- Newer memecoins outperform Dogecoin and Shiba Inu, fueled by trend-driven strategies and marketing.
- Dogecoin and Shiba Inu struggle to sustain hype without innovation amid rising competition.
As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous trends rise and fall. The recent surge of newer memecoins is certainly intriguing, to say the least. While Dogecoin and Shiba Inu were once the undisputed kings of this niche sector, they now seem to be struggling to maintain their throne amidst a sea of newcomers.
At present, the upward trend in the cryptocurrency market is causing a surge in the value of popular meme coins, with some top performers experiencing significant growth.
According to the most recent data from CoinGecko, the total value of meme coins now stands at approximately $55.4 billion, representing a 9.4% growth over the preceding 24-hour period.
Trending memecoins
One of today’s notable risers is NEIRO (Neiro), a cryptocurrency themed around dogs, which saw an increase of 46.9%. This digital asset has become quite popular and is currently attracting attention.
In a similar vein, Doge-like (WIF) and Popcat-style (POPCAT) coins experienced over 19% growth, highlighting the robust energy behind meme coins in this favorable market trend.
Despite the rise in recently introduced meme coins, established players like Dogecoin (DOGE) and Shiba Inu (SHIB) have experienced more restrained growth. Specifically, they’ve only seen a 24-hour increase of 4.6% for Dogecoin and 6.9% for Shiba Inu.
Looking at weekly progress, it’s clear that NEIRO outshone others with a significant 39.7% growth. On the other hand, WIF and POPCAT saw gains of 9.3% and a remarkable 53.1%, respectively.
Over the last week, Dogecoin (DOGE) and Shiba Inu (SHIB) experienced some difficulties, decreasing by 6.8% and 0.6%, respectively. This suggests that investors are now showing increased interest in newcomers within the meme coin market.
This trend underscores the growing dominance of new meme coins, raising a critical question: Are we witnessing the decline of original meme giants like Dogecoin and Shiba Inu?
Are OG memecoins dying?
Looking at the past, both Dogecoin and Shiba Inu have found it challenging to recapture the excitement they once generated after their initial surge in popularity.
Although both maintain dedicated communities, they are facing hurdles in sustaining the momentum.
Over time, the initial excitement surrounding these items seems to have waned, and unless there are fresh innovations or uses introduced, it’s difficult for them to maintain broad interest.
Currently, it appears that the crypto market is leaning more towards new meme coins, primarily due to their popularity on social media instead of their inherent worth.
This was also the reason why celebrity memcoins made headlines for months in 2024.
What’s behind this shift?
As an analyst, I find that while Dogecoin and Shiba Inu continue to garner popularity, their limited introduction of novel features or unique selling points hinders them from fully recapturing the viral momentum required for a complete comeback.
Conversely, fresh meme coins are leveraging current fads, innovative economic models, and strategic promotional strategies to gather steam.
Example such as POPCAT capitalized on the widespread appeal of the popular meme featuring Oatmeal the cat squawking at an insect, drawing in retail investors intrigued by online culture and wanting to engage.
In a similar vein, WIF stimulated renewed enthusiasm for the Solana system by launching a token focused on the community, thereby reinvigorating its user base.
Instead of the past trend with meme coins, these fresh tokens have solid foundations provided by teams who have well-thought-out marketing strategies, balanced token distributions, and crucially, collaborations with influential figures. This collaboration ensures their continued exposure.
Investors attracted by affordable initial costs and smaller market values are particularly drawn to projects promising quick profits, which has allowed newly created meme coins to surpass their earlier counterparts in growth.
Consequently, since market tendencies are constantly changing, these newly developed tokens, boasting adaptability and cutting-edge strategies, seem poised to surpass the initial meme coins, provided that the older ones don’t experience significant innovation.
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2024-10-07 17:12