Meme coins and dogcoins flood the market

After Dogecoin's popularity skyrocketed, there were a host of dogcoins and other meme coin joining the industry. One of these tokens was SHIB, which has since reached a market capitalization in the range of DOGE itself. The SHIB development team also developed another token called Doge Killer (LEASH). The token is currently trading hands at $3,256.73, posting a 130.3% return recently.

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Another token that is trying to capitalize on the current hype is Dogelon Mars, a token that is based on Tesla CEO Elon Musk and his love of space travel . In October, the coin posted over 3,780% gains , as well as appearing and  Crypto.com on Oct 29, surpassing SHIB's 850% gains.

There are many more tokens that have been released on various blockchain networks, sending meme tokens throughout the crypto ecosystem. For example, Australian Safe Shephard (ASS) token is the Binance Smart Chain (BSC) based dogcoin and Samoyedcoin (SAMO) is a dogcoin on the Solana network with Hokk Finance Meme Token.

 the older the cryptocurrency

Lyu mentioned: “it seems that the older the cryptocurrency, the stronger its position, and it is not so easy for beginners to rise to the top and take their place in the sun” . He added that having two meme coins in the top 10 is more than enough and other meme coins don't stand a chance. However, he commented, "But that's the beauty of cryptocurrencies: anything can happen."

 

Justin Trollip, the core team member at Pangolin, a decentralized exchange, told Cointelegraph that the short-term potential of all highly speculative meme tokens and dogcoins on blockchains is unpredictable:

“We are in a raging bull market, so speculative assets that have a big upside tend to do well. We are in a meme cycle right now so I think there is room for upside in a lot of these tokens. Once again, it all comes down to your terms as an investor. Personally, most people I've seen who have made big profits on meme tokens generally don't make profits and see them as long-term assets. I would say this is a risky strategy."

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Several of the new meme tokens have posted impressive gains in October, with SAMO posting 2,925% gains in October to reach a market cap of $389 million and Hoge Finance's HOGE rising by 2,923% with its market cap currently at $189.79. million up from USD 15 million in early October . But that is not to say that these types of tokens will continue to post such impressive rallies.

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Trollip added: “For these tokens to continue to perform well in the top 10 for years to come, they would need to overcome some pretty impressive projects and the maturing investor class of cryptocurrencies. Personally, I think they will be overtaken over a longer time horizon.” He also mentioned that the recent trend of meme tokens is completely driven by speculation and in some cases even social media manipulation. go with SafeMoon, believe there is a limit where marketing takes a token.