The failure of FTX in the fourth quarter of the year sent so many ripples across the cryptocurrency market, which ultimately resulted in a significant decrease in the value of crypto assets. Because of the FTX-induced downturn, the market closed lower than it did in May or June, which was the bottom of the year. Meme currencies such as Tora Inu that came after Dogecoin and were intended to capitalize on its popularity, such as Shiba Inu, Dogelon Mars, SafeMoon, and ApeCoin, have likewise been unable to withstand the bear market.
Bitcoin, which was selling for more over $22,000 at the time, fell to roughly $15,000 per unit in less than seven trading days. Because of how serious the crisis was, Solana’s market, which has close relations with FTX, saw a significant decline as well.
Gains Are Being Led by Polygon and Ethereum
Despite the community’s expectations that Ethereum would become a bullish cryptocurrency as it transitions to Proof of Stake (PoS), Ethereum has not yet managed to persuade a significant number of traders.
The tale of the FTX market occurred just as Ethereum’s market was poised to make some considerable headway toward growth. However, current projections indicate that Ethereum may be entering a strong bullish period when the new market season begins. This is contrary to what was previously thought.
In 2018, only a few years after it was first introduced, Ethereum was having trouble competing successfully in the market. Many crypto pundits thought at the moment that it had already died before it even arrived. Surprisingly, Ethereum’s value has increased by more than a factor of one thousand over this time period, and it is projected to reach an all-time high of around $4,800 in the month of November 2021.
Another cryptocurrency based on the Ethereum platform is called Polygon. Polygon was founded with the main intention of enhancing the Ethereum network. Polygon has been at the forefront of its industry ever since it was first introduced in 2017, delivering scalable decentralized apps and services.
As the year 2022 was coming to a close, many major corporations, like Meta and JP Morgan, made Polygon a high priority for their operations. Polygon, which is a major Web3 blockchain, has become a popular choice as a result of the growing use of Web3 by many conventional firms and sectors.
The market value of Polygon has been affected by the company’s relationships. The optimistic outlook is expected to improve throughout the first half of 2023, according to the predictions. However, members of the cryptocurrency industry anticipate a little decline in Polygon’s market value until the cryptocurrency begins to recoup some of its lost earnings [in 2022] in 2023.
The Resurrection of the Meme Coin Craze Thanks to Tora Inu
Over the course of the last several years, the cryptocurrency industry has seen a rise in the number of meme currencies, particularly after the tremendous success of Dogecoin and Shiba Inu. Dogecoin may have begun as a joke, but it has evolved to become a serious cryptocurrency with the addition of new use cases and payment connections.
The currency gained popularity in the crypto world as well as the non-crypto world as a result of some aggressive pumping that was done by Tesla CEO Elon Musk. It went through sharp ups and downs, delivering and erasing overnight fortunes in an instant.
However, compared to its all-time high, the renowned meme currency is presently trading at a price that is 91.99% lower. During the course of the bear market, the company’s emphasis on growing the number of payment connectors and use cases has slowly decreased. The rekindled optimism that Elon Musk will come through with a pump is the only thing that can save the project from going to waste. Particularly in light of the fact that he is getting poised to dominate Twitter.
Meme currencies that came after Dogecoin and were intended to capitalize on its popularity, such as Shiba Inu, Dogelon Mars, SafeMoon, and ApeCoin, have likewise been unable to withstand the bear market. Even more unfortunate is the fact that the hundreds of other meme currencies that were introduced to the market over the course of time have all but disappeared into oblivion.