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The Beacon Chain, a crucial part of Ethereum’s consensus layer malfunctioned on May 11th. This left the reliability of the network in a state of blur. So, is Ethereum a hold or sell, after this fiasco? What does this have to do with the meme coins that use the ERC-20 standard of Ethereum?
Let’s find out while we show you our picks of the best ERC-20 Meme Coins: Love Hate Inu, ApeCoin, and the brand-new DogeMiyagi.
Summary
Ethereum’s Beacon Chain Fiasco: Is The Network Still Reliable?
Ethereum’s Beacon Chain faced technical problems on two occasions last week. The chain was unable to finalize blocks for a 25-minute period. The incidents have led to a loss in finality.
For those who do not know, finality is a state where a large majority of validators have confirmed the final state of the blockchain, prohibiting blocks and transactions from being altered.
The performance of the Beacon Chain suffered as about 60% of validators were offline and not fulfilling their consensus responsibilities. Some consensus layer clients experienced issues where older attestations were encountered, forcing them to verify older states while handling incoming data simultaneously. As a result, these systems overheated and malfunctioned. However, the validators involved in both incidents were back online within a short span of time and the participation rate quickly rose to over 98%.
The second incident led to the first-ever ‘Inactivity Leak’ – an emergency state used to recover Finality on the Beacon Chain. These finality issues occurred amidst increased activity and staking rewards rates on Ethereum due to the resurgence of meme coins. This resulted in a significant increase in gas consumption and fees – topping at a 12-month high!
Meanwhile, Ether (ETH) has shown a weekly uptrend, even though its price has declined over the past 24 hours. At the time of writing, ETH was trading around the $1,800 mark.
A Coveted Insight On Love Hate Inu And ApeCoin
Love Hate Inu (LHINU) is a meme coin that offers users a unique way to earn rewards through voting. The coin uses blockchain-based voting and incentivizes participation through Stake-To-Earn and Vote-To-Earn mechanisms. 90% of the 100 billion LHINU tokens have been allocated to the presale, while the remaining 10% will be used for liquidity, exchange listings, and community rewards.
ApeCoin (APE), functioning as a governance and utility token, offers various benefits within its ecosystem. Holders can participate in DAO governance, access exclusive ecosystem features, make payments, and receive NFT rewards. Even third-party developers can integrate ApeCoin into their services and games, quite convenient, eh? The integration with the metaverse, Otherside, positions ApeCoin as a sought-after metaverse coin, potentially serving as a transaction token and rewarding players in metaverse-based play-to-earn (P2E) elements.
It’s important to note that meme coins like LHINU and APE are highly speculative investments. Hence, they are prone to price fluctuations and potential manipulation by large holders.
Dogemiyagi Prepares To Take Over In Kung-Fu Style!
DogeMiyagi (MIYAGI), is the latest meme currency to let loose in the crypto market. While other meme currencies come and go quickly, DogeMiyagi is here to stay. Brace yourself for an exciting adventure as a MIYAGI!
MIYAGI is dedicated to community involvement and transparency. It’s almost like having VIP access to the most thrilling show in town! Plus, DogeMiyagi invites the community to join the excitement early and enjoy the benefits of its impressive growth. An astounding 60% of the tokens are reserved for the presale, so you have the chance to be part of this incredible journey right from the beginning!
That’s not all. 24% of the tokens are set aside for exchanges. This means you’ll have a front-row seat to the hottest exchanges, where you can trade and enhance your crypto expertise. You might want to prepare for a surge in trading opportunities and seize the potential they offer.
And here’s the icing on the cake! What’s even more amazing is the chance to earn free cryptocurrency through DogeMiyagi’s Referral scheme. By spreading the word and inviting others to join, you can earn an impressive 10% commission. That’s right, folks—spread the DogeMiyagi love and receive free cryptocurrency in return!
The Takeaway
Is Ethereum a hold or sell? Analyses point out that despite the mishap on the network, sentiment around the coin remains bullish, at least in the short term, while it remains neutral in the long term. As for meme coin ERC-20 Tokens, most meme coins are highly susceptible to volatility as they have no intrinsic value and are backed by a social media frenzy. This is especially true for LHINU, while APE is not different since it is linked to NFT-based volatility. DogeMiyagi on the other hand shows promise, with its series of schemes and features. Do not miss out on this one!
Find Out More About Dogemiyagi (MIYAGI):
Website: https://dogemiyagi.com
Twitter: https://twitter.com/_Dogemiyagi_
Telegram: https://t.me/dogemiyagi
*This article was paid for Cryptonomist did not write the article or test the platform.
