One can argue there are too many cryptocurrencies that aim to become a meme token and offer nothing else. While meme tokens like Dogecoin are successful, the current generation of assets requires utility of some sort. For the following five meme tokens, the past week has yielded terrible price performance.
Baby Shiba (BHIBA)
The first reason why the price of Baby Shiba has declined a lot is due to its original website no longer being accessible. Although that page is blank, the team had to get a new domain name, which no longer functions either. In addition, the Twitter account has been deleted, indicating this project became a rug pull. The token has just over $0.02 in 24-hour trading volume on Uniswap V2, and it will never reach the all-time high of $0.00005757 again. BB lost 93.4% in the past week, which is not unusual among meme tokens.
The concept of SmugDoge is to be a meme token first and foremost. While it has deflationary tokenomics and automatic yield generation options, that concept has been tried by hundreds of projects at this point. However, it is one of the few meme tokens on Harmony and will feature a decentralized exchange, auction bids, and NFT distribution. Even so, SMUG lost 56.5% in value this week, although a slight rebound isn’t out of the question.
Swole Doge (SWOLE)
The price of Swole Doge has been on a steep decline for some time now. As the website is no longer accessible, that isn’t too big of a surprise either. Additionally, SWOLE is currently only trading on Raydium – against USDC – yet its volume is well below $25,000. None of these factors look too great for Swole Doge or anyone still holding the token. The 82.1% retrace since its all-time high 13 days ago indicates things are not looking too great for this meme token.
Dogs Of Elon (DOE)
The Dogs Of Elon project is interesting among all other meme tokens on the market. It provides NFT exposure, and the NFT marketplace is in development. Users will also stake these NFTs, and the team will explore animal charity donations down the line. Unfortunately, as exciting as that may sound, DOE saw its value decrease by 50.5% this week, although short-term market conditions indicate a potential reversal may occur.
Cat Token (CAT)
As one of the few tokens not themed after dogs, Cat Token has not had the best week. The team positions this project as “the great meme token ever created on a blockchain”, which is a relatively steep label to live up to. Moreover, it is up to the community to develop use cases, including NFT trading cards. That approach is similar to several other meme tokens on this list, although the effort to save abandoned cats has merit. Overcoming the 45.8% CAT price dip may pose challenges, although short-term momentum flashes bullish signals.
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