When Elon Musk began tweeting about Dogecoin, its price and adoption increased exponentially. In no time, other similar cryptos were developed and Shiba Inu is a good example. However, it seems the project’s success has stalled with investors eyeing alternatives like Pikamoon.
Introduction
The rise of Shiba Inu is one that needs to be studied as the crypto is currently among the top 20 cryptos in the world. The meme coin was launched in 2020 inspired by the Dogecoin as it’s also known as the Bitcoin killer.
In the beginning, Shiba Inu was relatively unknown, and its value was extremely low. However, the ERC20 token gained widespread attention in 2021, when Tesla’s CEO and the world’s richest man Elon Musk made several tweets about Dogecoin and several other meme coins, including Shib. Without fail, there was a surge of interest in the token and its value skyrocketed.
Consequently, early investors that bought Shib at a low price made a killing with some people gaining as much as 1000x on their initial investment. To put this in perspective, an investor that bought Shib at its launch price of $0.00000001 would have 200,000% ROI if they’re still holding today.
That’s an insane return on investment. In truth, these kinds of ROIs have been commonplace in the crypto market but mostly for patient and early bird investors.
When it comes to mainstream acceptance, the Shiba Inu project is still relatively new and hasn’t achieved widespread adoption as other cryptos. However, Shiba Inu has a large and cult-like following on social media like Reddit and Twitter. In addition, several exchanges are also trading the Shiba Inu tokens.
However, things have seemed to stall with the project with newer investors not getting the required returns they hoped to achieve like they did in the beginning.
Generally, the Shiba Inu’s launch and the subsequent speculation and hype around the project show the power of online communities and social media in driving the value of crypto projects.
Just like we stated earlier, the first round of investors in Shiba made significant profits, but now the landscape is beginning to change. Crypto whales are changing course and abandoning meme tokens for more secure projects in the GameFi sector like Pikamoon.
Before we proceed, let’s take a quick look at GameFi and how the Pikamoon project is getting the attention of everyone in the industry.
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What is GameFi and why is Pikamoon attracting Crypto Whales?
GameFi (also known as “Game Finance”) is a new sector in the crypto industry that combines elements of decentralised finance (DeFi) and gaming. GameFi tokens are crypto that are used on blockchain-based gaming platforms to incentivize participation, allow in-game purchases, and offer rewards to the players.
GameFi tokens are like other cryptos as they’re decentralised and are built on the blockchain. However, their use cases make them more unique. They facilitate and support gaming activities instead of being used for financial transactions and speculations.
With this in mind, you can see why Pikamoon has been on the watchlist of many. As you can imagine, with the news that they’ve launched their presale, early bird investors are poised to make a 300% return on their initial investment.
This means, by the time the ICO is launched, investors are in to make a killing. This is reminiscent of the crazy gains investors made in the early days of Shiba Inu. It’s no surprising that crypto whales are beginning to accumulate as much Pikamoon tokens ($Pika) as possible.
What’s more, since it’ll be the in-game token for the highly anticipated Pikamoon adventure that means there’s a ready market for the crypto with its highly valuable use case. To put this in perspective, there’s news that Pikamoon is set to dislodge more established projects like Sandbox and Axie Infinity.
The launch of GameFi tokens has had a significant impact on the crypto industry. It has brought a new set of users to the crypto world, including gamers who may not have been interested in traditional cryptocurrencies before. By integrating gaming and financial incentives, GameFi tokens have the potential to create new use cases for cryptocurrencies and increase adoption.
Don’t read about investors that invested wisely by being early birds, be an early bird yourself and buy the token!
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