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Where Are Memecoins Heading? Buy, Hold, or Sell?

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Where Are Memecoins Heading? Buy, Hold, or Sell?

  • Memecoins adapt amidst shifting market trends and fierce crypto competition.
  • Floki teases “FlokiFi” DeFi products with a boost in trading volume.

Memecoins took center stage in the 2023 crypto landscape. In Q2, big names like Shiba Inu, Floki, and Pepe dominated discussions among traders and investors, leading to extraordinary price surges. Their social dominance reached new heights during this period. However, in the middle of Q3, a shift occurred. Other significant events, such as XRP’s victory over the SEC, the fluctuations in bear market prices, and the anticipation surrounding Bitcoin ETFs, started overshadowing the memecoin hype.

The direction, memecoins are headed has become a hot topic in the crypto community. While some memecoins boast loyal followings, certain analysts argue that they need to innovate to gain the trust and attention of the broader crypto community. Nevertheless, memecoins consistently make the list of statistical approaches to capture community attention.

Shiba Inu (SHIB)

Shiba Inu stands out for its commitment to continuously update its ecosystem. Notably, it introduced its own blockchain in August, which initially received criticism due to an abrupt halt for repairs, causing the absence of expected bull rally. However, Shibarium has recently achieved a historic milestone with a staggering 26 million of its utility token, BONE, staked on its Layer-2 blockchain.

Moreover, the Shiba Inu team is gearing up for more developmental updates for Shibarium and the metaverse. Despite the bearish trend affecting the native token SHIB for months, the trading volume has seen a 10% increase in the past 24 hours. SHIB is trading at $0.000007097 with a 1.17% increase in the past 24 hours.

SHIB Price Chart with Social dominance and Whale accumulation, Source: Santiment

Floki (FLOKI)

Floki, another memecoin that gained significant attention earlier in the year, now faces a bearish trend. However, it recently generated excitement within its community by sharing a mysterious post with the date “17.10.2023” and mentioning “FlokiFi.” FlokiFi appears to be a suite of decentralized finance (DeFi) products launching under the Floki brand. This announcement has partially alleviated the decline in social dominance.

The trading volume for Floki has risen by 14%, resting at $96 billion. It is currently trading at $0.00001842 with a 0.50% surge in the past 24H.

FLOKI Price Chart with Social dominance and Whale accumulation, Source: Santiment

Pepe (PEPE)

Pepe entered the memecoin market in 2023 as a strong competitor. However, in Q3, it became embroiled in controversy. The Pepe community was rattled by a series of transactions involving the project’s multisig wallet, where approximately 16 trillion PEPE tokens, valued at around $15 million, were transferred to various crypto exchanges. Additionally, their former Telegram account was apparently hacked, and the Pepe team lost control of it.

Pepe is currently under bear control and is trading at $0.0000006793 with a 0.56% increase in the past 24 hours.

PEPE Price Chart with Social dominance and Whale accumulation, Source: Santiment

In summary, the landscape of memecoins, including Shiba Inu, Floki, and Pepe, has experienced significant shifts in 2023. While they initially captured the spotlight, other crypto developments have started to overshadow their prominence. Nevertheless, these memecoins continue to adapt and evolve to maintain their presence in the crypto community.

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