Toon Finance Drops DEX

Crypto trading is as hot as ever, but that hasn’t meant everyone’s staying on the platforms they used in the past. In contrast, DEX platforms have become increasingly popular, with countless people flocking to various options. That’s also the case for crypto coins, which have become more and more diverse.

Dogecoin and Shiba Inu have been some of the more popular of these, but there’s a new contender getting more and more traction. Toon Finance has exploded in the lead-up to its release, with this showing no sign of slowing down.

It’s worth diving into why this is the case, but it’s best to figure out what DEX platforms are in the first place to understand Toon Finance’s growing popularity.

What Are DEX Platforms?

DEX stands for decentralized exchange, with DEX platforms not having a central server that conducts all trades. That makes them much more secure for a few reasons. Since there’s no single-point-of-failure, the platform can’t be taken down by hackers. It ensures the platform keeps running, no matter what.

The lack of a central authority also means you can conduct trades without anyone looking over your shoulder. Add in the anonymity factor, and nobody even needs to know who you are when you’re trading. If you want privacy, then DEX platforms are the only way to go.

The anonymity factor also means you wouldn’t have to go through a time-consuming sign up process. Instead, it’s simply a matter of clicking a few buttons, linking your crypto wallet, and starting to trade. Outside of anonymity and enhanced security, decentralized exchange platforms offer several other benefits, such as:

• Increased Accessibility – You only need an internet connection to sign up for and log into a DEX platform, making it much more accessible than centralized exchange platforms.
• Lower Fees – With a lack of middlemen and a central authority figure, there are fewer people involved in the crypto trades. That leads to lower fees for users, letting them focus on making profitable trades without paying through the roof to do so.

Coupled with that are the coins associated with such platforms, with Dogecoin and Shiba Inu being two of the more notable. While these look to be overtaken by Toon Finance, it’s worth diving into what they are and why they’re popular.

What Is Dogecoin?

Originally started as a dig against Bitcoin, Dogecoin is a cryptocurrency with cult-like status created in 2013. In the almost decade since then, it’s grown increasingly popular, eventually rising to a high of $0.68. Elon Musk was a partial driver of this, at one point mentioning it on Twitter to millions of followers.

Run on a dedicated ledger, it’s constantly being updated and kept secure using cryptography. Transactions are processed using a proof of work consensus mechanism, with transactions being recorded almost instantaneously.

It’s one of the more challenging crypto coins for speculative trading, however, as the ledger creates millions of new Dogecoins every day.

What About Shiba Inu?

If Dogecoin is a dig at Bitcoin, then Shiba Inu can be seen as a dig at Dogecoin. Originally launched as a parody, it’s since grown to become incredibly popular. The cryptocurrency is based around whether it could be completely controlled by the community, making it one of the more notable DEX platforms on the market.

Since being established, it’s grown to have over 500,000 members in its user base, with each of these embracing the crypto coin’s underlying principles. As part of the coin’s humor, one of these principles is an undying love of the Shiba dog breed, which the coin was named after.

Finding An Alternative

As popular as Shiba Inu and Doge Coin have become, it looks as though they’re going to be eclipsed by Toon Finance. With both platforms being started as somewhat of a joke, it’s easy to see why. It’s worth looking at why users are choosing Toon Finance.

Introducing Toon Finance

Toon Finance has seen an explosion in popularity in the past while, with there being quite a few reasons behind this. One of the more notable reasons behind this is that it’s shown greater returns than both Shiba Inu and Dogecoin, providing users with more of a profit.

Then there’s the innovative features that Toon Finance offers, with cryptocurrency analysts highlighting how lucrative these can be. The various play to earn options are some of the most notable of these, with users having more of these than seen with multiple alternatives.

The amount of presale funds they’ve built up, it’s easy to see why countless speculators and analysts are focusing on it. It’s about to set the crypto world on fire any day now.

Elon Musk and Crypto 

Tesla CEO Elon Musk has been accused of manipulating the crypto markets after a series of sudden and unexpected tweets about Dogecoin and Bitcoin. 

On February 4, Musk tweeted “Dogecoin is the people’s crypto” and then followed it up with a series of tweets about the “meme cryptocurrency” over the next few days. The result was a massive pump in the price of Dogecoin, with it rising from $0.06 to $0.08 on February 7. 

Then, on February 19, Musk tweeted that Tesla had invested $1.5 billion in Bitcoin, sending the price of BTC soaring by over 10%. The following day, he announced that Tesla would start accepting Bitcoin as payment for its cars, leading to another price surge. 

Critics have accused Musk of using his influence to manipulate the markets for his own gain, while others have praised him for bringing attention to cryptocurrencies. However, there is no denying that Musk’s tweets have had a significant impact on the prices of BTC and DOGE in recent weeks. 

The Impact of Elon’s Tweets

Elon Musk is no stranger to Twitter manipulation. In 2018, he used Twitter to pressure the SEC into approving Tesla’s $2.6 billion acquisition of SolarCity. And more recently, he has been engaged in a public feud with short-seller Andrew Left of Citron Research, which has resulted in Left being temporarily banned from Twitter. 

So it should come as no surprise that Musk is now being accused of manipulating the crypto markets. His sudden interest in Dogecoin sent its price soaring by 33% in just three days, and his announcement about Tesla’s investment in Bitcoin caused BTC’s price to jump by 10%. 

While some have praised Musk for his positive impact on the crypto market, others have criticized him for his potential role in market manipulation. For example, Ethereum co-founder Vitalik Buterin has accused Musk of “single-handedly destroying” the crypto market with his “irresponsible” tweets. 

Whether you love him or hate him, there’s no denying that Elon Musk is one of the most influential people in the world right now. And his recent tweets about Dogecoin and Bitcoin have had a major impact on the crypto markets. While some investors are thrilled with the boost in prices, others are concerned about the potential for manipulation. Only time will tell how this all plays out in the end.

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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.