Meme coins have had a long-lasting impact on the cryptocurrency market as they’ve been cemented into the crypto culture and become an inseparable part of the industry.
It all seemingly started with the pioneer Dogecoin (DOGE) back in 2013 when Jackson Palmer and Billy Marcus launched the protocol, giving birth to a subsection of crypto that would be amongst the most explosive ones.
PEPE coin seems to be the latest considerable iteration of the meme coin trend, and it also took the market by storm. The cryptocurrency went from virtually zero to obtaining close to a $2 billion market cap in less than a few weeks, printing numerous millionaires. But now, the mania seems to be winding down.
The meme coin is down 70% from its all-time high achieved 30 days ago, and has also lost some 26% in the past week alone.
By all means, it appears that the euphoria that spread across the market like wildfire a few weeks back is now gone.
But this doesn’t mean that meme coins are dead. Here are four meme coins to watch as the PEPE coin mania winds down.
Four Meme Coins to Watch
The following meme coins are amongst the largest by means of total market capitalization and have established liquidity across both centralized and decentralized exchanges.
Dogecoin (DOGE)
DOGE needs little introduction as it’s the dominant king of the meme coin market. It’s the largest meme coin by means of total market capitalization and the one with the most established market. It’s traded across all major cryptocurrency exchanges and has more than sufficient liquidity.
DOGE’s price has been dormant over the past week but if there’s a meme coin to follow, it surely must be included in the conversation.
Dogecoin was created as a joke in 2013, but it went on to become a driving force in the cryptocurrency market, attracting support from the likes of Elon Musk and many other celebrities. It’s the godfather of meme coins and deserves a spot on everyone’s meme coin watchlist.
Here are 5 interesting facts about Dogecoin that you might not know.
Shiba Inu (SHIB)
Shiba Inu (SHIB) is perhaps the second best-known meme coin, and it’s also the second-largest in terms of total market capitalization.
It gained popularity back in 2021 when it reached a market cap of upwards of $70 billion. Down 90% since then, the cryptocurrency has demonstrated on multiple occasions that it’s not one to underestimate. SHIB has exploded in price many times, often catching investors off guard.
The team behind it has developed an entire ecosystem, tapping into the realm of the metaverse and even issuing two other tokens, both of which also performing relatively well since inception.
SHIB is currently trading flat on the week but is down by about 12% in the past month. Monitoring the performance of this meme coin is important because, as we mentioned above, it oftentimes leaves investors sidelined with an expansive move.
Unfortunately, over the past couple of weeks, the community was met with a considerable number of delays on upcoming iterations of the protocol, which has seemingly suppressed SHIB’s momentum. This could also be interpreted that once the developers deliver on their promises, the volatility could pick up.
Floki Inu (FLOKI)
Floki Inu (FLOKI) is another one of the dog-inspired meme coins, but it has a different inception story. The team behind it decided to go with it once Elon Musk revealed his decision to name his dog Floki. As you will commonly encounter in the world of meme coins, Elon Musk plays a vital role in a lot of the projects. FLOKI is not an exception.
Another thing that separated Floki Inu from the rest of the meme coins was the widespread ad campaign that the team took back in 2022.
At one point, London buses were painted and decorated with the project’s brand in what seemed to be the first advertisement meme coin campaign of this kind.
Riding on the back of meme coin hype, FLOKI is oftentimes influenced by the movements of its peers – the likes of SHIB and DOGE. Therefore, when the market is calm, it’s usually a precursor to a considerable move.
Dogelon Mars (ELON)
Dogelon Mars (ELON) is a space-themed meme coin that obviously takes away from the name of Elon Musk and his quest to populate Mars.
The cryptocurrency is themed around a Shiba Inu dog that’s called Dogelon Mars and who wants to explore the mysteries of the universe.
That said, ELON has managed to acquire a market cap of more than $110 million at the time of this writing, effectively putting it in the top 5 of the largest meme coins by this metric.
It’s down around 17% in the past month, but its price is commonly impacted by tweets of Elon Musk (to no one’s surprise), so monitoring it might be a good idea.
Conclusion
All in all, the PEPE coin price madness seems to have calmed down for the time being, and the cryptocurrency is winding down in terms of momentum. Buyers are absent.
This could be a precursor to a move in other parts of the meme coins market, and monitoring some of the best-established names in the field might be a good idea.
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