The meme coin craze ends as bears take over the major meme coins. This session registered massive declines in the price performances of major meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB).
While Dogecoin (DOGE) sails through bearish waters, Shiba Inu (SHIB) also struggles with its price despite recent updates. Analysts suggest that the dying meme coin craze can be attributed to the market frenzy caused by the launch of DTX’s testnet!
DTX Exchange has emerged as an invincible force in the DeFi space due to its testnet update. Investors are seen rushing towards the DTX token following the announcement.
Dogecoin (DOGE) Under Selling Frenzy
Dogecoin (DOGE) is struggling with its price in the current session as the meme coin registers a massive decline of 22% in the 24-hour trading volume within a day. The decrease in trading volume is a testament to the fading investors’ confidence in the future trajectory of Dogecoin (DOGE).
The intra-day charts also reveal a decrease of about 2.75% in the Dogecoin (DOGE) price, which is seen trading at $0.1073. The market cap has also decreased visibly by 2.74% reaching $15.6 Billion. The constant dominance of a red candle on the Dogecoin (DOGE) daily chart shows that the meme coin is trending down with the persistence of a pessimistic market sentiment.
Shiba Inu (SHIB) Struggles Despite An Anticipated DAO Launch
Trying to compete with the emerging disruptive forces of the DeFi space, Shiba Inu (SHIB), the most popular meme coin after Dogecoin (DOGE), is preparing to launch a DAO that gives voting rights to all SHIB holders.
The team’s pseudonymous marketing lead, Lucie X, shared on her account that the DAO will allow Shiba Inu (SHIB) holders to vote on future projects and influence the direction of the Shiba Inu (SHIB) ecosystem, regardless of the size of their stake.
This transition is aimed to empower every holder, regardless of the size of their stake, to have a say in the direction of the community. While the DAO has not yet been fully implemented, its introduction is set to mark a significant milestone by giving Shibizens greater control over decisions that impact the ecosystem.
However, despite this news, Shiba Inu (SHIB) is faced with turbulence in the market. The meme coin is down by 11% on the monthly charts and 2.69% on the daily charts. The trading volume of Shiba Inu (SHIB) is also down by 34% suggesting a pessimistic market sentiment for the meme coin.
DTX Exchange (DTX) Becomes August’s Best Presale Following DTX Testnet!
The extensive investing platform DTX Exchange provides users access to various financial products. It is a one-stop shop with over 120,000 financial assets, including stocks, forex, cryptocurrencies, and more! DTX is renowned for offering smooth investing experiences. Recently, the beginning of testnet on DTX has taken the bull market by storm.
The platform is not only making news due to its unrivalled trading mode but is also becoming a global sensation coming parallel to the crypto giants following the launch of the DTX testnet. The users can now get information about the latest upgrades and new features without risking the main crypto.
Launch of parallel blockchain to experiment, identify bugs, and ensure the smooth functioning of DTX code before deploying it on the actual blockchain has made DTX one of a kind! Analysts say that the testnet has made DTX a huge competitor to the Solana blockchain, thereby changing the league of the emerging platform.
Along with the testnet, the zero-commission policy, quick withdrawals, and quick trade execution of DTX Exchange attest to its reputation for taking a community-centric approach. The hybrid trading model is a perfect blend of the best features of CEX and DCEX.
The trading platform’s easy onboarding process has also added to the rising popularity of the DTX token. Investors only have to sign in or connect their wallet followed by depositing funds. This simple process makes the investors a part of the DTX community.
The native token DTX has caused an avalanche among traders, grabbing seasonal and institutional investors at a low-cap investment of $0.04. The platform has raised a massive amount of $1.6 Million at such an initial stage i.e. presale stage 2.
Key Takeaways
As the established meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) navigate through turbulent waters, DTX Exchange navigates smoothly due to its testnet announcement. The investor’s magnet has gained immense support and continues to soar unparalleled in the DeFi space.
Learn more:
Buy Presale
Visit DTX Website
Join The DTX Community
The post Memecoin Excitement Fades as DOGE and SHIB Rally Ends; Capital Pours Into This $1.6M Exchange Presale appeared first on Blockonomi.