have become a huge part of the crypto asset market. It seems to be seen as a key tool to plunge into the world of crypto for retail investors.
The BTC price surge that began in October has prompted other crypto assets to follow suit. Among the big benefits are meme -type cryptocurrencies. In October, the price of Shiba Inu has jumped more than 1000% and reached an all -time high of around $ 0.00008616 (based on CoinGecko). Also following in the footsteps is the crypto meme Floki Inu.
Shiba Inu (SHIB) has emerged as the market leader in the memecoin type since a month ago, seizing the throne of Dogecoin (DOGE). Although DOGE has a higher market value but it does not threaten Shiba Inu.
However, in recent weeks, meme investors have faced a challenge when the crypto-meme cryptocurrency dropped 50% or more from the all-time highs reached recently.
Shiba Inu which has been glowing and shining for a few weeks has lost more than 50%in price. The excitement expressed towards crypto memes began to fade and continued to fade rapidly.
Floki Inu (FLOKI) - a token named after Elon Musk’s pet dog - is down 51.7% since hitting an all -time high. Baby Doge (BABYDOGE) fell 46.6% from its peak price. Dogelon Mars (ELON) is down 32% since reaching its peak price on October 30th.
Most meme coins experience a pump and dump situation. Profits disappear as soon as they are present. Therefore, some investors take alternative measures that if there is an injection of funds and prices continue to soar then they will look for new opportunities from being stuck in big risks.
