The need for crypto celebrities like Elon Musk to promote meme coins like Dogecoin
All of the top 20 coins dropped on April 6 – except for Dogecoin. The DOGE rate is up 6.6% in the last 24 hours. But it is not related to any particular tokens or utility drops.
Tesla CEO Elon Musk is credited with the popularity of Dogecoin. This is true today and last year when DOGE grew 1,060% during the month of April, reaching an all-time high of $0.7376 in early May. The price hike helped coin the first Dogecoin millionaire, the so-called SlumDOGE Millionaire.
Dogecoin can be a great headline maker – but it can easily make crypto newcomers believe that cryptocurrencies need media attention to make a return on investment. At this point it is worth exploring new projects (Dogecoin was launched in 2013) aimed at generating an ROI without the need for new investors to raise the price of the token – such as EverGrow Coin.
No celebs, no tweets, no memes, just tokens. This next movement in crypto is rapidly challenging the status quo in 2022.
Meme Coins vs Reflection Coins
Meme coins like Dogecoin and Shiba Inu had an amazing rally in 2021, with DOGE jumping from $0.008 in January to an all-time high of $0.736 in May. At that time, Dogecoin’s market capitalization grew from $500 million to $84 billion. Think about it: a tens of billions project based on an amusing picture of a Japanese dog.
Tweets from Elon Musk calling Dogecoin “crypto people” and its “fav” token helped boost DOGE last year. Mark Cuban The investor and owner of the Dallas Mavericks NBA team also tweeted about DOGE, describing it as a token that “people are already using.” However, at the same time, CBNC Analysts reported that they described Dogecoin as a “bubble” in the cryptocurrency market.
In fact, Dogecoin failed to reach a new all-time high in November along with other coins. This may be in part due to the emergence of new meme currencies like Shiba Inu, but also because Dogecoin hasn’t already achieved much commercial adoption alongside Tesla Inc – where you can use DOGE to buy merchandise, like Quad for kids.
Investors looking to buy Dogecoin in 2022 should consider the longer-term possibilities or further merchant adoption, before getting FOMO out of the headlines.
Cryptography that “self-generates” its own rewards
Reflexology is one of the latest trends in cryptocurrency. The most famous reversal token, SafeMoon, was launched last year with tokenomics levying a 10% tax on all SAFEMOON transactions. This tax is distributed immediately to the investors’ portfolios as a reflection.
Reflection tokens simplify the process of creating wealth from cryptocurrencies, as you do not have to worry about selling when the market is at its peak. However, price fluctuations still depend on new investors’ knowledge of the project and purchase.
EverGrow Coin is one of the most ambitious reversal tokens that aims to be the first to “self-generate” its own rewards token for investors. EverGrow Coin Chairman, Senior European Investment Adviser Sam Kelly, explained in a tweet How the EGC token is “not designed to be a currency”.
Kelly said that the main “use case” for EverGrow Coin was to think of it as a stake in an ecosystem of revenue-generating apps. Profits are used to buy and burn EGC tokens, to drive up prices, or to distribute 100% of them as bonus rewards when the market grows. EverGrow Coin Makes Money From NFT Marketplace And Content Subscription Platform Crator – Although It Will Join Soon Summary metaverse.
EverGrow coins like SafeMoon charge transaction tax (14% instead of 10%) even though they pay BUSD stable reversals – not the original EGC token. To date, more than $35.8 million has been paid to investors in ROI that is completely unrelated to price fluctuations.
Conclusion
The cryptocurrency world is moving fast, and the right sense of where the market is headed is invaluable to investors hoping to maximize their return on investment. Despite meme-coins dominating 2021, it’s worth asking yourself: Could you do the same again? Dogecoin is fortunate that celebrities like Elon Musk and Mark Cuban support the project, but reflexive tokens that almost duplicate stocks and dividends are working hard to honor the tokens over hype.
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