After the start of the year with an aggregate value of $ 774 billion, the total value of over 16,000 cryptocurrencies has reached almost $ 2.2 trillion. This is almost three times the value of the cryptocurrency market.
This increase clearly demonstrates that investors are excited about blockchain financial and non – financial applications, a potentially decentralized metaverse future, and the transparency that blockchain technology offers.
But with over 16,000 digital currencies to choose from in 2022, coin memes based on the Shiba Inu dog are likely to be avoided, as their “ prime who is behind us now.
shiba inus
If there is one very simple theme that I can convey to cryptocurrency investors in 2022, it is to avoid any currency based on the Shiba Inu dog breed or bearing the name Elon Musk. None other than Shiba Inu is at the top of the list of digital currencies to avoid.
Last year, Shiba Inu recorded historic gains. At one point in late October, SHIB signals had increased by 121 million in less than a year.
Shiba Inu’s historic gains are due to increased visibility, in the form of larger exchanges embracing SHIB, the launch of ShibaSwap and FOMO. This last point is extremely important, because social hype has played a role in increasing the rankings of cryptocurrencies on this list.
However, Shiba Inu has three major flaws. The main problem is that it has no competitive advantage and no discrimination. Only an ERC-20 token built on the Ethereum blockchain is subject to the same high transaction fees and processing delays that the Ethereum network can plague.
Secondly, there is no really deep utility. While Shiba Inu is consistently among the top 15 digital currencies by market capitalization, more than 400 sellers are unwilling to accept its token. Unless there is a competitive advantage or differentiation, there is no reason for businesses to want to accept SHIB as payment.
And thirdly, history shows that such a big drop comes from such big gains. It is therefore not worrying that Shiba Inu will fall sharply in 2022.
Dogelon Mars
The Dogelon Mars is on the list of digital currencies to avoid in 2022.
The Dogelon Mars is a useless project. Although the Dogelon Mars homepage has recently been revamped, it has previously listed Dogelon as “the first interplanetary currency”.
There is no information on how many companies accept Dogelon Mars as payment. This is a good indicator that many companies around the world are not using this payment currency, if at all. Outside of a small number of cryptocurrency exchanges, its ELON token has no real-life use.
Let’s also not forget that Dogelon Mars had its ups and downs before. In three weeks last year (April 22 to May 11, 2021), ELON increased over 6,200%, but lost 97% of its value in the following six weeks. It is best to avoid these illiquid signals which can lead to large losses as a result of their erroneous behavior.
Floki Inu
Floki Inu, named after the Shiba Inu adopted by Elon Musk, Floki.
Floki Inu appears to have been abducted. While FLOKI signals rise every time Tesla CEO Elon Musk tweets about Shiba Inus, Musk has nothing to do with the project.
Another problem with Floki Inu is its lack of usefulness in real life. The FLOKI white paper cites a partnership with CryptoCart, which allows FLOKI holders to place their tokens at approximately 1,700 stores. But that’s only a fraction of a fraction in the major utility scheme.
Floki Inu’s aggressive advertising campaign in the UK also raised concerns. The regulations on cryptocurrency advertising are constantly changing, and Floki Inu could attract unwanted attention from lawmakers.
Dogecoin
The fourth and final cryptocurrency to avoid this year is Dogecoin.
Unlike Floki Inu, Dogelon Mars, and Shiba Inu, who got all their money’s thanks to captured Elon Musk tweets, Dogecoin has a connection to the richest person in the world. Elon Musk only has three digital currencies, including Dogecoin. He also tweeted that he was working with Dogecoin developers to improve the network. This gave Dogecoin a little more credibility in its rise than the other three tokens.
However, Dogecoin, like the other cryptocurrencies listed here, is completely without competitive advantages or differentiation. While its transaction fees are lower than those of Bitcoin and Ethereum, Dogecoin fees are also consistently much higher than almost any other payment base.
In addition, the Dogecoin blockchain is not particularly fast, does not offer significant scalability, and in September the average number of daily transactions fell to its lowest level in three years (about 20,000 per day).
Few companies are willing to accept DOGE as payment. Cryptwerk lists less than 2,000 merchants worldwide who accept it. Although this figure is five times higher than the SHIB figure, it is still low eight years after its inception.
Finally, Dogecoin, like Shiba Inu, Dogelon Mars, and Floki Inu, are all in danger of losing most of their value in 2022. The hype of Shiba Inu coin memes is probably over right now. As the crypto-currency market begins to reach a certain maturity, this type of crypto will mechanically lose interest and value.
Eventually these cryptocurrencies are likely to disappear even because they have no use for the blockchain and the ” real life”
