Here, we discuss the meteoric rise and subsequent challenges, asking whether the top meme coins are on the brink of extinction.
Cryptocurrency’s Wild Card
Meme coins were once one of the most popular digital assets in the ever-evolving world of cryptocurrencies: they held the internet’s collective fascination for a while. When they burst on the scene, thousands to millions of followers were captivated by coins like Dogecoin, Shiba Inu, and Pepe Coin.
Dogecoin, in particular, enjoyed a remarkable year in 2020, its ascent propelled by the unlikeliest of cheerleaders – Elon Musk, the world’s richest man.
Yet, Dogecoin was never alone in this enigmatic universe of digital humor. Other meme coins like Shiba Inu, Floki, and Pepe Coin joined the fray. However, the vast majority of them struggled to find solid footing.
As the dust settles in the volatile landscape of cryptocurrencies, it prompts us to question: Are the top meme coins dead? Here, we examine and decipher the complex dynamics that shape the trajectory of meme coins.
Amidst the tumultuous crypto seas, Dogecoin (DOGE) has faced its fair share of challenges in recent times. While the market sentiment shifted bearish, DOGE price didn’t change much in the last 30 days and grew by 2.89% in a year, according to CoinMarkeCap.
This downward trajectory has seen Dogecoin’s total market cap rise to $8.83 billion, pushing it to the 8th position among cryptocurrencies, just behind Solana.
Currently, Dogecoin’s price is trading at 0.06257, down 90% from its all-time high of $0.6528, causing investors to question its value. It is worth noting that Dogecoin’s creator, Billy Markus, recently characterized the DOGE community as “dead,” acknowledging the pivotal role that community engagement plays in the fortunes of meme coins.
So does that mean it’s time over for Dogecoin?
We should keep in mind that Dogecoin stands as a resilient legacy, far more than just its price performance. As the pioneer meme coin, its first-mover advantage continues to work in its favor, despite the growing complexity of meme coin competition. Dogecoin’s impact on the crypto world is undeniable and is likely to be remembered warmly for as long as the crypto industry exists.
Notably, Dogecoin has maintained its position among the top ten cryptocurrencies by market capitalization since February 2021, a testament to its enduring presence.
Despite its occasional outsider status in institutional trading, Dogecoin consistently records robust 24-hour trading volumes, often exceeding $200 million. This liquidity indicates an enduring interest in the coin among traders and investors.
The performance of Dogecoin during the next upswing may provide valuable insight into its long-term prospects since the crypto market cycles through bull runs and bear phases.
Shiba Inu stands out among meme coins in this turbulent world, showing signs of resurgence.
The current trading price for Shiba Inu hovers at $0.0000073, a seemingly modest figure that carries significant weight considering the coin’s recent struggles. While it pales in comparison to the heady heights of its 2021 glory, wherein Shiba Inu was, at points, a veritable cash cow, this upswing could be seen as a promising start.
One notable development in the Shiba Inu narrative is the team’s recent update regarding renouncing the Bone ShibaSwap (BONE) contract. There is a community vote for the Shiba Inu ecosystem’s governance token, BONE.
This move represents a pivotal step towards decentralization, as it entails relinquishing control and ownership of the token’s contract by the Shiba Inu team. Once renounced, the team will lose the capability to mint the token, emphasizing the commitment to creating a community-driven ecosystem.
Beyond the confines of Shiba Inu, the Layer-2 blockchain known as Shibarium continues to expand, propelled by the vibrant SHIB community. Key on-chain metrics reflect the network’s growth, with the number of blocks surging to 658,515 in the past week.
After falling 13% in the past 30 days, the memecoin has gained 3% in the last seven days, showing signs of recovery.
Cryptocurrencies often experience price corrections after rapid expansions, which are considered normal within the market cycle and can contribute to long-term stability. Shiba Inu, while not entirely defunct, remains in a state of flux, making investments in SHIB inherently risky due to its high volatility. Precise predictions for its price remain elusive, and caution is advised.
One significant factor contributing to the uncertainty surrounding SHIB is the lack of transparency and clarity in the project’s development and roadmap. This opacity raises doubts about its long-term sustainability and the intentions of the team behind it.
