Slow Movement Of Memecoins Shiba Inu (SHIB) And Dogecoin (DOGE) Worry Investors, Most Fly Towards This Defi Token

Meme coins were one of the most profitable crypto investments during the 2021 bull run. Shiba Inu (SHIB) and Dogecoin (DOGE) led the surge with returns of more than 50,000% and 10,000%, respectively. Two years later, the two meme coins have lost a significant share of their gains. Both are trading more than 85% below their all-time highs. As a result, investors are now moving their funds to more promising projects. RenQ Finance (RENQ) has emerged as one of the most promising alternatives to Shiba Inu (SHIB) and Dogecoin (DOGE), mainly due to its unique value proposition and huge potential for profits.

RenQ Finance (RENQ) is an Ethereum-based multi-chain non-custodial decentralized exchange that aims to disrupt decentralized trading by offering users a direct trading option via its wallet app. The platform offers consumers a variety of DeFi goods in one place, including a multi-chain DEX, lending and borrowing money markets, and cross-chain asset exchange networks. It is a community-driven decentralized finance (DeFi) platform that aims to be a one-stop shop for all traders. 

Dogecoin (DOGE) Pump-and-dump Schemes

Dogecoin (DOGE) was created in 2013 by Billy Marker and Jackson Palmer. It originated as part of a joke based on a meme featuring the Japanese dog breed, Shiba Inu. Dogecoin (DOGE) steadily gained popularity and a large following including influential figures like multi billionaire entrepreneur Elon Musk.

While support from influential figures may be beneficial to the price of a crypto, it has proven to be a problem for Dogecoin (DOGE) due to pump-and-dump schemes. This occurs when a large number of tokens are purchased by a group of people, pumping the price of the asset. When the token’s value exceeds what it was purchased for, they release the assets to other buyers taking huge profits. Dogecoin’s lack of real utility and association with meme culture has left it vulnerable to these schemes. Realizing this, investors have largely dumped Dogecoin, causing its value to fall 89.14% from its all-time high at the time of publication.

Shiba Inu (SHIB) and its Struggle for Utility

Shiba Inu (SHIB) is a dog-themed meme coin that was launched in 2020 by Ryoshi, an anonymous developer or group of developers. Shiba Inu (SHIB) gained up to 50,000% during the 2021 meme coin craze before experiencing an 88% market drop to its current price.

Since 2021, the Shiba Inu (SHIB) team has been releasing DeFi products aimed at bringing utility to the SHIB ecosystem and saving the drowning token. These include the Shibaswap DEX, Shiboshi NFTs, and most recently, Shibarium, a layer-2 scaling solution. All of this to change Shiba Inu’s image from a meme currency to a true value crypto. While this is admirable, many crypto investors still regard Shiba Inu (SHIB) as nothing more than a meme coin, which has stifled its growth. Furthermore, these products face stiff competition from more developed ecosystems, such as Polygon, which already has a large user base.

RenQ Finance (RENQ) Attracts DOGE and SHIB Holders

With Dogecoin (DOGE) and Shiba Inu (SHIB) trading in a downturn and trading far below their all-time highs, holders are looking for better investment opportunities like RenQ Finance (RENQ). This new market entrant has steadily increased its price over the last two months, more than doubling. Furthermore, its nearly complete presale campaign has dominated, raising more than $15 million. Furthermore, the DeFi star has amassed a large following on its Telegram and Twitter social media accounts. All of these are indicative of RenQ’s early market success, which is projected to continue. 

RenQ Finance (RENQ) aims to disrupt the trading scene by providing DeFi users with a comprehensive solution that combines the advantages of a centralized exchange with those of a fully decentralized environment. RenQ Finance (RENQ) combines on-chain and off-chain technologies to provide users with institutional-grade liquidity and slippage-free trading. This in turn allows them the benefits of a centralized exchange while retaining control over their assets.

RenQ Finance (RENQ) also has a multi-chain framework that allows for interoperability with other blockchain networks. This allows users access to a wide range of financial goods, allowing them to diversify their portfolios and increase their profit-making potential. The platform obtains liquidity from a range of exchanges and spreads a single trading transaction across various DEXs to acquire the most competitive prices. It also offers financial services such as trading, lending, and borrowing.

 RenQ Finance is built on the Ethereum blockchain and leverages the network’s security to provide users with secure, fast, and cheap DeFi services.

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