Some meme tokens are in their infancy and yet to showcase their viability as lucrative investments.
The extended cryptocurrency winter has triggered a notable effect on the marketplace. The over 21,600 digital coins have seen their value plummet beneath $1 trillion (Coinmarketcap data). That represents a massive draw down from the nearly $3 trillion valuation in November 2021, 2nd week. We may blame multiple virtual currency initiatives that have failed to satisfy expectations.
Though cryptocurrencies such as meme tokens remain in their infancy stages with continued developments, some projects are yet to confirm their status from an investment standpoint. Here are some meme tokens that could struggle to generate lucrative ROI.
Samusky (SAMA)
This project presented red flags. While publishing this post, SMA traded at $0.00005878, reflecting a staggering 94.02% decline in YTD. The meme token has declined by 51.29% within the previous 30 days. SAMA’s trading volume remains low, wavering near $200 over the past month.
Also, it lacked a massive Twitter following and recent activities, posting the last tweet for its 11.6K followers on 30 August. Coinmarketcap shows the token attained listing on two exchanges – Jupiter and Raydium. Wallet Investor’s AI crypto analyst stated that SAMU exhibits a negative bias and will likely adhere to a pessimistic trend in the coming times.
Boss Token (BOSS)
BOSS is among the watch-from-far meme tokens. The alt has dropped more than 21% over the past month to change hands at $0.000000004144. Boss Token has remained around its offering costs since its launch.
Moreover, the project lacks a massive community, with only 7K Twitter followers. Coinmarketcap indicates that only two exchanges listed BOSS. Meantime, the meme coin retains a pessimistic outlook. And downsides seem inevitable.
Buff DogeCoin (DOGECOIN)
Buff DogeCoin has declined by 93.98% to trade at $0.000000001219. The alternative token has seen gradual dips since the 2021 bull run FOMO surge. Meanwhile, the previous 12 months have recorded price cuts.
The alt resorted to massive dips without proving its worth from the investment viewpoint. Also, it lacks a vast community that could rescue it from its current slumps. DOGECOIN retains a downward trajectory, flashing further downsides.
Pig Finance (PIG)
PIG has witnessed downside trends over the past year, dropping approximately 73%. While publishing this content, it changes hands at $0.0001285. It boasts massive red flags. For instance, it lacks popularity and an impressive following. PIG will likely endure bearishness in the upcoming times.
Meme coins have flourished during bull markets. Meanwhile, they seem to suffer the most amid downside trends as they lack intrinsic value. Some of these projects rely on their community and hype to soar. A lack of a massive following means a struggle for themed digital assets.
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