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Shiba Inu (SHIB) and Avalanche (AVAX) have had their time in the sun. However, the crypto market has not been kind to Shiba Inu and Avalanche (AVAX) recently.
The declining interest in both currencies is evident from the dropping daily trading volumes of Shiba Inu (SHIB) and Avalanche (AVAX). On the other hand, investor interest in Snowfall Protocol (SNW) is at an all-time high and growing as the project marches toward the January 2023 launch. Let’s see how and why Snowfall Protocol (SNW) is outshining currencies like Shiba Inu (SHIB) and Avalanche.
Shiba Inu (SHIB)
Shiba Inu (SHIB) was supposed to be the next big meme coin in the market. However, the crypto market does not share a great history with meme coins. Their popularity explodes while the meme is viral and then drops dramatically. Shiba Inu (SHIB) is unsurprisingly tracing the path of its predecessors like Dogecoin.
Given that Shiba Inu (SHIB) does not offer any compelling use case, it was only a matter of time before the coin dropped in value. It is risky to invest in a currency that skyrocketed merely because Elon Musk adopted a Shiba Inu (SHIB) pup. In recent months, Shiba Inu (SHIB) has tried to distance itself from the ‘meme coin’ branding. However, without any discernible use case, Shiba Inu (SHIB) is finding it hard to keep investors interested.
From its highs, Avalanche (AVAX) has dropped in value by 90% this year. Avalanche (AVAX) does gain positive momentum every now and then, but every time it does, it falls to new lows. While the price drops could be attributed to the crypto market crash, at least in part, Avalanche (AVAX) has not been able to rebound with the market. The USP of Avalanche (AVAX) was beating the high cost and slow speed of the Ethereum blockchain transactions. With Ethereum’s updates improving its transaction speeds at lower cost, the USP of Avalanche (AVAX) has gone for a toss.
The lack of a marketable use case is the reason for the loss of interest of investors in Avalanche (AVAX). The continuous influx of new cryptocurrencies in the market, like Snowfall Protocol (SNW), has also led to the downfall of Avalanche (AVAX).
Snowfall Protocol (SNW) has attained celebrity status over the past few months thanks to its successful presale session. Snowfall Protocol (SNW) offers its users cross-chain linking. It allows its users to hold and transfer crypto assets across blockchains easily. It has also created a dApp prototype for the blockchain.
Snowfall Protocol (SNW) saw an intense stage 2 sale. Stage 2 had to be concluded a day early because all the Snowfall Protocol (SNW) tokens sold out. Stage 3 of the sale is now live. Snowfall Protocol (SNW) is already selling at a premium of 250% over its Stage 2 prices.
The interest in Snowfall Protocol (SNW) is high. It is being touted as one of the biggest gainers of 2023. In fact, it is expected to grow more than 1,000% in the coming months. Snowfall Protocol (SNW) users have already started earning from staking opportunities.