By now, the entire cryptocurrency industry is facing a downtrend and the situation doesn’t seem to be making much improvement. The factors dragging down the entire cryptocurrency industry include the economic crisis, regulatory enforcement, and so much more.
It is highly expected that if the above issues get resolved, then the prices of major cryptocurrencies may recover. However, there are cryptocurrencies that need more than that to see a rise in their prices.
For cryptocurrencies such as BTC, ETH, BNB, XRP, and many more cryptocurrencies, the plus point is their usability. These cryptocurrencies offer and are used on several platforms in the form of payment methods and other kinds of utility tokens.
Therefore, as the market recovers, they will see a gradual growth in their trading and utility prices. On the other hand, cryptocurrencies such as Dogecoin (DOGE) and ShibaInu (SHIB), the story is much more complex than it looks.
Let us see what the overall perceptions of people close to DOGE and SHIB are, and where they see these cryptocurrencies.
Although Dogecoin was initially uplifted by Elon Musk’s contribution, it has become more than a meme coin. Dogecoin’s use cases have been increasing where it is being accepted as a payment method.
However, the major boost Dogecoin is expected to get is when Elon Musk acquires Twitter. For a long time, it had been a debate which cryptocurrency will be used as a monetization crypto Twitter. The former CEO of Twitter, Jack Dorsey, had his orientation towards Bitcoin.
With Elon Musk showing interest in acquiring Twitter, the situation has changed tremendously. From his positive talks about DOGE since the beginning of 2021 on Twitter, people are hoping Musk will adopt DOGE.
The very thought and assumption has helped gain a few rallies for DOGE. If Elon Musk does indeed acquire Twitter, then the situation will change entirely for Dogecoin as it will be available to 192 million users.
ShibaInu had been launched back in 2020 and it grew up become the largest meme coin. Despite having hit an all-time high of $0.00008845 per SHIB, its price started to fade. ShibaInu didn’t have any particular utility that could help build its market demand.
It was only the input of the investors and people like Elon Musk who boosted the demand for ShibaInu. However, as the steam released, ShibaInu’s price faded away as well.
Since mid-2021, ShibaInu has been facing a downtrend and it has nothing to offer that would recover its lost value. Then comes the prediction of the analysts closely monitoring ShibaInu. As per them, ShibaInu may end up becoming worthless by 2030.