Meme Coin Promoting: Why Shiba Inu, Dogecoin, and The Sandbox Are No Longer Obtainable As we speak – The Motley Idiot

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What happened

Today, a number of speculative meme tokens are experiencing increased selling pressure. Popular dog-inspired cryptocurrencies Shiba Inu (CRYPTO: SHIB) and Dogecoin (CRYPTO: DOGE) declined 6.8% and 4.4%, respectively, for the last 24 hours at 12:30 PM ET. Other high momentum tokens like Metaverse crypto The sandpit (CRYPTO: SAND) were not spared, with that token declining 3.1% today over the same period.

A number of catalysts appear to be behind this meme token decline today. For one, Senator Joe Manchin’s rebuttal of President Joe Biden’s Build Back Better plan cut risk-weighted assets today. Stocks, crypto, and commodities have all been hammered on this news. Ongoing concerns about the Omicron variant are making investors nervous. And there remains a growing number of investors unsure whether inflation and the US Federal Reserve’s announced tightening of risky monetary policy will turn out to be bullish or bearish.

Shiba Inu dog in the field.

Image source: Getty Images.

so what

There really is some macroeconomic data that investors are grappling with right now. These headwinds mentioned above certainly offer a rather unflattering short-term outlook for high-risk, high-trending asset classes. With digital currencies, and especially meme tokens, it can be argued that capital outflows from riskier assets could cause serious volatility for the markets.

Dog-themed tokens like Shiba Inu and Dogecoin have gained interest among investors as speculative momentum wagers during this cheap-money-powered rally on some of the riskiest assets. As this trade expires, concerns remain about how much capital will flow out of such assets and into which sectors.

For metaverse-themed cryptocurrencies like The Sandbox, there may be a stronger bull case that can be hired for such tokens. However, the ratings of these tokens continue to be debated among investors, many of whom are skeptical of how quickly these tokens have been upgraded in such a short period of time.

What now

It’s really hard to predict where high-risk, high-yielding assets, especially meme tokens, will go from here. On the one hand, there is still an enormous surplus of capital in the markets that will be in search of a home. On the other hand, it seems pretty clear that investors are currently looking to reduce the risk of their portfolios. For meme tokens, this environment could get rocky in the short term.

For those looking to be aggressive in this downturn, it is important to do so in a prudent manner by ensuring the correct position size and portfolio allocation to risk assets. For most others, watching from the sidelines may be the best course of action.

That said, there is likely to be a lot more excitement going on, so get the popcorn ready.

This article represents the opinion of the author who may disagree with the “official” referral position of a premium advisory service from the Motley Fool. We are colorful! Questioning an investment thesis – even one of our own – helps us all reflect critically about investing and make decisions that will help us get smarter, happier, and richer.


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