Change is the only constant in cryptocurrency-innovation and speculation more often than not go hand in glove. And then there is that quirky nook called meme coins. Born out of internet culture, mostly with some sort of viral meme or a playful mascot, digital assets have seen a great amount of attention and interest invested in them of late. Three of the most well-known are arguably Dogecoin (DOGE), PepeCoin (PEPE), and Shiba Inu (SHIB); given the highs and lows that the crypto market has consistently provided, this paper will make an analysis based on current price movements and their possible upcycles for the three meme coins.
Dogecoin (DOGE): The OG Meme Coin
First introduced in 2013 as a more jocular version of the popular Doge meme, Dogecoin moved to the forefront over the years as one of the longest-lived and most popular meme coins. Originating as a full joke, Dogecoin saw some fantastic movement and community participation throughout these years. Its price went up especially astronomically at the beginning of 2021, based on its endorsements by celebrities like Elon Musk and heavy social media publicity.
Since then, Dogecoin has been on a wild ride that is often at the whim of tweets and memes rather than old-school market fundamentals. But its volatility notwithstanding, Dogecoin has kept a loyal following online and remains one of the favorites among small investors. According to some analysts, this up-and-down cycling in the price of Dogecoin could continue well into the future, impelled onward by celebrity endorsements and buzz over social media, among other wider market trends.
PepeCoin-PEPE Surfs the Meme Wave
PepeCoin is yet another offshoot of an internet meme-cum-cryptocurrency, born from the Pepe the Frog internet meme. As with Dogecoin, PepeCoin hasn’t attained such a great level of recognition but does have its pool of enthusiasts within the community of meme coins. Similar to Dogecoin, PepeCoin takes the lion’s share of its price action in relation to social media trends and community sentiment.
The politicization of Pepe has landed PepeCoin in a number of controversies from time to time, though the coin nonetheless has remained a favorite among traders and meme lovers in general. Compared with DOGE, the price action of this cryptocurrency is rather moderate, but some analysts believe PepeCoin could enjoy future upcycles if it can successfully leverage the evolution in meme culture and stay relevant in the crypto space.
Shiba Inu: The New Kid in the Block
Shiba Inu, named after the popular breed of Japanese dog and being touted to some as the “Dogecoin killer,” first reached the market in 2020. It was positioned as a Dogecoin competitor. Riding on the success of its predecessor, Shiba Inu gained steam primarily through social media promotion and community-driven efforts. The attraction it holds is based on its meme-based branding and the guarantee of decentralized meme tokens.
Shiba Inu’s price surge in 2021 has been similar to the earlier surge of Dogecoin. But like most meme coins, price volatility has been a two-edged sword, bringing rapid gains on one hand and steep corrections on the other. Despite this, Shiba Inu has retained a faithful community following and is among the popular meme coins among investors.
Potential Upcycles and Risks
Prices for Dogecoin, PepeCoin, and Shiba Inu have been driven more by hype and sentiment than conventional market fundamentals. These three digital currencies have captured the imagination of crypto enthusiasts from each and every part of the world but are very susceptible to inherent risks: wide price swings and so-called pump-and-dump schemes. Investors should be cautious and do proper research before diving into investments in these meme coins.
The fact remains, the meme coin phenomenon shows no more signs of slowing down, with each new passing day touting a new project or token. For as long as there is a demand in the crypto market for meme culture and speculation-based assets, meme coins are likely to remain both significant and fun pieces of the cryptocurrency puzzle.
Therefore, Dogecoin, PepeCoin, and Shiba Inu have their chances for upcycles during which speculation could reward one. Ripe would be the creation of skepticism in investing in such markets of the meme coins. Knowing about meme culture, internet trends, and market psychology will go a long way in attempting to deal with the violently shifting world of meme coin investments. Every cryptocurrency investor enters into proper diversification, risk management, and ample due diligence when considering the possibility of an investment in meme coins.
