MEME coin dumped nearly 50 percent in just 24 hours
A new concept of NFT might be slightly undercooked for the crypto space
NFT Tokens Boost Decline Very Soon
The technology that took the crypto space under huge storm after ICO and DeFi might be the NFT’s. Currently there are nearly 20 NFT tokens listed which are speculated to be more volatile than the DeFi tokens also.
One such NFT is Meme (MEME) token which had surged more than 300 percent in just a week to attain its ATH of $1962.98 on 22 September 2020, has dipped nearly 50 percent in just 24 hours. Currently, at press time, MEME token is priced at $949.88.
Bitcoin analyst and insights provider Lark Davis speculated whether the NFT hype has dissolved in a single day!
NFT Too early into the Crypto Market
NFT or the Non-Fungible Tokens which are special cryptographic tokens are the newest entry into the crypto space, left no stone unturned in attaining ATH within a short span of time. However, some analyst believes that the NFT is like a ‘forced narrative at best’.
As per the analyst, the current crypto market is not ready to explode yet. At the initial phases, the NFT market needs interoperable or needs to have the ability to exchnage and use information. Also it needs better creators or the developers and then they can go on a public platform.
Collectively NFT’s might be good and a new technology but it’s still in its early days of adoption. Even after 10 years of Bitcoin’s creation, still the bitcoin followers try to convince people that the digital asset is scarce. Therefore convincing that NFT is scarce might be a pretty tough task to complete.
Overall, NFT should build its own base stronger than people believe in technology and invest in them.