MEME COINS COMING BACK IN FASHION IN 2022
- More than 230 million SHIB tokens have been burned in the last few days.
- So far, about 41% of the original SHIB supply has been burned.
The price of Dogecoin has been increasing for a few days now. While rallies like these are typical of meme coins, they have a clear logic. After announcing that it will allow Dogecoin on its machines, Bitcoin of America’s finch business has given the meme coin a boon. Investors can now buy digital assets whenever they want for this reason.
Cryptocurrency ATMs owned by Bitcoin of America, a financial technology company, are found throughout the United States. These more than 1,800 ATMs allow customers to buy bitcoin and other cryptocurrencies whenever they want to use a debit card or just cash. There were no other cryptocurrencies available to customers until last October when Ethereum was added to Bitcoin and Litecoin. Adding Dogecoin to the list brings the coin of humour closer to millions of American investors.
SHIB Token Burning
SHIB Holders (SHIB) are committed to stabilizing the supply of meme coins to make it profitable. According to Shibburn statistics, more than 230 million SHIB tokens have been burned in the last few days. More than 168 million SHIB tokens were mined in a single transaction by a program that monitors transfers of SHIB tokens to “dead wallets.” The SHIB token burn rate decreased by 86.23%, burning around 32 million tokens in the last trading day. Famed analyst Lark Davis tweeted if meme coins will be back in fashion in 2022.
The community is burning tokens to reduce the initial supply of SHIB, which was pegged at a quadrillion. So far, around 41% of this original supply has been burned to increase the value of the token.
Return Of The Meme Coins In 2022
The price of Dogecoin has not seen major changes for a long time and therefore the volume and volatility have greatly decreased. The descending triangle simply extends each new day with no noticeable change. And therefore, the price of DOGE becomes more and more divisible, and every day it is lower.
DOGE price attempted a recovery very recently and has been fighting very hard ever since to maintain a significant uptrend. Unfortunately, the attempt appears to have been in vain as the price is currently seeing a slight drop. As the volatility subsided, the strength of the rally also decreased drastically and thus no particular trend change could be witnessed in the foreseeable future.
Shiba Inu (SHIB)
The Shiba INU price consistently fails to register gigantic moves, as each hint is rewarded with strong rejection. Also, after pullbacks, resistance levels also fall, which is not a good factor for an uptrend. However, wrestling with the odds, the price has now approached the make or break stage where one small wrong move could push the price closer to $0.000022.
As mentioned on the chart, SHIB price squeezed out its rally dramatically as the size of the descending triangle also narrowed dramatically. The asset has undoubtedly broken out of the descending triangle, but it is still far from flowing into an uptrend. And so it was almost stagnant and advancing parallel to the lower support. So, with such low volume and volatility, the meme coin may not be in action again.
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Floki INU (FLOKI)
FLOKI price appears to be in deep trouble as the asset has been hovering below support levels since early 2022. The asset failed to gain much bullish momentum and thus remained range-bound. . Volume has been greatly reduced by greatly reducing price swings. And thus forcing the price to stay within a very tight range.
FLOKI price after triggering a sharp drop after breaking its highs near $0.0000400. The drop has dragged the price below support levels. Also, due to the cutback in trading volume, the price is unable to generate a strong return. And thus it appears that traders have completely moved away from this asset. However, some hope remains with the price of Shiba (SHIB), while the price of Dogecoin (DOGE) remains sceptical.