Going into 2023, folks involved with Crypto are wondering if it’s going to get any better.
I have only one key thought about this – based on the following data:
- Dogecoin has a 9 BILLION dollar market cap
- SHIBA has a market cap over 4.5 BILLION USD
Keep in mind that right now, there are no practical uses for these instruments. They are purely speculative in nature.
Compare that to SOLANA which has a 5 Billion USD market cap and has tons of real-world, practical uses with an increasing developer and application base.
The fact that DOGE is worth almost twice that of SOLANA tells me that there is still some froth out there.
Until these speculative coins come back down to earth, I think CRYPTO will continue to be under pressure. DOGE especially. At least SHIBA has articulated some plans that might make it worth something in the future but DOGE has no practical use.
That doesn’t mean there wouldn’t be some spectacular rallies – that’s normal for bear markets. But I can’t see a real bottom until instruments like these really collapse into their true worth.