- LookOnChain recently compared the major market cap meme coins over the past 52 weeks.
- SHIB’s marketing representative cleared up the misconception that SHIB forces were behind WIF.
- Dogecoin has proven to be one of the most resilient during bear markets, despite its low upside.
Lucy, Shiba Inu’s marketing director, mocked the new trend of comparing top dog meme coins. She said in a tweet from X on September 7, 2024: “If you compare the bare minimum you have achieved to SHIB, I will laugh and think you are a fool.”
SHIB’s Secret Advantage Over Its Meme Coin Peers
Lucy acknowledged that the Shiba Inu community is not far behind other big dog cryptocurrencies like Dogwifhat (WIF) or Dogecoin (DOGE), and emphasized that Shiba Inu’s immersive DeFi ecosystem is its biggest advantage over WIF or PEPE, which are more geared towards speculative crypto traders.
Lucy addresses the misconception that the recent success of WIF and Pepe is due to them sharing the same audience as SHIB. Despite this, WIF and PEPE are often considered serious competitors to Shiba Inu Coin and DOGE.
In March of this year, Shiba Inu Coin came very close to Dogecoin in the global crypto rankings, reaching a whopping $21.7B at the peak of the cycle. Both of these vibrant communities are tied with 3.5M followers on X.
Dailycoin We observed that Shiba Inu and Dogwaifat have both fallen more than 70% since their spring peaks. Meanwhile, Dogecoin has been less volatile, falling 57% over the same period, but it did not perform as well during the meme coin rally in March 2024.
Top Dog Meme Coin Scrap for Territory
WIF is a new coin first tracked by independent price aggregator CoinGecko on December 13, 2023. Solana’s Dog Rose, capped at 998,926,392, is the successor to BONK. This Shiba Inu-inspired coin has played a key role in Solana’s thriving ecosystem, with the SOL price recovering from single digits in late 2022.
WIF rose to $4.83 on March 31, 2024. The unusually high price of this meme coin, which was approaching $5, caught the attention of crypto enthusiasts. As a result, WIF became a token in demand in the derivatives market, usually surpassing the $1 billion check mark in 24-hour trading.
On the social side, WIF, PEPE, and SHIB all made it to the top 15 most-searched cryptocurrencies on Binance. However, social metrics from the largest cryptocurrency exchange by trading volume suggest a lack of interest in Dogecoin, with newer, more speculative counterparts taking up a significant portion of the market.
On the other side
- Pepe tokens have been leading the meme coin sector in terms of spot trading volume, regularly surpassing $1 billion.
- The frog-themed cryptocurrency has emerged as the best-performing cryptocurrency since the start of the year, with a 798% gain over 365 days.
Why this matters
Meme currencies emerged as the most powerful narrative in the crypto space in Q1 2024, outpacing other promising niches such as artificial intelligence (AI) and real-world asset (RWA) tokenization.
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