Report

The Dogecoin Effect: How it can impact Caged Beasts and Shiba Inu

By Guest Writer • Published: 09 Jun 2023 • 11:00

Even though Dogecoin (DOGE) has taken quite a beating over the past several weeks, the case for a bull run for the cryptocurrency is still extremely strong.

According to several experts, wealthy investors, or “whales,” who are acquiring the meme coin are currently driving up demand for Dogecoin.

Will DOGE’s rise have the same impact on the meme coins as Bitcoin (BTC) has on the entire crypto market? Many analysts believe so, which is great news for Shiba Inu (SHIB) and new meme coin on the block, Caged Beasts (BEASTS).

Dogecoin – The OG Meme Coin

Dogecoin, the original meme coin, gained popularity as an internet joke but evolved into a serious contender in the cryptocurrency market. Its rise to fame, fuelled by memes and a charismatic Shiba Inu dog, also led to the advent of other meme coins.

It has been a tough few months for the meme coin, but the latest movements have proven bullish, igniting optimism that the upward trend is here to stay. The coin, however, isn’t out of the market yet.

Investors have accused Tesla CEO and the second-richest man in the world, Elon Musk, of purposely inflating Dogecoin’s price by more than 36,000% over the course of two years before allowing it to plummet causing many to lose billions.

Elon Musk has had a huge impact on the coin’s success story so it is interesting to see what will come out of this situation and how it will affect DOGE’s standing and by extension, the wider meme coin market.

Shiba Inu – A Rising Star

Shiba Inu, inspired by the same breed as Dogecoin’s mascot, has gained considerable attention in the cryptocurrency community. Often dubbed the “Dogecoin killer,” Shiba Inu aims to build a decentralized ecosystem and create a vibrant community of token holders. With its low supply and innovative tokenomics, Shiba Inu has caught the interest of investors looking for the next big thing.

SHIB has piggybacked on the popularity of Dogecoin’s Shiba Inu mascot, leveraging the existing fascination with this adorable breed. This often spills into following DOGE’s price increase which investors hope will be the case again this time.

Still, due to the hype around it, the coin has become a subculture of its own, creating a sense of excitement and unity among crypto enthusiasts.

Caged Beasts – Unlocking a New World

Caged Beasts, a newcomer to the meme coin scene, introduces a captivating concept that combines blockchain technology with a touch of imagination. Created by Rabbit 4001, these beasts aim to reclaim control of the world from humans. With each presale stage, a new beast is released, engaging the growing community and captivating investors’ interest.

The concept of Caged Beasts resonates with the current fascination for fictional creatures and fantastical worlds. Think of the recent surge in popularity for mythical creatures like dragons, unicorns, and other magical beings as evidenced in folkloric franchises such as Game of Thrones and Lord of The Rings. Caged Beasts taps into this trend by allowing investors to witness the growth and development of these virtual creatures, from adorable babies to fully grown beasts.

With DOGE turning green on the chart, BEASTS could potentially be more attractive to investors looking for hidden gems that are yet to launch.

The upturn in Dogecoin can have a positive influence on other meme coins like Caged Beasts and Shiba Inu. For one, Dogecoin’s success has shown the power of meme coins to combine cryptocurrencies with elements of pop culture, making them more relatable and engaging to a wider audience.

This is something Caged Beasts in particular seeks to replicate, with the added bonus of mass destruction of the current financial system.

Caged Beasts

Website: https://cagedbeasts.com

Twitter: https://twitter.com/CAGED_BEASTS

Telegram: https://t.me/CAGEDBEASTS