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$PEPE Leads Meme Сoin Frenzy as Investors Search for the Next DOGE

$PEPE Leads Meme Сoin Frenzy as Investors Search for the Next DOGE

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Ethereum-based meme coin PEPE surged over 150% in the last week of February 2024 to lead a meme coin frenzy as fear-of-missing-out (FOMO) trading kicked in after bellwether Bitcoin (BTC) neared all-time highs.

In this article, we talk about the PEPE token price, analyze the ongoing meme coin frenzy, understand why people invest in meme coins, and ask experts how to find the “next DOGE.”

Key Takeaways

  • PEPE outperforms older rivals DOGE, SHIB, and BONK.
  • 2023-created meme coins like Solana’s WIF and Donald Trump-themed TRUMP posted outsized gains.
  • Whales began taking PEPE profits as one whale converted their position from PEPE to SHIB.
  • Social forces and attempts to find the next 100x meme coin fuel the market frenzy.
  • Crypto expert Anndy Lian shares methodology to “find the next DOGE.”
Finding the Next Dogecoin
Table of Contents

The Latest Price Analysis: PEPE Outperforms Popular DOGE and SHIB

On February 28, 2024, the PEPE crypto price rose to $0.00000362, its highest since May 2023. Pepe the Frog-inspired meme coin regained its billion-dollar market cap for the first time since its debut. Only Dogecoin (DOGE), Shiba Inu (SHIB), and Bonk (BONK) had a higher market cap than PEPE at the time of writing.

This week, PEPE has become the top performer among the biggest meme coin names. The three dog-themed meme coins DOGE, SHIB, and BONK posted gains of 50%, 45%, and 74% in the last seven days, respectively – as of February 29, 2024 – only to be trumped by PEPE, which rose over 150% in the same period.

PEPE is a newer meme coin compared to DOGE and SHIB. PEPE debuted less than 12 months ago, in late April 2023, while DOGE is over ten years old, and SHIB came to prominence in the 2020-2021 bull cycle.

The freshness of PEPE certainly plays a part in its outperformance against the old dogs. Supporting this thesis is the explosion in the price of meme coins that debuted in 2023 and 2024.

Take Solana’s new meme coin darling, for example. Dogwifhat (WIF) is one of the hottest new cryptos in town, which has gained nearly 400% since its December 2023 debut and over 150% in the last seven days as of February 29, 2024.

Another 2023-launched meme coin that has outperformed its peers is a Donald Trump-themed crypto called MAGA (TRUMP). The TRUMP meme coin has ballooned nearly 3,000% since the start of 2024.

However, there were warning signs that PEPE price movement was getting overheated. Blockchain analytics firm Lookonchain revealed that a whale sold all of their 1.9 trillion PEPE tokens on Binance for a cool $3.49 million profit on February 29, 2024. The whale later changed his position from PEPE to SHIB – the latter has been underperforming PEPE.

 

Meme Coin Frenzy Takes Over 2024 Crypto Bull Run

In this section, we explain meme coin investing through the following points:

1. Meme Coin Degens Do Not Care About Utility or Fundamentals

For an outsider, the price movement of meme coins tends to make zero sense. Fundamental analysts are often baffled by the large sums of money invested in these crypto tokens with zero utility.

Non-crypto-natives should understand that crypto degens rarely look for utility or strong fundamentals. They want to find the next Dogecoin to possibly 10x-100x their crypto investment, well knowing the high volatility and risks involved.

 

2. Crypto Traders Seek Outperformance in Bull Markets

Battle-hardened crypto natives tend to invest in cryptocurrencies through bear markets, making them well-prepared to take hefty profits early when bull markets return. In search of market outperformance, experienced traders have shown a tendency to shift funds out of large market cap coins like BTC, which tend to lead crypto bull runs, to smaller market cap tokens that follow.

As quoted in Techopedia’s Bitcoin bull run 2024 article, crypto hedge fund Pantera Capital said in a report:

“While one of the highest sources of alpha has historically come from a perfectly timed rotation from Bitcoin into altcoins as phase 2 commences, that relationship won’t necessarily always hold true, nor is timing that rotation perfectly a reality for any trader.”

The meme coin frenzy that we are witnessing at the moment is an indicator that traders are now looking to altcoins for “alpha” as Bitcoin nears all-time highs.

3. The Importance of Social Forces in Meme Coin Investing

Social forces play an incredibly important role in driving meme coin price gains. Meme coins are inspired by internet memes, jokes, and satire. They bank on community participation, humor, and virality to attract followers and investors.

Elon Musk’s ‘comeback’ in the game could add flames to the meme coin frenzy.

