The Ultimate Guide To The Top 3 Cryptocurrencies: What Makes Them a Success?

Between midnight on Jan. 1 and striking its all-time intraday high on Oct. 27, SHIB tokens rallied more than 121,000,000%. Gains of this magnitude are unusual in under 10 months and might have made crypto investors millionaires from simple pocket change. The rally in Shiba Inu has begun the back of numerous drivers.

Considering that Shiba Inu is one of the most-searched coins, FOMO has played a specifically essential function in pushing its market price higher. Unfortunately, even the most concrete of these drivers doesn't change the fact that Shiba Inu is rife with defects: Shiba Inu's real-world utility is almost nonexistent. Only 369 merchants around the world accept SHIB as payment.

It uses no competitive edge. As an ERC-20 token built on the blockchain, Shiba Inu is exposed to possibly high transaction costs and possible processing lag. However it's history that provides the greatest factor to avoid Shiba Inu like the plague. When I took a look at the performance of a handful of high-flying payment coins that acquired anywhere from 24,000% to 461,000% in a fairly brief time frame, I found all of them lost 93% to 99% of their value in the subsequent 12 to 26 months following their peaks.

Image source: Getty Images. Dogelon Mars Another digital currency to avoid like the plague in December is the hyped-up (CRYPTO: ELON) (noticable "Dog-a-lon"). If you have not become aware of Dogelon Mars before, do not feel bad. As just recently as the start of September, the cryptocurrency relatively called after CEO Elon Musk had a $26 million market cap and was trading for about $0.

However by Oct. 30, Dogelon Mars had actually soared to a peak of $1. 43 billion in market worth. The bulk of this surge can be traced to 2 brand-new listing statements on Oct. 29. That's when OKEx and Crypto. com listed the rapidly rising ELON for trade. In theory, the more crypto exchanges that note ELON, the much better the liquidity of the coin and the quicker the neighborhood will grow. https://hi.switchy.io/8F8Y