MEME Coin With 'No Utility, No Roadmap, No Promises' Steals Spotlights From Dogecoin, Shiba Inu — Skyrockets With 50% Gains
Portfolio Pulse from Mehab Qureshi
The meme cryptocurrency MEME has seen a 50% increase in value, outperforming Dogecoin (DOGE) and Shiba Inu (SHIB), which fell by 2-4%. MEME's market cap rose to $288 million, and its trading volume surged by over 780%. Despite having no utility or roadmap, MEME's success is partly due to its association with the Memeland Group and 9GAG. The token is not intended for use as a payment method, and its white paper includes a disclaimer to this effect.
November 14, 2023 | 5:30 am
News sentiment analysis
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NEGATIVE IMPACT
Dogecoin (DOGE) experienced a 2-4% decline in value while MEME coin surged by 50%. The negative performance contrast could lead to short-term bearish sentiment among investors.
The rise of MEME coin and its association with popular platforms like 9GAG could divert attention and investment away from Dogecoin, potentially causing a short-term decrease in DOGE's price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Shiba Inu (SHIB) saw a decline of 2-4% in value concurrently with MEME's 50% gain. This could negatively impact SHIB's price in the short term as investor focus shifts to MEME.
MEME's significant gains and its partnership with Memeland Group could attract investors away from Shiba Inu, potentially leading to a short-term decline in SHIB's price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70