In the past week, the crypto market gradually turned north, bringing great joy to the experienced crypto flock and newbies. At the time of writing, the total crypto market volume increased by $53.93B, a 12.10% gain in the past 24 hours. Of course, it is too early to say that this is a definite shift from the bear market, but as always with crypto, one should read between the lines.
Interestingly enough, apart from the heavy titans like Ethereum (ETH), which slowly began to liquidate its massive losses, meme coins appeared to be the biggest winners among the existing altcoins. Notably, DogeCoin (DOGE) has experienced a surge in its trading volumes by more than 9%, leaving those who did not invest in it going through FOMO. In order to avoid such an unpleasant feeling, we recommend taking a closer look at an upcoming meme coin project RoboApe (RBA), which has all the necessary potential to reach the likes of DOGE and beyond.
What's Driving Doge?
After Elon Musk's comments in Doha two weeks ago, the token continued its upward trend and is currently trading at $0.077 (data from CoinMarketCap). There has also been a sharp rise in the coin's trading volume across major cryptocurrency exchanges, with its trading volume hovering around $1.1 billion over the past 24 hours, up 148% from the previous trading day.
Several reasons account for today's bullish action, including increased larger-valued transactions, reduced miner reserves, and a steadily growing number of long-term holders. On Sunday, 943 large Dogecoin transactions (transactions worth more than $100 million) were recorded from the 505 transactions recorded the previous day.
The total miner reserve is at 6.16 billion DOGE, a 32% decrease year-to-date similar to levels seen in 2013. Miner reserve represents a metric referring to the total coins held in miner-affiliated wallets which haven't been sold yet. This means that decreasing miner reserves indicates that these entities have already cashed in their mining revenue. Moreover, nearly 2.57 million addresses have been holding DOGE for more than one year, which is more than 40% year-to-date, according to data from IntoTheBlock. Considering the aforementioned metrics, even in the bear market, the future of DogeCoin (DOGE) looks bright.
RoboApe (RBA) Is A Different Kind Of Beast
Although DOGE holds a rightful place as a crypto veteran, it is no match for the new project RoboApe (RBA) in the long run. Since DOGE is a community-driven token lacking any real-life utility, its upward and downward trends are deeply related to external factors (e.g. comments of Elon Musk). Such a predicament limits the number of services DOGE can offer to its holders, while RBA's default design allows it to revolutionise the crypto space in the crypto meme domain.
The RoboApe (RBA) project plans to include a wide range of services inherent to its RoboApe ecosystem. Among such are RoboApe Finance, RoboApe eSports, RoboApe NFT Marketplace, RoboApe Swap, and more. In order to achieve different tasks simultaneously, RoboApe will function as a community-driven DAO (decentralised autonomous organisation), enabling a loyal fan base to directly participate in the future of the RoboApe family.
Whether you want to participate in the governance process, mint and flip your favourite RoboApe NFTs, play eSports and other RoboApe-related game modes or earn passive income through liquidity staking, ownership of the platform's native token RBA is essential. The RBA token is an ERC20 powered by the Ethereum (ETH) blockchain.
This, in turn, allows it to be a deflationary meme coin since another portion of this transaction fee would be permanently removed by burning the RBA. However, remember that such a deflationary mechanism would continuously decrease the number of RBA proportional to the transactions' number on the RoboApe platform, leading to a smaller amount of RBA tokens in the future than their amount at any given moment. So it would be wise to purchase some RBA tokens during the presale stage, which is set to expire at the end of August 2022.
Looking Ahead
In the medium to long term, DOGE will likely continue its upward trajectory; however, to rise to its ATH recorder in May 2021, $0.73 per coin, it will need to liquidate an almost 89% drop. Considering this, along with the all-encompassing service range the RoboApe project offers, and that the RBA could be purchased during a presale for a more immediate gain, one should consider including RBA in their portfolio.
