Many new cryptocurrency investors are flocking to meme coins as their first choice. Especially cryptocurrencies like DOGE and Shiba Inu play a significant role in attracting investors to this field. The reason behind this interest is the parabolic rallies that increase investors’ risk appetite.
In conversations among investors, you may hear that many people are stepping into this field due to the significant gains in meme coins. Meme coins encourage the use of cryptocurrencies with their abnormal growth and prices during bull seasons.
I remember the days when Shiba Coin removed four zeros in a short period in mid-2021. Everyone was talking about Shiba Coin, and its price went from 9-10 zeros to 4 zeros with its listing on Binance. It had already shed many zeros before being listed.
After making substantial profits, investors turned to different meme coins and suffered more than 99% losses from most of them. While Shiba Coin was removing zeros, there were promising altcoins, but none of them are currently traded on major exchanges. This situation exposes the high risk in the meme coin field.
I have been criticizing Shiba Coin’s layer 2 solution for a long time, and I cannot say that it has been successful in attracting new users. However, there is an interesting increase in daily transactions, and if this continues, it may have an effect on the price. In Shibarium, 43,690 transactions were made in the last 24 hours. This figure represents an increase of more than 50% compared to the previous day.
Although Shibarium has opened its limit to four million transactions, most of these transactions come from the initial period. Attracting only 23 new users yesterday does not signal stable growth. While an increase in interest from existing users is positive, Shibarium needs significant protocols to attract and bring in external investors.