{"id":529491,"date":"2023-05-02T23:00:28","date_gmt":"2023-05-02T23:00:28","guid":{"rendered":"https:\/\/wncen.com\/?p=529491"},"modified":"2024-06-11T07:40:32","modified_gmt":"2024-06-11T07:40:32","slug":"is-meme-coin-season-back-heres-what-the-numbers-say","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/is-meme-coin-season-back-heres-what-the-numbers-say\/","title":{"rendered":"Is Meme Coin Season Back? Here\u2019s What The Numbers Say"},"content":{"rendered":"

Meme coins are rallying once more with 1,000% increases in a matter of hours now becoming the order of the day. With so many new meme coins performing well in the market, it is starting to look like a repeat of the infamous 2021 meme coin season. However, unlike in 2021, a whole new set of tokens are leading the charge this time around.<\/p>\n

Pepe Coin (PEPE) Triggers New Meme Run<\/h2>\n

Before Pepe Coin (PEPE) launched in mid-April, meme coins had become another fixture in the market, just moving along with the general crypto market trend. However, PEPE would rise from a $50,000 market cap to over $600 million in less than three weeks and what followed was euphoria that triggered another meme coin bull run.<\/p>\n

Since PEPE\u2019s success, a number of other meme coins have entered the market and many have found success as well across multiple chains. An example of this is the AIDOGE meme coin that launched on the Arbitrum blockchain around the same time as PEPE and in the two weeks that followed, the price of the cryptocurrency rose over 100x.<\/p>\n

Related Reading: Ripple\u2019s Q1 Report Shows That Investors Are Still Bullish On XRP, Here\u2019s Why<\/a><\/div>\n

Following the performance of both of these meme coins, activity spiked significantly on both blockchains with new coins entering the market. The next two weeks saw the entrance of new players such as WOJAK and SHIBAI, both of which have been listed on multiple centralized exchanges as well.<\/p>\n

Ethereum\u2019s decentralized exchange trading volume is now dominated by these new meme coins, as well as the newly listed token pages on both on-chain data aggregators Coinmarketcap<\/a> and CoinGecko.<\/p>\n

OG Meme Coins Take A Back Seat<\/h2>\n

While it seems the meme season is back in full bloom, the original meme coins are not enjoying any of the action. Instead, cryptocurrencies such as Dogecoin (DOGE) and Shiba Inu (SHIB) are still seeing losses during a time when these new meme coins are performing incredibly well.<\/p>\n

For example, DOGE is changing hands at a price of $0.07822 at the time of this writing, with 24-hour losses of 0.84% and 7-day losses of 0.08%. In the same vein, SHIB is down 1.28% in the last day to be trading at $0.000009875. It has performed even worse on the weekly timeframe with a drawdown of 2.97%.<\/p>\n

\"Dogecoin<\/p>\n

DOGE seeing losses on the 24-hour chart | Source: DOGEUSD on TradingView.com<\/a><\/pre>\n
Obviously, investors are looking toward newer meme tokens in a bid to catch the next 100x, and coins like DOGE and SHIB have already grown too much to give such returns. Hence the reason why new meme coins are getting all of the attention right now.<\/p>\n
Related Reading: Kaspa (KAS), Render (RNDR), Injective (INJ) See Upside Amid Market Crash, What\u2019s Going On?<\/a><\/div>\n
Something investors should keep in mind is the large number of rugs that are also being deployed by scammers to take advantage of unsuspecting profit-chasers. So it is important to research new coins to ensure they are not honeypots or rugs before buying.<\/p>\n
Follow Best Owie on Twitter<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from Binance, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Meme coins are rallying once more with 1,000% increases in a matter of hours now becoming the order of the day. With so many new meme coins performing well in the market, it is starting to look like a repeat of the infamous 2021 meme coin season. However, unlike in 2021, a whole new set of tokens are leading the charge this time around. Pepe Coin (PEPE) Triggers New Meme Run Before Pepe Coin (PEPE) launched in mid-April, meme coins had become another fixture in the market, just moving along with the general crypto market trend. However, PEPE would rise from a $50,000 market cap to over $600 million in less than three weeks and what followed was euphoria that triggered another meme coin bull run. Since PEPE\u2019s success, a number of other meme coins have entered the market and many have found success as well across multiple chains. An example of this is the AIDOGE meme coin that launched on the Arbitrum blockchain around the same time as PEPE and in the two weeks that followed, the price of the cryptocurrency rose over 100x. Related Reading: Ripple\u2019s Q1 Report Shows That Investors Are Still Bullish On XRP, Here\u2019s Why Following the performance of both of these meme coins, activity spiked significantly on both blockchains with new coins entering the market. The next two weeks saw the entrance of new players such as WOJAK and SHIBAI, both of which have been listed on multiple centralized exchanges as well. Ethereum\u2019s decentralized exchange trading volume is now dominated by these new meme coins, as well as the newly listed token pages on both on-chain data aggregators Coinmarketcap and CoinGecko. OG Meme Coins Take A Back Seat While it seems the meme season is back in full bloom, the original meme coins are not enjoying any of the action. Instead, cryptocurrencies such as Dogecoin (DOGE) and Shiba Inu (SHIB) are still seeing losses during a time when these new meme coins are performing incredibly well. For example, DOGE is changing hands at a price of $0.07822 at the time of this writing, with 24-hour losses of 0.84% and 7-day losses of 0.08%. In the same vein, SHIB is down 1.28% in the last day to be trading at $0.000009875. It has performed even worse on the weekly timeframe with a drawdown of 2.97%. DOGE seeing losses on the 24-hour chart | Source: DOGEUSD on TradingView.com Obviously, investors are looking toward newer meme tokens in a bid to catch the next 100x, and coins like DOGE and SHIB have already grown too much to give such returns. Hence the reason why new meme coins are getting all of the attention right now. Related Reading: Kaspa (KAS), Render (RNDR), Injective (INJ) See Upside Amid Market Crash, What\u2019s Going On? Something investors should keep in mind is the large number of rugs that are also being deployed by scammers to take advantage of unsuspecting profit-chasers. So it is important to research new coins to ensure they are not honeypots or rugs before buying. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026 Featured image from Binance, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":529494,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[88194,1785,84471,83767,88145,83668],"class_list":["post-529491","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-aidoge","tag-doge","tag-meme-coin","tag-meme-coins","tag-pepe","tag-shib"],"acf":[],"yoast_head":"\nIs Meme Coin Season Back? 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Is Meme Coin Season Back? 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