Why are newer memecoins outperforming the original giants like Dogecoin and Shiba Inu?
- Newer memecoins outperform Dogecoin and Shiba Inu, fueled by trend-driven strategies and marketing. Dogecoin and Shiba Inu struggle to sustain hype without innovation amid rising competition.
The crypto market’s current uptrend has swept up memecoins, with notable performers surging in value.
As of the latest update from CoinGecko, the meme coin market cap has reached $55.4 billion, marking a 9.4% increase in the past 24 hours.
Trending memecoins
Among the standout gainers, Neiro [NEIRO], a dog-themed meme coin, spiked by 46.9%, making it one of the day’s trending assets.
Source: CoinMarketCap
Similarly, Dogwifhat [WIF] and Popact [POPCAT] saw gains exceeding 19%, underscoring the strong momentum among memecoins in this bullish environment.
That being said, while newer meme coins have surged, the OGs Dogecoin [DOGE] and Shiba Inu [SHIB] have seen more modest growth, with 24-hour increases of just 4.6% and 6.9%, respectively.
Examining weekly performance, the contrast becomes sharper as NEIRO led with a 39.7% increase, while WIF and POPCAT gained 9.3% and an impressive 53.1%.
Source: CoinGecko/X
Meanwhile, DOGE and SHIB faced setbacks, slipping by 6.8% and 0.6% over the past week, indicating a shift in market enthusiasm toward emerging players in the meme coin space.
This trend underscores the growing dominance of new meme coins, raising a critical question: Are we witnessing the decline of original meme giants like Dogecoin and Shiba Inu?
Are OG memecoins dying?
Going back in time, since their initial explosive rises, Dogecoin and Shiba Inu have struggled to revive the same level of hype that once defined their success.
Although both maintain dedicated communities, they are facing hurdles in sustaining the momentum.
The novelty that once fueled their appeal has diminished, and without innovative updates or new applications, they struggle to capture widespread attention.
Meanwhile, the crypto market increasingly favors newer meme coins, driven largely by social media dynamics rather than intrinsic value.
This was also the reason why celebrity memcoins made headlines for months in 2024.
What’s behind this shift?
Hence, with limited new offerings or value propositions, Dogecoin and Shiba Inu remain popular yet unable to achieve the viral impact necessary for a full resurgence.
On the other hand, new memecoins are capitalizing on recent trends, creative tokenomics, and well-structured marketing efforts to build momentum.
For instance, POPCAT harnessed the popularity of the well-known meme of Oatmeal the cat chirping at a bug, attracting retail investors eager to connect with internet culture.
Similarly, WIF revitalized interest in the Solana ecosystem by introducing a community-centric token, re-energizing its user base.
Unlike earlier memecoin runs, these new tokens are backed by teams with strategic marketing plans, improved token distribution, and most importantly partnerships with influencers, which helps them maintain visibility.
Low entry prices and smaller market caps have further lured investors seeking high short-term returns, enabling new memecoins to outpace their predecessors.
Therefore, as market trends evolve, these newer tokens, with their flexibility and tech-savvy approach, appear ready to outperform the original memecoins, unless the latter undergo substantial innovation.
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