 

Top meme coins like DOGE, SHIB, and PEPE have loyal followers who enjoy sparkling conversations about their beloved meme coins on social media platforms like Discord and X.

This vibrant social buzz tends to attract newcomers, many of whom end up swapping their fiat for meme coins.

Anndy Lian, an intergovernmental blockchain expert, told Techopedia: “Meme coins can create a sense of community and belonging among their fans, who often use memes and jokes to communicate and promote their favorite coins.”

“Social forces play a crucial role in meme coin investing, as they can generate demand, influence sentiment, and create network effects for these coins.”

Finding the Next Dogecoin

New meme coins may come and go, but none has been able to usurp the king of meme coins – DOGE. The Elon Musk-endorsed token is the ninth biggest crypto in the world with a market cap of over $18.64 billion. At the time of writing, Dogecoin price stood at $0.13, having returned a whopping 23,200% since its debut in December 2013, CoinMarketCap data showed.

In this section, we talk to crypto expert Anndy Lian on how to find the next DOGE.

“Investors should look at the next DOGE in a “fun” manner. Personally, I hunt for them on X (formerly known as Twitter). This is the same place where I spotted $RATS, $FLOKI, $WIF, $GROK, and many more.”

Investors should look for the following traits when evaluating the potential of meme coins:

  1. Catchy and memorable name, logo, and theme, based on a popular or trending meme.
  2. Strong and engaged community that is active on social media, sharing memes, jokes, and news about their coin.
  3. Supportive and influential network of core community/team members or celebrity endorsements (e.g., Musk and DOGE) that can boost a coin’s visibility and credibility.
  4. Clear and fair tokenomics.

The Bottom Line

Meme coin is an interesting sector to uncover. The best place to discover and analyze the social fever created by meme coins is on X. There, you will find opinions about meme coins from incredibly passionate community members as well as rational crypto traders.

However, we want to highlight that meme coins are highly volatile and risky cryptocurrencies. Most meme coin projects enjoy a short period of fame and may become irrelevant after the market loses interest in them.

 

Source: https://www.techopedia.com/pepe-leads-meme-coin-frenzy-as-investors-search-for-the-next-dogecoin

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
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Bitcoin, Ether, Doge Skyrocket: Should You Be Buying At Current $30K Levels?

Bitcoin, Ether, Doge Skyrocket: Should You Be Buying At Current $30K Levels?

Major cryptocurrencies like Bitcoin , Ether and Dogecoin are trading at a monthly high on Wednesday.

Bitcoin, the world’s largest digital currency, broke $26,500 for the first time in over a month to make a high of $29,883, up about 11% over the past 24 hours. It subsequently broke $30,000 — the first time in more than a year.

Ether was trading at $1849, up 7.5%, while Doge was trading up about 6%, according to data from TradingView.

Recently, BlackRock BLK, submitted an application last week for a Bitcoin exchange-traded fund (ETF) in the U.S.

Additionally, EDX Markets, a cryptocurrency exchange backed by prominent financial entities such as Charles Schwab, Citadel Securities, and Fidelity Digital Assets, has launched its trading services.

Industry experts have weighed in on the phenomenal rise, attributing it to several factors, including institutional interest and economic forecasts.

Bitcoin’s Future Performance

Greg Waisman, COO of payments platform Mercuryo, says Bitcoin’s renewed dominance, accounting for 50% of the market capitalization of the crypto ecosystem, has been spurred by the application for a spot Bitcoin ETF by BlackRock and followed by WisdomTree, Invesco, and Bitwise. “The renewed optimism about a BTC ETF from these financial giants is evidence that Bitcoin holds true potential that will boost its future performance,” Waisman states.

Waisman also emphasizes Bitcoin’s burgeoning momentum as a technology with innovative Layer-2 protocols such as the Lightning Network revolutionizing payments.

“The positive sentiment on its capabilities has contributed to the increasing inflow of funds into Bitcoin worth $3.6 billion over the past few months,” he said.

Macro-Economic Indicators

Raj Kapoor, the founder of the Blockchain Governance Council, highlights the role of the Federal Reserve’s decision to halt rate hikes and suggested that the weakening of the U.S. dollar could also be playing a significant role.

Kapoor opines, “The stronger the macroeconomic environment, the higher the Bitcoin price.”

He further mentions the impact of filings for a Bitcoin ETF by financial giants like BlackRock and Fidelity Investments.

Greg Magadini, Head of Derivatives at Amberdata, a crypto data analytics firm, shares insights into ETH call selling since the ETH Shanghai upgrade.

Magadini said, “This flow is some of the largest, persistent flow, ever seen in ETH options… suggesting this flow is institutional.”

