A bear market is defined as a lengthy period of falling prices in a stock or cryptocurrency market, typically of 20% or more from a previous high. There seems to be no straightforward process for discerning or identifying a bear market, during this period of time, there are still many projects that are being built and getting prepared to be launched with better products and more upgrades.
To mention a few, DOGECOIN and SHIBA INU have proven themselves to be the top meme based cryptocurrency. In fact, with a huge community supporting both, DOGECOIN is ranked in the 10th place of the market cap and SHIBA INU is positioned in the 16th place, with a following that includes people from a very important sphere like Elon Musk and Jeff Bezos notably.
To counter the bear market plummet, both cryptocurrencies are developing new horizons to attract more buyers and to, obviously get a bigger profit when the crisis ends.
For example, in preparation for v.1.14.6, DOGECOING is planning to introduce a new set of network changes. The updates, which are scheduled for release this month, aim to make DOGECOIN more secure and user-friendly, among other things. Moreover, the developers are working especially on the security aspect and are trying to improve that feature by working on consistent updates that would guarantee the protection of the clients’ wallets. A proposal to make the DOGECOIN Core wallet more cost-effective was also included in the checklist.
This highly awaited updated is expected to happen by the end of June 2022.
Meanwhile, projects like SHIB: The Metaverse and the Shiba Inu game will add to an already vast network as the Shiba Inu ecosystem expands through its expansive SHIB roadmap. However, Shibarium will be used in several other projects that are currently in the works. Ryoshi, the founder of Shiba Inu Coin, first proposed Shibarium as a blockchain/layer-2 solution. It’s worth noting that Shibarium is not its own blockchain, nor does it imply that a Shiba Inu 2.0 token is on the way. Shiba Inu will continue to be linked to Ethereum.
Many investors became wealthy by investing in meme coins. With dozens of new memecoin projects, will another successful meme based cryptocurrency emerge?
Will there be widespread adoption and use cases? The only certainty is that meme coins are not going away anytime soon.