![$PEPE Down 20% Over The Week, $GOLDEN [BEP-20] Token Holds High](https://captainaltcoin.com/wp-content/uploads/2023/08/GoldenInu259.png)
The memecoin market is currently going through a retraction period, mostly due to the effects that the entire cryptocurrency market is suffering due to economic uncertainties in the Western economy.
Despite being a market that usually trades without as much pressure as assets like Ethereum and Bitcoin, memecoins are also seeing a growth in depreciation over the past weeks.
One of the most talked about tokens of the year, $PEPE is down by about 18% over the past seven days, accumulating losses of over 30% over the past month.
Throughout 2023, the token inspired by the iconic “Pepe The Frog” character captivated a massive following, gathering a lot of investors and multiplying its market cap tenfold.
However, over the past two months, the currency appears to not only have stagnated around the $0.0000010 margin but also to be decreasing over time. Many in the market attribute this to the lack of utility-focused incentives in order to turn the currency from just an internet meme into an actually valuable asset.
Furthermore, many of the market-leading memecoins are also seeing an unusual depreciation. Dogecoin is down by 13% over the week, while Shiba Inu is dealing with yet another Shibarium mishandling, and is currently down by 20.9% over the same timestamp.
Golden Inu Holding On
One of the few memecoins to actually showcase resilience throughout the turbulent month of August is Golden Inu ($GOLDEN) token, based on the Binance Chain.
While assets like $DOGE and $SHIB are stacking up losses in the two digits — $GOLDEN is only seeing a small depreciation of less than 3%.
In addition, the currency is technically still trading on an upwards momentum, trading at just below its recent all-time high record.
The Golden Inu project is currently going through a lot of updates and new developments that could further enhance the value of $GOLDEN, both the BEP-20 and ERC-20 versions.
Expected to launch around the end of August, the project’s new play-to-earn RPG is poised to debut its beta version to the public anytime soon.
In addition, the recent launch of a new token-burning mechanism called “Golden Treasury” promises to become one of the most active burning rates in all of the memecoin market.
By allocating half of the total revenue generated from the project’s dApps to buy-back $GOLDEN tokens and automatically burning them, the Golden Treasury is shaping up not only to create a deflationary level ground for the crypto to grow but also to become a huge incentive for traders to try out and support Golden Inu’s applications.
DISCLAIMER: CAPTAINALTCOIN DOES NOT ENDORSE INVESTING IN ANY PROJECT MENTIONED IN SPONSORED ARTICLES. EXERCISE CAUTION AND DO THOROUGH RESEARCH BEFORE INVESTING YOUR MONEY. CaptainAltcoin takes no responsibility for its accuracy or quality. This content was not written by CaptainAltcoin’s team. We strongly advise readers to do their own thorough research before interacting with any featured companies. The information provided is not financial or legal advice. Neither CaptainAltcoin nor any third party recommends buying or selling any financial products. Investing in crypto assets is high-risk; consider the potential for loss. Any investment decisions made based on this content are at the sole risk of the readCaptainAltcoin is not liable for any damages or losses from using or relying on this content.
