The emergence of explosive meme coins put the entire crypto market into a spin. The Shiba Inu explosion in 2021 pushed the market into a new phase where meme coins became some of the most attractive investments. That's when the likes of Dogecoin (DOGE) and other older meme coins posted new ATHs.
However, it looks like meme coins were just a bubble and did not last long. These coins overstretched their limits by the 3rd and 4th quarters of 2021, and the hype started dying and dying fast. There was nothing to hold on to, and from then, all meme coins started crumbling.
Meme coins started as fun crypto coins and had no plan of creating real use in the market. They sold hype only. However, a lot of people bought the fun idea, and as the price surged, the likes of Shiba Inu (SHIB) just started exploding and would even make it to the top 10 largest coins by market capitalization.
The lack of utility has been one of the biggest nightmares for the meme coins like Dogecoin (DOGE) and SHIB. However, these coins might not die althought their growth in the market might be slow. This is because most of these coins are now transforming into more utility coins with real use cases.
Shiba Inu and Dogecoin teams have, over the last few months, been working on building utilities for their projects. They are now trying to up competition against the likes of Centcex (CENX) and Bitgert (BRISE), which are younger projects building massive utility. Over the last few months, Bitgert and Centcex projects have been building the best utility blockchain ecosystems in the industry.
That's why when Shiba and Dogecoin prices have been declining in 2022, Bitgert (BRISE) and Centcex (CENX) have been registering an upward. In fact, Bitgert and Centcex holders who bought these coins in January are still in profit today. That's not the same case with SHIB and DOGE holders during the same period.
The bottom line is that some of the meme coins are dying and may be gone forever because crypto investors are not just buying hype but also the utility that the coin offers. Investors want a coin that can generate adoption from its real use cases.
That's why Shiba Inu and Dogecoin teams are increasingly adding utility to their projects and the reason they have been stable in a bearish market. But they will need to do more to remain competitive against high-utility coins like Bitgert (BRISE) and Centcex (CENX).
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