PancakeSwap And Shibu Inu Are Down, But Snowfall Protocol Is Up! What’s Next?
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A new entrant is causing a lot of commotion among well-known currencies like PancakeSwap (CAKE) and Shiba Inu (SHIB).
The new cryptocurrency on the block is Snowfall Protocol (SNW). Snowfall Protocol (SNW) is proving to be a magnet for crypto investors. The current price movement of these coins has only reiterated their preference. While Pancakeswap (CAKE) and Shiba Inu (SHIB) are reeling under a bearish trend, Snowfall Protocol (SNW) is on a strong upward swing. Why is the market loving the new coin, and how has a new coin managed to fare better than two established cryptocurrencies? Let’s find out.
People Don’t Want PackcakeSwap (CAKE) As Much Anymore
PancakeSwap (CAKE) is built on the Binance smart chain (BSC) and offers DeFi services cheaper and quicker. PancakeSwap (CAKE) is essentially an exchange that allows you to swap tokens to maintain liquidity. It all sounds great, but PancakeSwap (CAKE) was one of the worst victims of the crypto crash. Within a few months of its inception, PancakeSwap (CAKE) touched it’s all-time high of $42.68. From there, it stumbled steeply to reach around $3.
When it was launched, PancakeSwap (CAKE) was a phenomenon. For that reason, its price peaked. A lot of degradation in value comes from the universal bearish markets. However, it is difficult for the coin to see its initial highs. At that time, Binance Smart Chain (BSC) saw the launch of many tokens. And users believed that all these coins could create decent hype. However, they later realized that not all Binance Smart Chain (BSC) tokens were investable. This rush of new tokens had hyped PancakeSwap (CAKE). Fast forward to today, and there are many more similar products on the Binance Smart Chain (BSC). The quality of tokens and the presence of competition together have made PancakeSwap (CAKE) lose its earlier shine.
Shiba Inu (SHIB) Has Had Its Time in The Sun
Shiba Inu (SHIB) rode the wave of meme coin popularity that came with Dogecoin (DOGE) and when Tesla’s CEO Elon Musk adopted a Shiba Inu (SHIB) puppy. There are many reasons why Shiba Inu (SHIB) has recently seen a meltdown of sorts. First, Shiba Inu (SHIB) does not introduce any new use of blockchain technology. So, Shiba Inu (SHIB) doesn’t present any use case that can showcase its value. The lack of any underlying value, makes Shiba Inu (SHIB) even more vulnerable to speculation. So, it has become too volatile to store any value.
The recent correction in Shiba Inu’s (SHIB) value comes from crypto whales cashing out their initial investment. The support from major exchanges has aggravated the issue. With retail investors buying the coin, it is easier for the whales to cash out. As whales are getting a return on their investment, it has sent Shiba Inu (SHIB) prices into a tailspin.
Snowfall Protocol (SNW) is Rising Beyond Expectations
Snowfall Protocol (SNW) has grown since its presale stage. Even during the crypto cash, the crypto held its own. Snowfall Protocol (SNW) derives its value from its use cases. The primary use case of the Snowfall blockchain is offering compatibility. It is creating a network of multiple established blockchains to make it easier for users to exchange and stay liquid.
Apart from it, crypto has been launched this year, so it’s still in the growth phase. Both institutional and retail investors are going to hold the crypto to realize gains in the long term.
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