Planet Token Price Spikes 60% - Best Altcoin to Buy Now?

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As the memecoin craze seems to continue, the PLANET token registered a spike of 60% on DEXTools in a matter of 24 hours only. With its price soaring up to $0.00004490, the token landed at rank number #7 on the Hot Pairs List on DEXTools.

The explosive rise in the meme token’s price has got investors and crypto enthusiasts talking. The token’s liquidity has reached $3.70M, indicating a notable increase in trading activity and market interest. The token has recorded a 24-hour trading volume of $3.07M, according to CoinMarketCap, and reached a peak high of $0.00005042 on June 4th.

With such trends, PLANET has emerged as one of the top memecoins pumping in recent times, even though it may have little to no market value. What works for projects like PLANET is the rising community of memecoin holders, excellent results to offer in terms of short-term gains, and an effective marketing strategy.

PLANET Price Action: The Growth Story So Far

The earliest price data for PLANET places it at $0.3306 as of August 2019, when it entered the market, according to CoinMarketCap. The token launched at a price of $0.00002443 on June 02, 2023, before growing by 105% in just two days. The maximum supply of the token is capped at 1 trillion PLANET, and the same volume is in circulation.

Given its rapid growth and buzzing community interest, the project seems to be poised to usher in optimum gains for investors hopping onto the bandwagon right now. The project has already gained much attention online, reaching over 24,000 followers on Twitter alone in less than a month and fair activity on all social channels.

Are Shitcoins Still Good Investment?

The term “shitcoins” encompasses all the offshoots of faltering or already failed cryptocurrencies that typically lack any actual purpose, foundation, and fundamentals to support them. Since they do not have a clear purpose tied to them, shitcoins or memecoins usually lack longevity.

And yet, some potential shitcoins can be great investments for investors who want to diversify their portfolio and gain short-term returns. For instance, two of the most popular “dog coins” on the market are shitcoins like Dogecoin and Shiba Inu. When the cryptocurrency market was booming in 2021, these tokens saw astounding growth. Dogecoin was able to increase by over 16,000% in 2021 during the bullish period.

Other initiatives, like Floki Inu, have flourished because of their online success. The token frequently increases in value after Musk tweets about his dog because it is named after Musk’s dog. The token has recorded a 300% increase since the beginning of 2023.

If you want to enter the cryptocurrency market, diversifying your portfolio and adding a little amount of shitcoins can be a good idea for short-term returns. The price of these coins quickly increases dramatically due to widespread purchasing at the time of launch or at some point when their popularity peaks. The prices may also plummet as soon as they had risen after they sell out to realize short-term gains.

Why Is PLANET Attracting Investor Attention?

Planet has emerged as a popular new blockchain initiative shrouded in much secrecy. The altcoin hints at potentially leveraging the power of blockchain to bring in a new era of crypto applications. The project’s primary emphasis is the PLANET token, a cryptographic asset developed for a decentralized, multidimensional ecosystem.

Planet’s community members expect the project to eventually come up with a product that could alter and entwine a variety of industries, including finance, the arts, gaming, social networking, and more. The platform also hints at potentially enabling novel, advanced applications, from decentralized finance (DeFi) and NFTs to virtual reality and blockchain-based games. However, specifics are not provided. The platform’s website is currently under development. More details on the project’s vision and roadmap can be expected once the website is live.

According to the platform, PLANET merges various dimensions of physical and digital existence. Its tokenomics, however, continue to remain a mystery to the crypto world. There is limited knowledge about the token’s distribution and functionalities. And yet, this mystery seems to be working in the coin’s favour, driving the token’s attraction and desirability, pulling in potential investors to learn more about the project and delve into its mystery.

While it is too early at the moment to talk more about how the token will pan out, PLANET is doing fairly well as far as market buzz and community building are concerned. Go through our guide on investing in memecoins and stay abreast of the latest developments in the market.

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