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A new entrant is causing a lot of uproar among well-known currencies like PancakeSwap (KAKE) and Shiba Inu (SHIB).
The new cryptocurrency on the block is Snowfall Protocol (SNW). Snowfall Protocol (SNW) is proving to be a magnet for crypto investors. The current price fluctuations of these coins have only reiterated their preference. While Pancakeswap (CAKE) and Shiba Inu (SHIB) are battling a bearish trend, Snowfall Protocol (SNW) is in a strong uptrend. Why is the market loving the new coin, and how has a new coin managed to outperform two established cryptocurrencies? let’s find out.
People don’t want to packcakeswap (cake) anymore
PancakeSwap (CAKE) is built on the Binance Smart Chain (BSC) and provides cheap and fast DeFi services. PancakeSwap (CAKE) is essentially an exchange that allows you to swap tokens in order to maintain liquidity. This all sounds great, but PancakeSwap (CAKE) was one of the worst victims of the crypto crash. Within a few months of its inception, PancakeSwap (CAKE) touched an all-time high of $42.68. From there, it faltered rapidly to reach around $3.
When it launched, PancakeSwap (Cake) was a phenomenon. Because of this its price was at its peak. Global bearish markets lead to great price declines. However, it is difficult for the coin to see its initial high. At that time, the Binance Smart Chain (BSC) launched several tokens. And the users believed that all these coins could make a good promotion. However, he later realized that not all Binance Smart Chain (BSC) tokens were investable. This rush of new tokens promoted PancakeSwap (CAKE). Fast forward to today, and there are many more similar products on the Binance Smart Chain (BSC). The quality of tokens and the presence of competition together have caused PancakeSwap to lose its former luster.
The Shiba Inu (SHIB) Has Its Time in the Sun
The Shiba Inu (SHIB) meme rode the coin popularity wave that came along with Dogecoin (DOGE) and when Tesla CEO Elon Musk adopted a Shiba Inu (SHIB) puppy. The Shiba Inu (SHIB) has seen a bit of a slump lately, for a number of reasons. Firstly, Shiba Inu (SHIB) does not make any new use of blockchain technology. Therefore, the Shiba Inu (SHIB) does not present a use case that can demonstrate its value. The lack of any inherent value makes the Shiba Inu (SHIB) even more vulnerable to speculation. Therefore, it has become too volatile to store any value.
The recent correction in the value of Shiba Inu (SHIB) comes from crypto whales cashing in on their early investments. The support of major exchanges has amplified the issue. With retail investors buying the coin, it becomes easier for whales to cash out. Since whales are getting a return on their investment, this has brought down Shiba Inu (SHIB) prices.
Snowfall Protocol (SNW) continues to grow beyond expectations
snow protocol (SNW) has grown since its pre-sales phase. Even during crypto cash, crypto held its own. The Snowfall Protocol (SNW) derives its value from its use cases. The primary use case of the Snowfall blockchain is providing compatibility. It is building a network of several established blockchains to make it easier for users to exchange and remain liquid.
Furthermore, the crypto launched this year, so it is still in the development phase. Both institutional and retail investors are going to hold crypto in order to realize profits in the long term.
Snowfall Protocol (SNW) has definitely had a better withdrawal of crypto cash than PancakeSwap (CAKE) and Shiba Inu (SHIB). And it’s here to stay.
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