Shiba Inu (SHIB) and Floki Inu (FLOKI) have collapsed in value recently. By examining their trends on coinmarketcap.com, it’s evident that both coins have suffered over the past week.
In the case of Shiba Inu (SHIB), the coin’s value fell off a cliff near midnight on 19 October. Floki Inu (FLOKI) looks healthy upon a cursory glance at its trend throughout today, its seven-day tracker tells a different story – the coin has been in rapid decline this past week following a promising spike on 15 October.
While it’s unfortunate that these coins are going through a rough patch, this decline of two major meme coins leaves the door open for new projects to walk through.
This seems to be the case for the debutant meme currency Big Eyes Coin (BIG), which has been making quite a stir. This coin is undergoing its presale and has raised almost $8.5 Million already. The sixth stage of presale is selling out at record speeds.
All signs point toward a token ready to overtake its failing competitors.
Why Are Shiba Inu and Floki Inu Struggling?
Markets can be fickle things, but let’s try to pinpoint some factors that are keeping Shiba Inu (SHIB) and Floki Inu (FLOKI) in the red.
Shiba Inu (SHIB) had an exciting start to life. Touted as a ‘Dogecoin Killer,’ interest in this token grew with explosive speed after its launch in 2020. The token’s value multiplied many times over as 2021 rolled around.
But then the crypto crash happened, and unlike the few teams that have been clever or lucky enough to bounce back, Shiba Inu’s growth has been stagnant since that time. Indeed, it’s continued to spiral downwards, with only minor spikes in interest and value.
This can likely be attributed to the mediocre reception the team received after they attempted to expand the platform. The founder of Shiba Inu, ‘Ryoshi,’ went as far as to burn 50% of Shiba Inu’s token supply to the co-founder of Ethereum, Vitalik Buterin. In turn, Buterin burned 40% of this total to a dead wallet. Shiba Inu’s team claim that this move ‘ensures our long-term success and stability.’
However, this effort does not seem to have achieved stability, if this was indeed Buterin’s purpose when taking this action. On the contrary, value has continued to fall.
Fellow meme coin Floki Inu (FLOKI) has suffered a similar fate. A platform developed by a team of influencers and figureheads from the cryptocurrency community, the intent behind Floki Inu (FLOKI) was to create an autonomous decentralised economy, a ‘movement’ with a thriving audience.
Proposed features and use cases for the token include a gaming metaverse, an online marketplace to buy merchandise and NFTs, and even an education hub with the goal of deepening the community’s understanding of blockchain technology.
Just like its elder brother Shiba Inu (SHIB), Floki Inu (FLOKI) has failed to keep profits ticking over with these efforts to evolve. It would appear that these meme coins have become tired and carry too much baggage to keep up the kind of growing profits they aim for.
Where Could Big Eyes Succeed In Their Place?
The team behind Big Eyes Coin (BIG) have clear objectives: to create wealth in the decentralised finance ecosystem while safeguarding a vital aspect of the world’s environment.
To achieve this, simple and firm features have been baked into the currency: zero taxes or fees on transactions, a 2-year lock on the token’s liquidity pool, and a charity wallet that will hold 5% of Big Eyes’ supply and donate their value to ocean preservation charities.
Having been based on the Ethereum blockchain, Big Eyes now has another claim to fame: since the launch of Ethereum 2.0, the environmental impact of transactions through this network has reduced dramatically.
The dramatic success that Big Eyes’ presale has shown so far, with near $8.5 million secured already, shows that this coin has every chance of stepping up to the plate while Shiba Inu (SHIB) and Floki Inu (FLOKI) suffer a slow decline into irrelevance.
Find out more about Big Eyes Coin (BIG) by following the links below.
Big Eyes Coin (BIG)
*This article has been paid. The Cryptonomist didn’t write the article nor has tested the platform.