In the volatile ecosphere of cryptocurrency, Shiba Inu’s (SHIB) market capitalization currently hovers at $4.3 billion, down from its May 23rd peak of $5.31 billion. This significant drop can be attributed to diverse factors, but a primary catalyst is the rise of new meme coins that offer more unique, exciting, and rewarding propositions.
DigiToads (TOADS), a hyper-deflationary meme coin, has risen to prominence, attracting the attention and admiration of crypto enthusiasts across the globe. Its innovative features and substantial potential rewards have led to an exciting shift in the dynamics of the meme coin market.
Why SHIB’s Price Struggled
Over the last 30 days, Shiba Inu has been navigating a tumultuous sea of unfavorable market conditions. The broader cryptocurrency landscape faced a considerable backlash, primarily due to the U.S. Securities and Exchange Commission’s (SEC) legal actions against prominent crypto exchanges, including Coinbase and Binance, for alleged violations of federal securities laws. This move sent ripples across the market, causing significant impact on tokens like SHIB.
Additionally, introducing new meme coins like DigiToads redirected a substantial portion of traders’ attention away from established meme coins such as Dogecoin and Shiba Inu.
As a result, SHIB did not experience the gains anticipated during the meme coin bull run between March and April, as investors pivoted towards the promise held by the newer entrants.
Why are DigiToads So Unique?
DigiToads, an emerging hyper-deflationary meme coin, distinguishes itself through an innovative and engaging ecosystem. With a range of features devised to incentivize its community, DigiToads has captured the imagination of crypto enthusiasts.
Its compelling play-to-earn feature, with 12 game seasons annually, rewards the top 25% of gamers with TOADS tokens each season, thus integrating a competitive, thrilling experience with substantial returns.
Users can also stake NFTs to earn additional rewards from a pool regularly replenished by 2% of the proceeds from all TOADS transactions. This feature is designed to encourage more extended staking periods.
The DigiToads team is also set to introduce a range of merchandise, the sales from which will contribute to environmental conservation organizations.
Even the presale of DigiToads has sparked investor excitement, with each stage featuring increased prices, naturally boosting the community’s total capital. As of now, the price has grown from $0.01 to $0.05 and is expected to reach $0.055 at launch. This equates to an impressive 450% price increase for early investors.
While The Shiba Inu community is actively pushing for more token burns to reduce its massive supply, the real-world impact of these efforts remains minimal due to the sheer size of the total supply. On the contrary, DigiToads, which commenced with a more reasonable supply of 585 million tokens, has shown a promising potential for value increase.
The demand for this new player in the meme coin market is unmistakably evidenced by its successful presale stages and the substantial $6.2 million in funds raised. As DigiToads gears up for its final launch, a growing number of SHIB investors are shifting their focus to TOADS, potentially signaling a significant change in the meme coin market’s future dynamics.
The post Shiba Inu (SHIB) Witnesses a Minor Dip, DigiToads (TOADS) Continues its Astonishing Rally appeared first on CoinChapter.