In 2021, the crypto space is experiencing something quite interesting, and it all comes down to meme coins, like Shiba Inu or Dogecoin, and, now, a utilimeme called TORG.
Meme coins are essentially crypto coins that are inspired by viral memes on the Internet and social media. While these crypto coins are often considered a parody or joke, many investors believe they should not be treated that way, especially since many of these meme coins have done pretty well in the crypto arena.
The rise of meme coins is linked to their connections with social media influencers, celebrities, and Internet trends. This has led to meme coins skyrocketing both in value and variety this year.
Yet, there’s one massive difference between meme cryptocurrencies like Dogecoin and Shiba Inu and currencies with the biggest names in the crypto world like Bitcoin and Ethereum: their utility. In other words, when it comes to meme coins, the market questions their capability to solve real-world problems. They are instead considered to have no purpose or utility. This is where utilimeme wants to change the perception by aiming for widespread adoption to help global human development.
Now, meme coins have all performed reasonably well in the crypto world, which is a strong reason why investors should not ignore them and put them in a box. Keep reading below to learn more about Shiba Inu, Dogecoin, and TORG and how are their prices predicted to perform in the crypto area!
What influences cryptocurrency prices?
If there’s one thing everybody knows about cryptocurrencies is that they are volatile. The stores about people making huge profits with crypto investing frequently make the headlines. Yet, so do stories about people who lost a lot of money during the downswings. In other words, cryptocurrency can gain value or decrease in value. But how?
One of the most relevant factors that influence the price of a cryptocurrency is related to its demand and supply. More precisely, the bigger the demand for a crypto coin and the shorter the supply, the currency’s value increases. In contrast, the bigger the supply on the market and the shorter the demand, the price decreases.
Now, demand for a cryptocurrency depends on several factors, including its usefulness for investors to own the coins. This translates into whether or not the crypto monetary system works well, smart contracts become more commonplace, and more businesses agree to accept crypto. Media coverage, mining, and buying low, sell high strategies also influence cryptocurrency prices.
Now, let’s see how prices move for meme coins.
Shiba Inu – short overview and price predictions
Created in August 2020, Shiba Inu, also known as Shiba Token, is a decentralized meme cryptocurrency. The token centered around a breed of Japanese hunting dogs has just climbed to an all-time high, becoming one of the biggest digital currencies by market value. The Shiba Inu coin saw a 40% increase, ranking as the 11th biggest cryptocurrency over the past week.
Currently, there are almost 400 million SHIB tokens in circulation and a maximum supply of one quadrillion tokens. Yet, the Shiba Inu crypto coin also comes with a drawback commonly found with meme coins. That is related to the fact that it is still working upon price more because of its hyped popularity rather than its utility. Yet, its increase in popularity, triggering people’s interest in participating in it, points towards a bright future for the crypto coin. Currently, the value of Shiba Inu revolves around $0.000007378, but experts predict that its value will only continue to rise.
TORG – Short overview and price predictions
TORG is a new player who has just entered the cryptocurrency arena in July this year. Yet, despite its recent entrance on the market, it has created a lot of buzz in the crypto world.
TORG was launched as the world’s first cryptocurrency that has a utility focus. Its creator, the TORG Foundation, has announced that it has a bold mission: TORG aims to put financial technology in the service of mankind, which is why it is called a utilimeme. TORG seeks to change investors’ perception of meme coins and encourages strategies that actually bring value to the world. One crucial step to turn its goal into reality is achieving mass adoption, which seems to be a direction that TORG has already taken.
TORG has already been listed on several centralized cryptocurrency exchanges to connect the coin with users from all around the world. Another essential step taken towards that direction was the integration of TORG with CoinPayments, a global currency payment platform available in 200 that allows merchants to accept payments for services and goods with cryptocurrency.
Today, TORG’s price revolves around $0.002629 and, considering that the coin’s value was up to 7.44% in the last 24 hours and its rapid adoption by the crypto market, it is a sign that the future seems bright for TORG.
Dogecoin – short overview and price predictions
Created back in 2013, also inspired by a Shiba Inu meme, and actually being the inspiration for the Shiba Inu token, Dogecoin has since become a popular token. The token is already used for payments by some sports teams, AMC theaters, and others.
In other words, Dogecoin is no joke today. Although it has an unusual origin story, the coin exploded in popularity in 2021, like most meme coins, reaching the fifth spot of the largest cryptocurrencies by market cap. In fact, the crypto coin has exploded in value and gained more than 5,000% this year.
Yet, despite its increasing popularity and value, and its ability to be used for payments and purchases, it is not a very effective store of value. One reason for that is that there is no lifetime cap on the number of Dogecoins that may be created through mining. This means that millions of new Dogecoins are made every day, which means that it is difficult for speculative price gains in Dogecoins to hold up in time.
Today, Dogecoins price revolves around $0.270161, and, in terms of price predictions, it is expected for Dogecoin price to see some incoming speculative money from profit-taking in Shiba Inu.
The post Making sense of Shiba Inu, TORG & Dogecoin: an overview of meme cryptocurrency appeared first on LA Weekly.
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