Memecoins are back in the spotlight as November 2024 kicks off, signaling a renewed interest in these playful, community-driven cryptocurrencies. Major names like Dogecoin and Shiba Inu still dominate attention, particularly on big exchanges like South Korea’s Upbit, where listing policies keep these tokens in check. On the other hand, newer players in the crypto market like PEPE and Dogwifhat (WIF) are capturing unique fan bases. This adds a fresh excitement to the crypto space. Let’s find out why these memecoins are back in action.
Shiba Inu: Not Just a Memecoin
Shiba Inu (SHIB) might have started as a Dogecoin spin-off, but it’s far from just a copycat. Created by the anonymous Ryoshi in 2020, SHIB has grown to offer more than mere humor. Half of SHIB’s massive initial supply was sent to Ethereum co-founder Vitalik Buterin, who burned much of it, cutting supply and boosting demand. This action, paired with SHIB’s ecosystem on Ethereum, allows it to interact with DeFi apps, making it more versatile than many memecoins.
Shiba Inu’s future seems set on expanding utility too. Plans for NFT integration and decentralized governance mean it could go beyond its meme origins. For investors, this kind of development aligns with broader interest in DeFi and NFT spaces, giving SHIB a longer-term appeal than many meme tokens.
Dogecoin: The Classic That Keeps on Giving
Dogecoin started as a joke in 2013 but proved there’s power in the community. Created by Billy Marcus and Jackson Palmer, Dogecoin’s high supply and constant coin flow set it apart from more limited cryptocurrencies. But in 2021, Dogecoin turned serious, thanks in part to Elon Musk’s repeated endorsements. It hit a peak market value of over $50 billion, showing that memes, when backed by community and hype, can have a major impact.
Dogecoin’s lack of high-tech features hasn’t held it back. It’s used widely for tipping and small payments, which keeps it popular and relevant. The simplicity of Dogecoin, along with its strong community backing, might explain why it’s still going strong more than a decade after its launch.
PEPE and WIF : The Fun Newcomers
Inspired by the frog meme PEPE this memecoin is deflationary. The meme has been popular in the online communities since 2020 and PEPE memecoin cashed it. PEPE saw a rapid surge in price since February 2024 and reached a market cap of $7.02B in May. Looking at its success a number of its variations have hit the market.
Operating on the Solana chain, Dogwifhat has built a unique fan base. Leveraging the fast transactions and low fee of Solana this memecoin made its place in investors’ portfolio. This memecoin focuses on community and the fun aspect of internet culture.
What’s Next for Memecoins?
As November is at the door, it is clear that memecoins are attracting not only new but seasoned investors as well. On one hand, SHIB stands out for its DeFi and NFT potential, Dogecoin on the other hand has long standing popularity. Meanwhile, newcomers like PEPE and WIF could offer unique twists for risk takers. Will these coins continue to gain traction or some new trend will emerge, only time will tell.
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