Dogecoin (DOGE), Shiba Inu (SHIB) or Evergrow (EGC)- Best Top Crypto to Invest for 2022?
by Analytics Insight
January 20, 2022
Moving from crypto, investors are more whipped about memecoins recently
Despite Elon Musk’s best efforts, including announcing you can now buy Tesla merchandise with Dogecoin, Dogecoin is down around 80% from recent highs.
Tesla merch buyable with Dogecoin
— Elon Musk (@elonmusk) January 14, 2022
Is Dogecoin still a good buy? We cannot talk about Dogecoin without talking about Elon Musk. Elon Musk is the only reason Dogecoin has any value. Beyond the hype caused by Elon’s Doge coin tweets, Elon is also working with the Doge coin developers in an attempt to create some kind of fundamental value for Dogecoin. To make transactions quicker and cheaper.
Dogecoin has a market cap of $22 billion dollars, yet in the real world, the most useful thing it can do is buy a Tesla Mug from the Tesla merchandise shop. The fundamental flaw with the Dogecoin contract is that the supply is unlimited. If this wasn’t the case then with Elon’s help, Dogecoin could possibly even rival Bitcoin, but you cannot go back and undo a contract once it is deployed, and this could ultimately seal the long-term fate of Dogecoin.
With a project valued at $22 billion that is fundamentally flawed, how can investors identify true value? Many good projects were launched in 2021 that attempt to redefine crypto and fight directly against the meme-coin culture.
One good example is EverGrow. Launched just 4 months ago, the project, led by a team of experienced blockchain, marketing and finance professionals, is the antithesis of projects like Dogecoin. The focus is 100% on fundamental value. EverGrow itself has paid nearly $33 million dollars in passive income to its holders inside 16 weeks – it’s hard to deny that is real value.
Beyond that, they will be releasing the world’s first Crypto friendly social media and content creation platform, Crator, something Chairman Sam Kelly leaked video of in a recent tweet:
Just a little #Crator update. Devs actually working on the UI/bugs whilst I was logged in, so beta improvements being made, then we can move to next phase of beta testing. First time in history a community has been able to watch a platform being built, tweaked, improved etc. pic.twitter.com/wLDowCIOKq
— EverGrowSam (@EverGrowSam) January 19, 2022
They will also move into the metaverse this year, with Crator combining with their NFT marketplace into a virtual world for shopping, socializing, and rubbing shoulders with celebrities.
It’s difficult to rationalize that Dogecoin is worth nearly 50 times that of EverGrow Coin, and we expect the markets to correct that over the coming months.
Shiba Inu is a very similar example to Dogecoin. A project launched with the sole purpose of gaining Elon Musk’s attention, yet somehow sitting at a $16 billion valuation. So far, Shiba Inu hasn’t created any kind of fundamental value, yet they sit at 40 times the value of projects like EverGrow.
So why is Shiba Inu’s price so high and can it be justified? The simple reason is 2021 was the year of the meme coin, the year of hype. The year of people buying crypto not for fundamental value, but because they believed it would go up in value 100x and they could then pass it on to the next ‘investor’ before it fell.
The reason these meme-coins are down too much is that the tides are shifting. Projects like EverGrow are slowly but steadily gaining traction, gaining holders, and becoming better known. This organic growth is much healthier and more akin to traditional investing, but still with the potential upsides of a crypto investment.
2022 will be the year of fundamental value, whilst investors turn their backs on the hype of meme-coins and seek out real value
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