Snowfall Protocol Climbs, Dogecoin and Shiba Inu Continue to Fall
However, the giants now have to make way for the new cryptos in the market. Snowfall Protocol, in particular, has created quite a buzz around it. It promises to reach the same glory as Dogecoin and Shiba Inu. However, will Snowfall Protocol be able to retain its value over time? Let’s find out…
Dogecoin is the original meme cryptocurrency, and the market has not been kind to it in recent months. While many cryptos in the market have seen small drops, Dogecoin has registered a massive decline. Dogecoin shot to fame with an endorsement from Elon Musk.
Since the coin does not offer any utility-driven use case, its value is purely speculative. So, one tweet by a prominent personality is enough to make the coin tumble, which has happened in the past.
In the past week, Dogecoin has been one of the most liquidated currencies in the market. The price is in a downtrend. So, the market cap of Dogecoin has also taken a major hit.
Shiba Inu (SHIB)
Shiba Inu is another meme coin, and like Dogecoin, its price has been plummeting for the past several months. 2021 was a good year for Shiba Inu, but it has been spiraling down since then. The developers are trying to create new use cases for Shiba Inu.
The developers of Shiba Inu have also partnered with a visualization company to expand its metaverse. To be of any value to investors, a coin has to be more than a popular meme or represent a novelty item.
Shiba Inu developers seem to be working towards creating more value for its investors. However, the effect of these developments on the price of the coin is yet to be seen.
Snowfall Protocol made its debut with a fantastic presale session towards the lag end of 2022. In fact, it was one of the most successful crypto presales for the year. Snowfall Protocol is built around the use case of improving interoperability in the cryptoverse.
The crypto plans to build a seamless highway for users to move their crypto assets around smoothly. That’s an incredibly useful feature for crypto users who have to jump through multiple hoops just to move assets around in their portfolio.
The demand for Snowfall Protocol is evident from the momentum in its prices. When stage 2 of the sale of Snowfall Protocol concluded, it had already raised $3 million. Snowfall Protocol is all set to launch on January 3, and experts believe it will be the highlight of 2023.
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