ApeCoin Falls To Lowest This month; Shiba Inu Plunges 8% But Snowfall Protocol Surges Dramatically
The crypto market is notorious for its volatility, and investments in digital assets can be high-risk endeavours. Still, many investors are drawn to the potential rewards of the crypto space, and tokens like Snowfall Protocol (SNW) offer an attractive proposition in today’s market. In this article, we’ll take a look at why Snowfall Protocol (SNW) is outperforming other major tokens like Shiba Inu (SHIB) and ApeCoin (APE).
The ApeCoin (APE) community was quite enthusiastic about the recent development of their staking rewards. Both the ApeCoin (APE) token and NFTs that were tied to it, saw a major surge in purchases that led to temporary price highs. The buzz surrounding ApeCoin (APE), however, quickly died down after the announcement. One of the possible reasons for the decline could be the decreasing incentives received from ApeCoin (APE) staking pools, which may be contributing to the dwindling interest in the token.
The daily price chart for ApeCoin (APE) shows that it has been steadily falling and is now close to it’s all-time low. The value of ApeCoin has dropped from $ 27.79 this year to $ 3.63, a fall of over 55%. The trade volume of the ApeCoin (APE) token also dropped by 31.18% in a single day, on December 14th. This shows that momentum for ApeCoin (APE) has been drastically decreasing, portending significant lows for the token in the future.
Shiba Inu (SHIB): Just another meme coin
After seeing significant gains since the beginning of the year, Shiba Inu (SHIB) fell in May 2022 along with other cryptocurrency markets. The current price of a Shiba Inu (SHIB) is $ 0.00000831. In the last 7 days, Shiba Inu (SHIB) has dropped by 6.58%. There are several reasons for Shiba Inu’s (SHIB) price declines.
Firstly, the value of meme coins like Shiba Inu (SHIB) rises when people show interest in the token or when public figures talk about them. However, such popularity is short-lived and dies as soon as social media stops taking an interest.
Additionally, experts agree that Shiba Inu (SHIB) was created with a large supply to keep the price per coin low in the hopes that those who are unfamiliar with cryptocurrencies will mistakenly believe that it is a great bargain compared to other tokens.
The fact that Shiba Inu (SHIB) serves no practical purpose and has no real use case has also been affecting its price lately. Any investor who has been investing in the market for a while would also be wary of Shiba Inu (SHIB) because very little is known about the company.
Snowfall Protocol (SNW) goes miles ahead of other tokens
Snowfall Protocol (SNW) is a groundbreaking cross-chain exchange ecosystem that can be utilised with both fungible and non-fungible tokens. With the use of Snowfall Protocol’s (SNW) decentralised application (dApp), users can move assets between the most widely used blockchains.
When the decentralised application for Snowfall Protocol (SNW) is released in January 2023, users will be able to freely move fungible and non-fungible assets between EVM-compatible and non-EMV-compatible networks like Ethereum and Bitcoin. Snowfall Protocol’s (SNW) decentralised application was created with security, interoperability, and ease of use in mind, which is causing it to gain major traction.
More than half of Snowfall Protocol (SNW) tokens have been purchased during the final presale session and its prices have gone up by 400% in the last two months. Currently, Snowfall Protocol (SNW) is trading for $ 0.14 and is soon expected to rise to $ 0.24 by the end of this presale. Over 200 million tokens have been sold so far, making Snowfall Protocol (SNW) a market favourite.
|Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.|
Coinpedia Fintech News