Memecoins have exploded in popularity, carving out a unique niche in the crypto market. From their humorous origins, they’ve evolved into a significant investment sector with a market cap approaching $50 billion. This article explores the evolution of memecoins, comparing the classic memecoins like Dogecoin, Shiba Inu, and FLOKI with the relatively newer PEPE, SUNDOG, MEW, and NEIRO.
The memecoin market cap is nearly $50 billion, comprising both established and new memecoins. While all memecoins share a common thread of humor and community, they differ significantly in their development, utility, and market behavior. These differences often stem from when they emerged and how users have interacted with them over time.
Classic Memecoins: Beyond Speculation
Classic memecoins like Dogecoin (DOGE), Shiba Inu (SHIB), and Floki Inu (FLOKI) represent the old guard, driving the initial wave of memecoin adoption. Take Dogecoin, often considered the original memecoin; it has found real-world applications, leading many to believe it’s “more than a joke.”
Read also: Memecoins Rally: PEPE, BONK Lead the Charge, DOGE Lags
In fact, businesses have started accepting DOGE for payments, drawn to the memecoin network’s speed and low transaction costs. At the same time, Shiba Inu creators are developing other useful blockchain products within the network ecosystem, including Shibarium. And FLOKI has entered the metaverse, serving as the native crypto of the Valhalla gaming ecosystem.
These developments illustrate how classic memecoins have evolved beyond speculation. They have found practical uses and become integral parts of different segments of the blockchain industry. This is evident in their price trends, which have become less volatile and more aligned with top-tier cryptocurrencies.
Emerging Memecoins: The New Wave
Emerging memecoins like Pepe (PEPE), SUNDOG, MEW, and NEIRO exemplify the speculative nature of the memecoin category. Their newness contributes to the volatile sentiment typical of early memecoin behavior. For example, PEPE rallied over 1,000% early this year, showcasing the volatility common to early memecoins. SUNDOG, MEW, and NEIRO also displayed similar price behaviors at their peak moments.
Read also: Memecoins: A Risky Asset Class With Extraordinary Profit Potential
However, it’s worth noting that these emerging memecoins are still in their early stages and could find real-world uses in the future, potentially mirroring their classic counterparts.
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