You may have heard of the Shiba Inu billionaire who started off with just $8,000 in SHIB. It took just over 12 months of holding on for this anonymous investor’s wallet to hit a $5.7 billion valuation.
Or what about the CNBC calculations that a $1,000 Dogecoin investment on January 1 last year would have grown to $121,052 by May? The figures are vindicating for meme-coin believers and FOMO for everyone else.
But what are the chances that Shiba Inu or Dogecoin cryptos make a good investment in 2022? Will they fall by the way as new cryptocurrencies like EverGrow Coin launch to combine all the benefits of NFTs, crypto passive income, the metaverse and more in one ecosystem?
Shiba Inu – coin burning to $1
Shiba Inu’s strength and weakness in its decentralisation. Its creator (the anonymous Ryoshi) stepped back after launching the project in 2020 and has 0 SHIB tokens. Ryoshi gifted half the supply to Ethereum founder Vitalik Buterin last year. Buterin burnt over 400 trillion SHIB tokens (worth about $11 billion today) and kick-started Shiba Inu’s rapid growth.
Coin burns are taking place again with over 700 million SHIB burnt on March 14. That’s the biggest daily burn all year, and adds to the 1.3 billion burnt through January this year.
While ShibArmy supporters wait for a listing on Robinhood coin burning is proving a popular decentralised tactic to boost Shiba Inu’s current price from $0.000022
EverGrow Coin – crypto goes meta
EverGrow Coin is an exciting new crypto gainer tipped to break the top 20 projects this year. It does this by combining an innovative rewards mechanism with groundbreaking applications that generate further rewards for investors. EverGrow Coin has distributed over $35 million to date since launching in September last year.
EverGrow Coin’s rewards mechanism works by taxing all EGC transactions at 14% – 8% is paid out directly as BUSD rewards. EverGrow Coin’s chairman is investment professional Sam Kelly, whose aim is to make EverGrow Coin function like a stock in that the ecosystem generates profits from its applications. These profits are pumped back into rewards or strategic coin burns to drive up the EGC price.
EverGrow Coin’s first application to rollout this month is Crator, a content subscription platform tipped to challenge OnlyFans with its lower 5% commission (OnlyFans charges 20%). Crator does this by integrating crypto payments into customisable subscription tiers and paid-for livestream packages for content creators.
The next development will see Crator alongside an NFT marketplace, play-to-earn games and a crypto exchange go meta before the end of 2022. The Abstract is a metaverse created by Objective Reality Studios as the world’s first cloud-based VR game streaming platform that gives users access to quality VR experiences without any additional hardware.
Dogecoin – Elon Musk’s favourite coin bites again
Elon Musk has a famous relationship with Dogecoin – many say he ‘discovered’ the token back in early 2021 and is responsible for subsequent price gains. Musk began Tweeting his affection for Dogecoin after removing Bitcoin from Tesla’s payment gateways over environmental concerns.
This week Elon Musk Tweeted again to say he’s holding Bitcoin, Ethereum and Dogecoin and has no plans to sell up. He gave the information after encouraging investors to own physical things like a ‘home or stock in companies that make good products’ during current periods of high inflation.
As a general principle, for those looking for advice from this thread, it is generally better to own physical things like a home or stock in companies you think make good products, than dollars when inflation is high.
I still own & won’t sell my Bitcoin, Ethereum or Doge fwiw.
— Elona Musk (@elonmusk) March 14, 2022
Dogecoin is currently valued at $0.114 and remains the biggest meme-coin crypto by market cap.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.