We can speculate on what value can cryptocurrency hold for the people investing in it but it has a potential future.
Elon Musk has gradually become a name known to any person casually aware of cryptocurrency.
The CEO of Tesla, Space X, and the Boring company has a very complex relationship with cryptocurrencies because whenever he tweets about cryptocurrency, the market seems to revert to them.
Recently there has been a lot of buzz around Elon Musk because of Elon Musk’s tweet on his Twitter account that he made regarding his new pet, Floki.
The new crypto-based on Musk’s new pet, Floki coin, became the pet of cosmic meme token lovers, as it surged about 1500 per cent in just three months since commencement.
The market beret of Floki coin was about $700 million, which is higher than the listed players like Stride Pharma, Sequent Scientific, Sudarshan Chemicals, Cochin Shipyard, Inox Leisure, and many others.
The digital token has accelerated a jeering 3,40,150 per cent in mere two months to $0.00006805 from $0.00000002 on August 8. In we consider that in rupees then it turned from ₹1,000 into ₹34 lakh in just two months.
Floki Inu lifted $1.4 million in just 35 minutes in a donation drive for this movement. Later on September 18, 2021, Floki liberated its 10,000 Flokitars to the public.
Among all this, literally hundreds of new cryptocurrencies have been created with many accelerating in price. Many of the new cryptos don’t as of yet, have any perceptible value in the blockchain world, and many have eccentric names such as Baby Doge, Shiba Inu, Ripple, and DogeCoin.
Amidst all these Shiba Inu was an underperformer but lately, it has performed well. And Bitcoin has become the world’s biggest cryptocurrency by market value, increased as far as 1.5% during the Asia session to $62,99, its most stable level since the record peak of $64,895 in April.
Investors should acquire that cryptocurrency and variability go hand in hand. Evaluating meme coins use-case for existence illustrates that allocation should be limited.
“If a coin is dependent on a strong external force to influence price movements, it poses a larger concern and investment risk,” he said. “Meme coins have played a huge role in philanthropy.”
“Additionally, every investor should do their due research on the coin’s fundamentals before buying,” Bathija said.