Since last year, investors have turned to cryptocurrencies for refuge because they are concerned about the impact of the pandemic on the economies of the most powerful countries.
However, the return was unexpected, and in the end, it plunged sharply. That left a bittersweet taste for those who believe in the values of cryptocurrencies.
Experts believe that cryptocurrency adoption has increased from $18.5 million to $2 trillion in 2017. A small amount belongs to people who bet on the image of a dog to be their symbol or characteristic.
Billy Markus introduced Dogecoin on December 6, 2013. It is a cryptocurrency named after his dog, and it can be used as an alternative to Bitcoin.
It has a market capitalization close to $20 billion and ranks tenth in value among all cryptocurrencies. Its profitability is 72,000%, but its value has fallen by 77% over the past nine months.
Unidentified individuals or organizations, known only as Ryoshi, invented Shiba Inu in August 2020 as a decentralized cryptocurrency. It bears the name of a Japanese breed of dog from the Chbu region.
It was notable when the exchange rate rose by 240% in October 2021 before dropping as low as 55% at the end of the month.
Dogecoin, Shiba Inu, and other cryptocurrency markets are great examples of market volatility because they never exceed a dollar. For instance, although Dogecoin (DOGE) is accepted by corporations such as Tesla and the NBA’s Dallas Mavericks, it has fallen to $0.15 from its May 2021 record of more than $0.74. STEPN is another good example of volatility in crypto, with many people wondering what STEPN price projections will be for the coming months.
There are currently 133 billion Dogecoins in circulation. Therefore, the token would require a 525 percent increase in its daily transaction volume to reach $1.00 per token.
Shiba Inu (SHIBA) reached a maximum value of $0.00008 per token before dropping to $0.000027. That is roughly one-third of its original value. It would take 37,000% to get one pennyworth of this coin. To get to $1, it would take another 10,000%.