Shiba Inu and Dogecoin, as well as numerous big cryptocurrencies, plummeted on Tuesday evening. Some of the counterfeit currencies, however, are enjoying significant increases, including (CRYPTO: DOGECO) Dogecolony rising 690.1 percent to $0.0000007905 in the last 24 hours, reports Benzinga.com.
What Happened: Against Bitcoin and Ethereum, Dogecolony has increased by more than 680 percent apiece. Dogecoin, on the other hand, has dropped 4.0 percent in the last 24hrs, trading at $0.1576 at the time of posting. Shiba Inu, the self-proclaimed “Dogecoin killer,” has dropped 4.6 percent to $0.00003146 in the last 24 hours.
Why It’s Important: Dogecolony claims to be the primary token for all subsequent Doge tokens. The coin’s creators said that a demo of their play-to-earn (P2E) game has been published.
The currency confirmed on Twitter that its owners would be allowed to participate in the P2E game as its nonfungible token (NFT).
DogeColony #NFTs are fun and unique works of art, each with a different style.
Holders will be able to play as their NFT in the #DogeCo #PlayToEarn Game.
A few lucky wallets will gain extra power, extra life and weapons that they can use in-game. pic.twitter.com/Dq2RoYbchp
— Doge Colony (@DogeColony_io) February 8, 2022
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Consumers and companies must possess and transact with a token for it to acquire momentum as a currency. Otherwise, it’s just a speculative vehicle. Both Shiba Inu and Dogecoin have suffered in this arena, owing to their inefficiency and high costs as payment systems, as well as their high volatility.
Because it erodes any confidence regarding cash flow, a firm cannot take payment in a denomination that might fall by more than 70% in a short period. Not to mention that a drop of that magnitude would wipe away the merchant’s revenues from selling products and services. Consumers would be unable to trace their buying power on a particular day, rendering the token practically worthless as a medium of exchange.