Join our Telegram channel to stay updated with the latest news
Meme Coins and Shitcoins have recently gained popularity among investors and the crypto community. The recent meme currency craze has caused investors to abandon other digital assets such as cryptocurrencies and fiat tokens. Below we look at how the current market hype around meme coins is affecting NFT.
Meme coins are flooding the crypto market
Meme coins, sometimes called shitcoins, are crypto tokens based on specific internet memes. These tokens have no intrinsic value or utility, they are cheaply built on existing algorithms and protocols, and their popularity or mass trading depends only on the support of powerful people and current trends.
Meme coins do not contribute to the development of the world of crypto and technology and do not serve any specific purpose. Dogecoin (DOGE) is the original and most popular meme currency. The main meme coin was created in 2013 by software engineers Billy Marcus and Jackson Palmer. The DOGE brand was based on a popular meme, the Doge Shiba Inu dog.
Since its inception, the Dogecoin meme has inspired many other memes and shitcoins, including Shiba Inu, Pepe Frog, and Tamadoge. Since then, the number of memes and utility crypto tokens in the cryptocurrency market has grown exponentially.
How do cryptocurrencies affect NFTs?
The cryptocurrency dump is the most speculative, even non-tradable token cycle. Yuga Labs, the lead company of the Bored Ape Yacht Club NFT collection, has abandoned its "$Ape" crypto-token. The new cryptocurrency token has had a positive impact on NFT pools, pushing Bored Ape's base price above $290,000.
Monkey Yacht Club Ads - Source: CoinGecko.com
Captainz, an NFT pool on the Ethereum network with a fixed pool of 9,999 NFTs, is another great example of positive impact. Despite the recent bear market, NFT pools have increased by over 60% since the launch of the $meme cryptocurrency.
However, in many cases these tokens can adversely affect the pool of irreplaceable tokens. Cool Cats, a collection of NFTs limited to 10,000 NFTs on the Ethereum network, is a great example. In 2021, the NFT group mocked its utility token, $Milk, increasing its price from 6 ETH to 15 ETH.
Cool Cats NFT Collection: Source: CoinGecko.com
Unfortunately, the highly anticipated Cool Cats game has been pushed back to 2022, rendering the fledgling cryptocurrency token worthless. Since then, NFT pools with dollar milk tokens have been unsuccessful. The Cool Cats are brought back to life as they embark on a metaverse journey in season two. It rose 0.8% to $1,358 in the last 24 hours.
What should NFTs do to be less damaging?
NFT projects must at least guarantee timely delivery. An example of this is the Bored Ape Yacht Club, which launched $Ape and hosted an event that is an app in the package. This method worked well for him because the number of arguments was limited. The NFT pool has continued to grow since its launch and is now one of the most successful NFT projects in the bear market.
Creating cryptographic tokens that meet user needs is another important aspect of non-fungible tokens. NFT projects should generate crypto-tokens that represent products with real demand. For example, products you buy from the Otherside Metaverse, including cosmetics, power-ups, and limited NFTs, can be converted to APE dollars.
Related NFT News:
AiDoge - a new meme to earn cryptocurrency
- Certificate audit
- Create memes with AI text suggestions
- Prizes, voting, contribution of profitable benefits
- List of upcoming exchanges
Join our Telegram channel to stay updated with the latest news