As time progresses and innovation advances inside of the world of cryptocurrencies there is a new contender that’s beginning to gain popularity and attract investors and meme makers. Amongst the new tokens that have entered the crypto space in the recent past is Cheems, which is technically a meme token, but comes with a diversifying touch of financial gain.
Cheems, based on the same Shiba Inu doge meme figure, have also found themselves onto the list of most trending tokens within the cryptocurrency community. It currently trades at $2.97e-9 USD and a total volume of $2,215,606 USD within the last 24 hours. Evidence for this is the rather high trading volume which will likely increase given the token’s low price level.
For example, the supply of Cheems coins is a factor that immediately captures the attention of users; it is simply colossal. Indeed, given the fact that total supply and max supply of CHEEMS tokens is 420,690,000,000,000, it can be supposed that the creators go high-supply- low-price model. This is not abnormal within meme coins as the strategy provides continuous distribution, and may experience an increase in value at any given moment.
At the current value, Cheems is in the middle of the cryptocurrency list having a market capitalization of $1,457,474. Though this may be small to some of the big companies, it is vital to consider that Cheems is relatively new into the market. That it has already reached this level of market cap is proof positive of the interest being generated.
Notably, the volume to the market capitalization for Cheems is more than 100%, this implies that the trading volume done in the last one day is more than the total market capitalization of the coin. This high ratio leads to the conclusion that there is much activity of buying and selling of the token among the investors.
Cheems token is an offshoot of the larger Doge meme theme that has provided the basis for multiple cryptocurrencies. Cheems’s personality can be mentioned as an underdog that you can observe in amusing Internet stories, and many people identify themselves with this character if they deal with the financial sphere. This relativity may also be the reason for this token’s early adoption.
The current price of Cheems is still so low, but, as everyone knows, many sh*tcoins had the same problem in the beginning. The crypto market fluctuates often and there can be changes within a few hours or even minutes depending on the market sentiment and the rate at which people are adopting the coins.
1 of the issues that Cheems and likewise most meme coins will have to weigh and overcome is their non-stop activity in being simply a joke or a meme. Although it is a product of internet connections and the new generation will take time to make it popular, other means of interaction will have to be provided to make it last long.
The people behind Cheems project probably know that every meme needs something more concrete behind it in the modern world. They explain their work as the desire to ”reshape the crypto space with revolutionary solutions and democratscoity.” This implies the desire to transcend the viral fame that can be associated with memes and to build something valuable in the context of the cryptocurrencies existing environment.
It seems equally important to look at the context within which Cheems has come out into the limelight. Over the years that have since passed, there has been an emergence of very many meme coins and some have been very fruitful. But it has also been the playground for pump-and-dump fraudsters and projects that turned out to be fadeaway mirages. Any potential investor in Cheems or any new cryptocurrency should always take great precautions and ensure they take time to research.
The timing of an organization acting so boldly and publicly in support of a cause is also interesting. Appearing at the right time when many people search for an alternative to classic finance, meme tokens like Cheems combine humor, the opportunity to make money and people’s united interest to become part of the same group.
Like any new cryptocurrency, one cannot be too sure about the Cheems coin, everything just depends with time. It will indeed depend on a number of considerations – market environment, development of the project, social acceptance and usefulness of the project. However, its strong initial destination in terms of trading volume and community awareness indicate that it appears to successfully appeal to at least some segment of other crypto marketplace.
In conclusion, Cheems is one of those new cryptocurrencies that have drawn the attention of a great number of people. Though it might still be too early to speak about the ultimate pros and cons of it, the presence of both meme and rational elements can be seen making it a worthy project to watch. As is always the case while investing in the Cryptoindustry, curious and open-minded investors should navigate the new project and offerings carefully with their eyes wide open to the possible benefits and dangers connected with newly released tokens. The tale of Cheems is still in its infancy and yet it will be interesting to see if Cheems will gradually evolve from a simple meme-based currency to a worthy competitor in the world of crypto.
