Dogecoin & Shiba Inu Price in Danger with New Updates from Meme Coin Competitors
For a long time, it looked like 2023 was going to be the year of the meme coin. A movement toward utility meant that suddenly meem coins were looking a lot more than just a novelty as they were developing some real properties that make them of use to investors.
However, the recent market downturn has hit traditional meme coin giants Dogecoin (DOGE) and Shiba Inu (SHIB) especially hard as their prices have tanked in the last 10 days or so. Now while some of this is likely due to the market being so cold it also likely has a lot to do with the exciting presale of Love Hate Inu (LHINU) and developments with Tamadoge (TAMA).
But before we get into what is going on with them let's quickly take a look at the fate of DOGE and SHIB.
It has been a rough 2 weeks or so for Dogecoin (DOGE) and Shiba Inu (SHIB) investors as both coins have nearly taken identical price dives. As we mentioned, a portion of this can probably be attributed to the market cooling off but these two coins in particular have experienced an alarming fall in price despite seeming like there was positive growth ahead as little as 3 weeks ago.
As we headed towards Doge Day' (4/20), many were hopeful that Elon Musk would announce some sort of announcement that would boost the coin but unfortunately, the only incident that happened was the SpaceX rocket falling apart and Elon getting involved in more embarrassing Twitter controversy. This of course did not help the price of DOGE.
For Shiba Inu, the introduction of its own layer-2 network Sibarium was supposed to represent a new dawn for meme coins but things just haven't really worked out for DOGE's traditional competitor. Its price is even more dangerous looking than DOGE's as experts believe it could drop under $0 before the end of the year.
Of course, the market dip will be a factor but both DOGE and SHIB were experiencing a great 2023 and showed positive trends that would continue into Q2 and beyond so to see such a fall from grace can't just be because of macro trends.
We believe it is because of developments with Love Hate Inu and Tamadoge that are causing this fall off. Both these projects represent the new generation of meme coins and we believe investors are slowly realizing that their utility means they are the bet for the future rather than DOGE or SHIB
Love Hate Inu- Run away presale is about to surpass $6 million raisedThe Love Hate Inu (LHINU) presale doesn't seem like it will ever slow down as it raises another $1 million in under a week to close in on the $6 million mark. There is a clear indication that SHIB and DOGE holders are now abandoning ship to board the Love Hate Inu hype train.
It is Love Hate Inu's virality coupled with its utility that makes it such a force. The meme coin doubles as a vote-2-earn (V2E) platform where users will be able to vote on whether they love or hate a subject. Currently, they have examples on their site of 3 controversial celebrities who are represented by very funny angel and devil animations of themselves.
It is this utility that will help the virality too and that's what makes the project so smart. Users will have strong opinions on the polls and will likely take to social media to voice them and share screenshots of the polls, others will then visit the site see the fun interactive interface, and want to vote themselves. It is this virality potential that likely has Shina Inu and Doegcoin very nervous.
What is impressive about the Love Hate Inu white paper is their clear commitment to safety and the future. Rug pulls are a huge issue for meme coins once they are listed on CEX exchanges so to combat that 90% of the total allocation of LHINU will be sold during the presale. This also means that only users that really care about the future of the project get to make decisions on any moves.
Finally, then another update that will cause Love Hate Inu to surge past other meme coins is its stake-2-vote system. Users will have to stake for a fixed period of time before they are allowed to vote, this will make sure polls cant be manipulated but also ensure the anonymity of users that vote. That way they can express their opinions without fear of being ridiculed.
Tamadoge has been a slightly frustrating coin up until now. Its presale raised $15 million and broke all kinds of records so hopes were high when it came to its launch. Unfortunately, its CEX listings began right before the crypto winter and since then it has been quite volatile.
It is frustrating because it is clear this coin has such potential with its utility. It is always showing its willingness to grow as they are adding new and innovative P2P arcade games to its ecosystem and have plans to add augmented reality games to its library in the future.
It looks like TAMA holders are finally going to get what was expected from the start as a ByBit listing took place on the 27th of April. ByBit is the 4th largest exchange and this exposure will likely see Tamadoge's price pump as more people are introduced to what should be one of the top-ranking meme coins. It is currently ranked 6th but we expect that to change soon after the listing.
So to wrap this up, the fall of DOGE and SHIB seems to have more to do with the rise of Love Hate Inu and Tamadoge rather than just market conditions. It seems that more and more meme coin investors are realizing that new-generation coins like these two have more utility and properties and are therefore more properly prepared for the crypto market of the future.
TAMA can be bought in a buy-low spot after a recent dip and that would be advisable before the ByBit listing as it will likely take off after this. LHINU can still be bought at a presale price below the eventual listing price so this represents a tremendous bargain for a coin that will likely pump all through 2023 once launched.
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