Despite bearish conditions throughout 2022, Ethereum mounts a strong comeback. The native network of popular projects like Shiba Inu (SHIB) and Tora Inu (TORA) continues to attract tremendous attention. The big question is whether The Merge drives value or the projects on this network.
Ethereum (ETH) Notes Strong Momentum
There has been much speculation regarding crypto prices in late 2022. After a weak start to the year and much sideways momentum over the Summer and Q3, few people expected any prominent market momentum in the year’s final months. However, Ethereum (ETH) has noted a strong comeback and reclaimed the $1,6000 price level for the second time in as many weeks. That is still well below its all-time high of $4,878, recorded in November 2021, but it provides a glimmer of hope regardless.
The big question is why the momentum turns around now. Some indicate The Merge – Ethereum switched to proof-of-stake consensus over proof-of-work – a few weeks ago. As a result, the network becomes more energy-efficient, and miners are no longer required. Moreover, the network’s emission rate reduces further, putting Ethereum on track to become a deflationary currency. It still has no maximum supply cap, however.
While The Merge may contribute to the Ethereum price surge, it is not the full story. Many aspects of The Merge – such as staking and EIP-1559 – were already active on the network. As a result, close to 11% of the circulating ETH supply engages in staking, although that number has mostly stayed the same. Therefore, it is safe to say The Merge was “priced in” already, and the current market momentum has a different origin.
Shiba Inu And Tora Inu Drive Value
The most significant contributing factor to Ethereum having value is the plethora of applications, projects, and services on its blockchain. Notable projects include Aave (DeFi), OpenSea (NFTs), Uniswap (DEX), Shiba Inu (Meme coin), and Tora Inu.
While most people would lump Shiba Inu and Tora Inu in the same boat, the projects differ significantly. Neither is content to be just a meme coin, although Shiba Inu will always struggle to get rid of that label because it was created as a “Dogecoin Killer”. Dogecoin is the premier meme coin in the crypto world today.
Tora Inu approaches the crypto market with utility and purpose in mind. It is a dog-themed currency, but that helps to make it more accessible and appealing. Moreover, the brand establishes itself as a forward-thinking project rather than riding the lazy wave of “new meme coin excitement”. Its current presale has noted tremendous success and will sell out pretty quickly. Industry experts and investors are keen to acquire these $TORA tokens at discounted prices while they can.
Tora Inu has an ambitious roadmap that will see the newest dog coin enter the metaverse through NFTs and play-to-earn mechanics. All stars align to catapult Tora Inu to a market cap of $1 billion or more once it makes its public debut. Moreover, the skill-based game and various mini-games will be revealed soon to build further momentum.
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