Is Meme Coin Season Back? Here’s What The Numbers Say
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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’s 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.
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’s 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.
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.