Meme Coins: Still in Shape?
Meme coins are the assets many love to hate. Last month, they were doing well. Has that trend continued?
At the end of June, famous meme coins like Pepe, Dogecoin, and Shiba Inu experienced significant gains.
While Pepe Coin went up by 64.9%, Dogecoin and Shiba Inu also experienced a boost, though a significantly smaller one, surging 7.2% and 21.1%, respectively.
Back then, several factors were believed to have caused the upward trend.
Chief among them was the rise in the price of Bitcoin, with the mother-of-all-cryptos crossing the $30 thousand mark. The Gemini exchange, based in the United States, made an intriguing announcement on Twitter, suggesting a potential listing of Pepe and the introduction of Shibacals by the Shiba Inu team. This development also contributed to the situation. The Shiba Inu team also partnered with manufacturers to introduce a range of physical goods, including exclusive fashion, high-quality toys, travel must-haves and more—another factor that likely caused the boost.
Fast forward almost one month, and it seems like the hype is still there.
The data from CoinMarketCap shows that Pepe Coin, Shiba Inu, and Dogecoin prices are steadily going up.
As per Coinmarketcap’s graph below, Pepe Coin remained the leader of the race and has seen an increase of 57.4% over one month. This is likely due to its debut on the Gemini Foundation platform, with the PEPE/GUSD perpetual contract now available to users in over 30 countries.
Pepe coin’s price dynamics in the last month. Source: Coinmarketcap
Meanwhile, Shiba Inu and Dogecoin rose by 15.6% and 11.6%, respectively, in the last 30 days, with Shiba Inu’s lead developer, Shytoshi Kusama, introducing new branding for the Shiba Inu ecosystem's website and other platforms related to the SHIB Army.
The big question now is will this trend continue?
While nothing is certain in the crypto domain, it seems like there are solid grounds for optimism.
To that end, the Shiba Inu team is looking to further develop its project. In particular, it plans to revamp the project's website, ib.io, and launch the project's Layer 2 blockchain, Shibarium, in August.
In Dogecoin’s case, CoinMarketCap’s crypto community, which enjoys an 85.43% historical accuracy rate predicting prices for Dogecoin at the end of each month, believes that the coin is expected to gain around 12% in value by the end of July.
Since Dogecoin is also highly dependent on the support of its self-appointed CEO, Elon Musk, who is accused of market price manipulation, you should also watch out for new tweets and encouragement.
However, when it comes to Pepe's coin, the situation doesn’t look as rosy. Some analysts are pointing out that the meme coin is currently in a weak position. Accordingly, if the current support falls, the price might move quickly to $0.00000136, the next level of support.
Previously, GNCrypto shed light on Musk vs. Dogecoin investors' latest twist.
