Meme coins and dogcoins have been an integral part of the ongoing beef market movement in the cryptocurrency markets. Out of the amount of these tokens flooding the market, two of these tokens, memcoin Dogecoin (DOGE) and Shiba Inu (SHIB), are the most common and popular.
Most recently, SHIB’s rally started on October 23 from $0.000028 to a record high of $0.000086 on October 28. Since then, the token has calmed down to trade at $0.000052. Anyway, the token has seen a growth of 195.5% in the last 30 days and an astonishing growth of 72,954,679.8% annually.
As a result, the token briefly occupied the 8th place in the list of the top 10 cryptocurrencies by market capitalization, but due to the drop in prices, the token slipped from the 10th list and fell to the 11th place with a market capitalization of around $32 billion. At the time of writing.
This profit led to the token investing in the “biggest deal ever” when it was revealed that a crypto wallet addressee had purchased $3,500 worth of SHIB tokens in August 2020, which has doubled to more than $1 on the market. 55 billion dollars. higher. Another wallet at one time held more than 13% of the total, exceeding 549 trillion tokens. However, on November 5, this whale wallet moved $2.3 billion worth of SHIB tokens in four similar transactions to four different wallets, which frightened the market and caused the price of the token to drop dramatically.
These refunds have attracted a lot of public interest in and around the token. After a record high, SHIB has also begun to receive recognition for the utility of the token. Despite the volatility, Adam Aaron, CEO of AMC Theaters, announced that the company is considering adding a token as payment for tickets. Le Bistrot d’Eleonore et Maxence, a Paris bistro, has begun accepting SHIB as payment.
Momentum shifted from the SHIB token to DOGE, and investors began directing SHIB profits to DOGE, sending the token up 44% in one day on October 28, reaching a 90-day high of $0.33. This rally led the coin to the ninth place in the top 10 cryptocurrencies by market capitalization. The token is currently trading at $0.25, which is nearly 65% below its all-time high of $0.73 reached on May 8, thanks to Elon Musk’s tweets against the coin’s shilling. At the time of writing, the market cap is close to $35 billion.
Cointelegraph spoke with Johnny Liu, CEO of cryptocurrency exchange KuCoin, about this phenomenon that has caught the attention of many retail investors. He said: “The popular meme coins broke into the top ten and for some time topped the lists in terms of transaction volume on exchanges, and even surpassed Bitcoin. We can say that the chances of becoming a permanent member of the top 10 clubs are very high. ”
So, if some of the most popular memcoins “did it,” could other high-risk tokens join their company at the top of the stock market cap lists, or is there just room for so many tokens?
Meme tokens and dogcoins are flooding the market
After the popularity of Dogecoin rose, many Dogecoins and other meme tokens joined the industry. One such coin was SHIB, which has since reached market capitalization within DOGE itself. The SHIB development team has also developed another code called Doge Killer (LEASH). The coin is currently trading at $3,256.73 and recently achieved a return of 130.3%.
Another icon trying to capitalize on the constant hype is Dogelon Mars, an icon based on Tesla boss Elon Musk and his love of space travel. In October, the coin saw an increase of more than 3,780% and was listed on OKEx and Crypto.com on October 29, outpacing SHIB’s gain by 850%.
There are many tokens launched on different blockchain networks, sending meme tokens through the crypto ecosystem. For example, the Australian Shephard Safe Token (ASS) is a Dogecoin based on the Binance Smart Chain (BSC), and Samoyedcoin (SAMO) is a Dogecoin on the Solana Network.
“It seems that the more advanced the cryptocurrency, the stronger its position, and it is not easy for beginners to reach the top and occupy their place in the sun,” Liu noted. He added that meme coins in the top ten are more than enough, while other meme coins have no chance. However, he noted: “But that is the beauty of cryptocurrency – anything can happen.”
Justin Trolip, a member of the core team of decentralized exchange Pangolin exchange, told Cointelegraph that the short-term potential of all highly speculative tokens and dogcoins on blockchains is unpredictable:
“We are in a raging beef market, so speculative assets with a big upside potential tend to do well. We are in the mims cycle at the moment, so I think many of these coins have the potential to grow.”