In this article the author Analytics Insight discusses why they think Shiba Inu, Safemoon, and EverGrow are the trending digital currencies of this week.
The popularity of meme currencies, NFTs, and Alt-coins soared in 2021, reaching an all-time high. Entrepreneurs like Elon Musk regularly endorsing meme coins like Shiba Inu and Dogecoin, which even outperformed Bitcoin. As the world was occupied once again with coping with the COVID-19 pandemic, currencies such as Shiba Inu, Safemoon, and EGC enjoyed remarkable success.
Here’s a look at the trending currencies this week:
Shiba Inu (Shiba): Coinmarketcap, a crypto analytics website, reported Shiba Inu as the most viewed currency. According to Coingecko, The “Dogecoin Killer” has gained almost 40 million percent this year but was down 14% over the last 2 weeks, mainly due to the recent drop in Bitcoin prices. In October, Shiba Inu rose to an all-time high of $40 billion market capitalisation with a trading price of $0.00008516. Shiba Inu recently made major announcements about the ongoing development of the layer-2 blockchain project Shibarium.
EverGrow (EGC): Launched in September end of this year, The crypto has already broken many records. Evergrow has become one of the fastest-growing projects on BSC and has accrued over 120K token holders. Its contract distributes 8% rewards in BUSD among its holders and has already distributed over 31 million worth BUSD in rewards. Acccording to Coingecko, The crypto has gained over 75% in the last seven days and was trading at $0.00000111. The significant rise in EGC price is due to the upcoming launch of its utilities scheduled for Q1 this year. EGC utility Ecosystem includes Crator- Content subscription platforms like Onlyfans and Patreon, NFT lending Platform and Marketplace, and Play-to-Earn games.
Safemoon (SFM): According to Coingecko, Safemoon was up over 60% in the last 14 days. Launched back in March 2021, safemoon achieved a market capitalisation of over $5 Billion and accrued over 1 million wallet holders in record time by Aprile 2021. However, at the time of writing Safemoon market capitalisation had dropped significantly was sitting over $1.5 Billion. The recent price drop has been attributed to its lack of tangible utility in justifying its once hefty valuation.
Safemoon is due to launch its mysterious ‘Project Phoenix,’ about which the team hasn’t revealed much, along with its own ‘game-changing’ exchange and blockchain. Safemoon certainly has a supportive community, and the recent gains in price might be one of the reasons Safemoon is among the trending currencies of this week.