The cryptocurrency industry has thousands of digital assets across various categories that appeal to different types of investors. While many stick with the original cryptocurrency, Bitcoin (BTC), others explore a diverse range of options, including meme coins, AI-related assets, and decentralized finance (DeFi) tokens.
Currently, the meme coin industry has gained significant traction, with a total market capitalization exceeding $37 billion. Dominating this space are Dogecoin (DOGE) and Shiba Inu (SHIB), both of which have garnered immense popularity and substantial market caps. Recently, a new player, Pepe (PEPE), has emerged, causing a stir in the market and drawing considerable attention from investors.
With a myriad of investment options available, the community often finds itself confused about where to allocate funds. Among the many choices, three meme coins stand out: Dogecoin, Shiba Inu, and Pepe. Each of these cryptos has unique features and community engagement that appeal to different investors.
Which Meme Coin Should You Invest In?
1. Shiba Inu (SHIB)
Shiba Inu (SHIB) is an Ethereum-based meme coin created in 2020 by an anonymous individual known as “Ryoshi”. It was first listed on the decentralized exchange Uniswap and gained quick popularity due to its strong community presence, celebrity endorsements, and high-profile listings on major exchanges like Binance.
According to CoinMarketCap, it appears that most market assets experienced a downturn over the past 24 hours. Shiba Inu is currently trading at $0.0000134, reflecting an increase of 1.78%. This community-driven cryptocurrency has garnered a significant following and boasts a dedicated fan base within the market.
Known for its vibrant online community and meme-inspired branding, Shiba Inu aims to establish itself as a serious player in the crypto space, with initiatives like ShibaSwap and plans for future projects that could enhance its utility and value.
2. Dogecoin (DOGE)
At the time of writing, Dogecoin was trading at $0.1026, reflecting a 3.18% increase over the past 24 hours. This boost comes after a period of volatility, during which DOGE saw a significant drop to a low of $0.0996. Despite this dip, Dogecoin has maintained its position as one of the top 10 cryptocurrencies by market cap, with a dedicated following and strong community support.
Wallets containing less than one million DOGE represent 11.8% of the total meme coin supply, highlighting a significant portion held by smaller investors. Despite this, the current chart analysis reveals no concerning FOMO indicators, which would typically suggest that smaller traders are aggressively accumulating their holdings in anticipation of price increases.
Moreover, the current sentiment around DOGE is neutral. It’s encouraging to see that FOMO has quickly diminished. If the market experiences impatience and FUD next, it could signal a potential turnaround.
3. Pepe (PEPE)
The Pepe (PEPE) Coin stands out for several reasons. As a relatively new entrant in the crypto market, it distinguishes itself from more established canine-themed coins like Shiba Inu. Pepe has attracted attention due to its unique branding and community-driven initiatives. Recently, the asset has experienced a notable rise in retail accumulation, indicating growing interest among investors and traders.
The recent introduction of the PEPE meme coin into the crypto market may explain why its traders and holders have faced fewer price declines compared to others since its peak in late July. At the time of writing, Pepe Coin is trading at $0.000007368, reflecting a 3.39% increase in the last 24 hours.
Since the Pepe meme coin reached its peak, the rate of discussion has significantly dropped. While price speculation is likely to continue, investors have kept quiet for the time being.
Also Read: Solana (SOL): How High Will Solana Surge in the next 5 Years?
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