The survival and future success of the project hinge on the continued support of the community and how effectively it leverages Bone Token and Shibarium in the years to come.
From the shadows of Dogecoin, Floki has set out on its quest to establish a unique legacy in the cryptocurrency world. Inspired by Elon Musk’s endearing pet, this newcomer to the meme coin category sought to harness the surging popularity these digital tokens were enjoying.
However, recent statistics paint a challenging picture: while there was almost no change over the past week, there was a 14% decline a month earlier.
Floki Inu’s zenith, marked by an impressive all-time high of $0.00033651, also serves as a stark reminder of the coin’s potential for volatility.
Floki Inu’s strength lies in its resilience and adaptability. It has mounted aggressive marketing campaigns and cultivated a vibrant and committed community of supporters.
Notably, the Floki (FLOKI) team recently unveiled the launch of Valhalla Open World gameplay. This development marks a significant step forward as participants in the Floki ecosystem gain access to the exploration of the Valhalla virtual world.
Players are on the hunt for Veras and engaged in completing Daily Quests, offering a captivating glimpse into the emerging Metaverse game, currently in the testnet phase.
Floki, while not extinct, has certainly witnessed a decline in its hype and price. Many of its holders have incurred significant losses due to its price plunge. However, there is hope on the horizon as the project focuses on initiatives like FlokiFi and the Valhalla metaverse.
The performance of these endeavors during the next bull run will be pivotal and worth monitoring closely.
PEPE once stood as a shining star in the dynamic world of meme coins, breaking records and generating enormous attention. In May 2023, the coin’s value surged an astounding 9000%. At that moment, it appeared that PEPE was invincible, and investing in it seemed like the ultimate decision.
With an all-time high value of $0.00000431 during that remarkable period, PEPE attracted a vast user base, hopeful that the coin’s trajectory would remain unchanged. Regrettably, the fortunes of PEPE have taken a sharp downturn, and a stark comparison between its value then and its current state reveals a substantial loss in value.
Over the past 30 days alone, this once-popular meme coin has witnessed a staggering 41% drop in value, with a 2.69% decline recorded in the last 24 hours. Sadly, the glory days of PEPE seem to be a distant memory, and the prospect of replicating the springtime success now appears nearly unattainable.
Worth noting, Pepe’s cryptocurrency community suffered a significant setback because a carefully orchestrated move resulted in a significant portion of the tokens being transferred to a centralized exchange (CEX).
The Pepe team uncovered vulnerabilities in a mechanism known as multi-signature transfers, which was initially implemented to ensure secure token transfers.
However, misuse of this system by three of the four Pepe founding members led to a cunning scheme that allowed them to acquire a shocking 60% of the total token value, amounting to approximately $15 million.
PEPE, while not entirely lifeless, is teetering on the brink of decline. Its price has been consistently falling, contrasting with the broader market’s gains. PEPE had previously enabled individuals to amass fortunes overnight, despite lacking utility beyond a dedicated community with a unique sense of humor.
However, its price has been struggling for some time, and its future seems bleak due to the multi-signature wallet incident, requiring nothing short of a miracle to rescue it from its downward spiral.
Resilience of Meme Coins
It would be unfair to paint the entire memecoin realm with a broad brush, for not all jesters are created equal. While Dogecoin and Shiba Inu command formidable market caps, others like Floki and PEPE languish with significantly lesser valuations.
Some may argue that meme coins thrive primarily during bull runs, and it’s true that their fortunes often align with market sentiment. However, we can’t conclude with this argument right now unless we go through another bull market.
What makes this space intriguing is the evolution of meme coin projects like Shiba Inu and Floki, which have ventured beyond their meme coin origins. They are exploring other facets of the crypto world, leaving us with the question of whether they can find success in the years to come.
The life support status of top meme coins is subject to cycles of consolidation and transformation, mirroring the broader crypto market’s ebb and flow. The community’s involvement plays a pivotal role in their survival, and only time will reveal which projects it chooses to support.
For investors in meme coins, caution should remain a guiding principle. As the market reshapes itself around a select few, thorough research and prudent investment strategies are essential.
Meme coins, known for their volatility, are a playground where fortunes can shift rapidly. Those who participate should do so with funds they are willing to part with, always mindful of the unpredictable nature of this corner of the crypto universe.