Institutional Involvement As A Catalyst

“NFT: From Zero to Hero” author Anndy Lian attributes the surge in Bitcoin’s price to the growing interest among institutional investors, and specifically notes BlackRock’s launching of a Bitcoin ETF.

“This institutional involvement has sparked optimism among traders regarding Bitcoin’s price,” he said.

Lian also highlights the potential correlation between a declining US dollar index and a favorable macroeconomic climate as factors that may continue to positively impact Bitcoin’s price.

Serenity Shield CEO Venket Naga said increased mainstream adoption and acceptance of cryptocurrencies have attracted more investors and users and growing institutional interest, such as the entry of major financial institutions into the crypto market, has provided a sense of legitimacy and attracted more investors.

“The market’s long-term sustainability depends on continued adoption and addressing concerns like scalability and energy consumption. Continued innovation and practical application of blockchain technology, specifically tailored to address real-world requirements, will play pivotal roles in determining the market’s overall sustainability,” he added.

 

Source: https://www.benzinga.com/markets/cryptocurrency/23/06/32950439/bitcoin-ether-doge-skyrocket-should-you-be-buying-at-current-30k-levels

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Dogecoin Price Doubles In A Week, Analyst Say DOGE Can Hit 50 Cents By End Of 2022

Dogecoin Price Doubles In A Week, Analyst Say DOGE Can Hit 50 Cents By End Of 2022
ZINGER KEY POINTS
  • Dogecoin’s price more than doubles in a week.
  • Analysts predict huge upswing from current levels.

Popular memecoin Dogecoin has rallied by a staggering 56% over the past 24 hours and has more than doubled its price in the last week, amid Tesla chief Elon Musk’s acquisition of social networking giant Twitter.

Interestingly, Musk is widely touted to be the “Dogefather” — as he frequently mentions the cryptocurrency and engages with its community of users.

Musk has had a blow-hot blow-cold relationship with DOGE and has previously shared numerous DOGE-related memes and promoted it in tweets.

Musk’s’ The Boring Company, SpaceX, and Tesla all accept Dogecoin as payment for merchandise.

He even named SpaceX’s 2022 moon mission DOGE-1.

Dogecoin has witnessed wild swings in the past over Musk’s tweets and announcements.

His rants, however, have also gotten him in trouble.

A number of Dogecoin investors had sued Musk and his firms for $258 billion for racketeering this summer, alleging that they purposefully inflated the price of Dogecoin before allowing it to plummet.

In response, Musk stated in June that while he himself supports cryptocurrency, he never advised anyone to invest in the space.

Dogecoin is the ‘best crypto’ in the long term

Anndy Lian, book Author of “NFT: From Zero to Hero” tells Benzinga that Dogecoin’s price action has a history and is closely linked to Musk.

“Also, Dogecoin has strong community support. Dogecoin sub-Reddit has more than 2.2 million subscribers. Moreover, I think Dogecoin’s inflationary is an advantage. There are several reasons why deflationary currencies like Bitcoin might never be used as money. But Dogecoin’s tendency toward inflation ranks it among the best cryptocurrencies over the long term,” Lian says.

In the shorter term as long as Elon is still the Dogecoin, we will still see more rallies before the year ends as he lays out plans for Twitter, Lian adds.

Dogecoin at 50 cents before the new year

Aliasgar Merchant, lead developer of relations at Akash Network, a decentralized cloud platform, said the current trend reversal for Dogecoin seems sustainable, and the memecoin can easily hit the 50-cent mark before the end of the year.

“Since last August, Dogecoin has not broken the 30 U.S. cents mark, however, with the memecoin’s use cases skyrocketing with Musk’s takeover of Twitter, there is no reason it cannot reach the 50 cents mark before the new year,” he said.

He added that Dogecoin would see strong support between 0.0772 and 0.0792 levels, as data from IntoTheBlock suggests that approximately 27,000 addresses scooped up 5.89 billion DOGE tokens at these levels.

Whales lapping up Dogecoin

Meanwhile, Dogecoin Whale Alert, a Twitter account that tracks the movement of DOGE whales tweeted that 286,953,266 DOGE, worth $22,140,740 was transferred from a “Top 20 wallet” to a Binance wallet.

Dogecoin’s ascent to prominence as the tenth-largest cryptocurrency by market capitalization was fueled by Dogechain, a layer-2 scaling solution for Dogecoin, which recently unveiled its future roadmap.

Dogechain beginning the voting process for its coin burn fueled a bullish sentiment among DOGE holders.

Source: https://www.benzinga.com/markets/cryptocurrency/22/10/29470339/dogecoin-price-doubles-in-a-week-analyst-say-doge-can-hit-50-cents-by-end-of-2022

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j