That said, the valuations of these tokens continues to be debated among investors, many of whom are skeptical about how quickly these tokens have appreciated in such short order.
As this trade winds down, concerns around how much capital will flow out of such assets, and to which sectors, remain.įor metaverse-themed cryptocurrencies such as The Sandbox, there's perhaps a stronger bull case that can be made for such tokens. For digital currencies, and meme tokens in particular, one may argue that capital outflows from riskier assets could provide some serious volatility for markets.ĭog-themed tokens such as Shiba Inu and Dogecoin have surged in interest among investors as speculative momentum bets during this cheap money-fueled rally in some of the riskiest assets. These aforementioned headwinds certainly present a rather unflattering near-term outlook for high-risk, high-upside asset classes. There's really quite a bit of macroeconomic data investors are forced to grapple with right now. And there remains a growing number of investors who are unsure as to whether inflation, and the monetary tightening that appears underway from the Federal Reserve, will prove to be bullish or bearish for risk assets. Continued concern around the omicron variant has investors on edge. Stocks, crypto, and commodities all got hammered on this news.
Joe Manchin's rebuttal of President Joe Biden's Build Back Better plan has sent risk assets lower today. Other high-momentum tokens such as metaverse crypto The Sandbox ( CRYPTO:SAND) haven't been spared, with this token declining 3.1% over the same time frame today.Ī string of catalysts appear to be behind this meme token decline today. Popular dog-inspired cryptocurrencies Shiba Inu ( CRYPTO:SHIB) and Dogecoin ( CRYPTO:DOGE) have declined 6.8% and 4.4%, respectively, over the past 24 hours as of 12:30 p.m.
I had a wonderful post planned for D-Day thanks to the generosity of a reader who sent me a wonderful poster that was distributed to newspapers. Today, a range of more speculative meme tokens are seeing increased selling pressure. The 69th Anniversary of the D-Day landings and invasion on Normandy Beach in France, a operation that turned the tide of the entire war, has come and gone.
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