Why Are Meme Coins at Dead-End?

Discussions around the future price of meme coins like Dogecoin and SHIB remain at large

Cryptocurrency is a risky investment where traders get liquidated within minutes during market volatilities and a change of bullish to bearish sentiments. It is then ironic seeing how meme coins like Dogecoin and Shiba Inu that were started as a joke, gained attention and communal support since their creation. Discussions around the future price of meme coins remain at large. Many crypto experts still believe that meme coins like Dogecoin can still reach its infamous $1 target. Yet, crypto traders are not setting their hopes on any meme crypto and the recent dip is proving them right. Are meme coins at dead-end? 

Before long, Elon Musk, CEO of Tesla and SpaceX and one of the world's wealthiest men, continuously created several memes to show his admiration for meme coins especially, Dogecoin. Due to Elon's constant bullish stance on Dogecoin using memes, several Dogecoin pumps happened as a result of his tweets which many dubbed "the Musk Effect."

Many crypto enthusiasts believe meme coins represent nothing more than a dead cat bounce effect, and the current market cycle will annihilate them. Although some meme tokens are admittedly destined to fail, others will survive this crypto winter due to their unique value proposition.

Performance of Top 5 Meme Coins

Dogecoin: The open-source digital currency was created by Billy Markus from Portland, Oregon and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013. The live Dogecoin price today is $0.072630 with a 24-hour trading volume of $188,630,435 USD. It has dropped around percent in the last seven days and nearly 19% in a month.

Shiba Inu: This meme coin quickly gained speed and value as a community of investors was drawn in by the cute charm of the coin paired with headlines and tweets from personalities like Elon Musk and Vitalik Buterin At the time of writing, Shiba Inu is trading around $0.000009 with a one-day trading volume of $89,876,617. SHIB has shedded nearly 3% during the past seven days. Moreover, the token has fallen more than 21% in a month.

Pepe Coin: PEPE is a deflationary meme coin launched on Ethereum. The cryptocurrency was created as a tribute to the Pepe the Frog internet meme, created by Matt Furie, which gained popularity in the early 2000s. The live Pepe price today is $0.000002 with a 24-hour trading volume of $245,787,431. It is down 1.97% in the last 24 hours and lost more than 15% in a week. 

Bone ShibaSwap: BONE is a governance token of the Shibaswap ecosystem that is designed to fit perfectly between the previous two tokens in regard to circulation supply. The live Bone ShibaSwap price today is $0.772427 with a 24-hour trading volume of $6,964,220. It is down 1.57% in the last 24 hours and 28.66% in past 30 days. 

Folki: Floki (FLOKI) is the people's cryptocurrency and the utility token of the Floki Ecosystem. It is currently trading around $0.000034 with a 24-hour trading volume of $19,242,769. As per CMC, Floki is down 3.64% in the last 24 hours. Also, it has lost 12.87% within a month.