Most Overhyped Cryptocurrencies of 2023
This article explores three cryptocurrencies that were overhyped in 2023 and examines their future prospects for the coming year.
Shiba Inu: From Meme to Protocol
Shiba Inu, initially a memecoin project, has evolved into a protocol driving crypto infrastructures. This year, Shiba Inu launched Shibarium, an Ethereum-based layer-2 scaling solution aimed at driving adoption and utility. Despite some initial struggles, Shibarium has not had a significant impact on the price of SHIB. Currently priced at $0.00001046 with a YTD growth of 27.72%, SHIB has not performed as well as its peers despite the hype generated by its community. However, experts believe the ongoing burn campaign could be a growth catalyst for SHIB in the near future.
XRP: Overhyped but Still Promising
XRP, closely associated with Ripple Labs Inc., is considered an overhyped cryptocurrency despite being among the top 6 largest coins. After a US Federal Judge ruled that XRP is not an investment contract, the coin failed to reach the $1 mark, disappointing its supporters. However, it is expected that XRP will retest the $1 mark and potentially reach its ATH of $3.84 once Ripple and SEC settle their legal dispute in 2024. The evolution of the XRP Ledger is also likely to trigger new uptrends for XRP.
Litecoin: Underwhelming Growth
LTC, one of the legacy digital currencies, experienced relatively unnoticed growth this year. Despite having a low point of $58.04 and reaching a high of $114.50, Litecoin failed to exceed expectations and surpass the $120 threshold. The Litecoin halving event further raised concerns as it did not result in a significant price increase. Despite gaining only 8.57% YTD, the growth of the network and ongoing whale activity suggest that LTC may experience an uptick in the long run.
Hot Take: Overhyped Cryptocurrencies Face Uncertain Futures
The cryptocurrency market saw its fair share of overhyped assets in 2023. While some projects like Shiba Inu, XRP, and Litecoin generated significant attention and excitement, their performances fell short of expectations. Despite this, there are still potential catalysts that could drive growth for these cryptocurrencies in the future. The burn campaign for SHIB, the resolution of Ripple’s legal dispute for XRP, and the network growth of Litecoin all hold promise for these assets. As we enter a new year, it remains to be seen whether these overhyped cryptocurrencies can deliver on their potential or if they will fade into obscurity.
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