In a new report, Motley Fool analysts analyzed how the recent rally has changed the meme coin market. Specialists, Pepe, Turbo, Gensler, Pisa etc. Talking about emerging opportunities, some memes say the coins are ‘not credible’ anymore.
2023, the balances in the meme coin market are changing
The meme coin craze of 2021 is long gone. But some investors remain hopeful that the Shiba Inu can somehow turn things around. Still, the Shiba Inu hasn’t made much progress so far. Its 25% rise since the beginning of the year is many times behind Bitcoin’s 73% performance.
Even more worrying is that it has seen a 10% drop in the last 30 days. Therefore, SHIB is now losing momentum. Increasingly, investors want to see real, tangible results. This puts more pressure on the Shiba Inu team than ever before.
In the continuation of the article, let’s take a look at the latest situation from the famous Shiba Inu projects that have been marketed since last year, but have not yet made concrete or expected development.
Shibarium launch
Shibarium was the primary catalyst that is expected to propel Shiba up this year. This project is preparing a Tier-2 scaling solution that will make the Shiba Inu faster, cheaper and easier to use. However, it has not yet made a strong debut. It turns out that Shibarium has been delayed much longer than planned and is still in beta testing mode.
There are also questions about what this scaling solution can really offer in terms of functionality. People still promise that “billion-dollar companies” will build on top of Shibarium, creating things like games, apps, and Web3 experiences. But this has not happened yet.
SHIBARIUM EARLY BETA TEST IS LIVE!
Today, more than ever, we see the need for a truly decentralized L2 network that powers the projects of a large, global, decentralized community.
Read more:https://t.co/131BxiS4BS
— Shibarium Network (@ShibariumNet) March 11, 2023
cryptocoin.comThe allegation that Shibarium was stolen was remembered as a scandalous development that lowered prices by double digits in March.
Shiba Inu (SHIB) cremation efforts
The second catalyst that was expected to drive up the SHIB price was the incineration, the process of removing tokens from circulation. This process aims to reduce the circulating supply of a cryptocurrency. But since the transaction is slow, it doesn’t have a big impact on the price.
Let’s point out that even if 3 billion SHIB are burned per month, there will be only a drop in supply. Therefore, reducing the large supply of Shiba Inu will be quite difficult and time consuming. Even burning 50 SHIB a year could reduce the supply by 1 trillion. But that still leaves the scene at 588,542 trillion. By comparison, the total maximum circulating supply of Bitcoin is just 21 million.
What happened to the metaverse?
Finally, there is the matter of the Shiba Inu metaverse project. It sounded exciting when it was first announced. The Shiba Inu seemed to be at the forefront of the metaverse trend. But in its current form, there is still a lot of hype about this project.
Game experience is not yet available. All you can adore is buying virtual land in a metaverse world. Also, it has become nothing more than another way to burn a Shiba Inu.
The metaverse has arrived at @sxsw with the premier of "Shib the Metaverse" and we are hosting a celebration!
Shiba Inu and Departure Lounge invite you to join us for #HappyHour to wrap up press day and to kick off the SXSW Interactive track!
Wen?: https://t.co/FJ5iTbF4us pic.twitter.com/IzhbYyWGak
— Shib (@Shibtoken) March 3, 2023
Should I have Shiba Inu in my meme coin portfolio?
Motley Fool analysts expect investors to turn to new opportunities in light of the failed Shiba Inu projects covered above. The recent “Is It Finally Time To Give Up The Shiba Inu?” The article titled, SHIB includes the following advice on purchasing:
I don’t think the Shiba Inu is just a short-term momentum game. There are also different meme coins. The adage “sell in May and go” applies in financial markets. Get out of the Shiba Inu and come back after the summer break to see what’s new.
