Then there’s PPIZZA, another 10X shitcoin that printed over the last 72 hours:
AI and ChatGPT is also getting in on the action — AI-generated memecoins have generated much hype, such as TURBO, which went on an explosive run and reached a market cap of $100M at one point.
And lest we forget, WSB, named after the famous Wall Street Bet subreddit (although the token is actually called Wall Street Baby). This one isn’t new and pumped a few months ago already before it came back for round two now. WSB may be hinting at what comes next for these other memecoins…
Needless to say, the memecoin craze is out of control now. Just try typing in Pepe into the CMC search bar:
So, out with the old memes and in with the new?
How Do They Compare to the Memecoin OGs?
The older generation will remember the glorious “DOGE to a dollar” and “dogcoin flippening” days. In early 2021, Dogecoin ran up to almost $0.74. Later that year, Shiba Inu briefly flipped Dogecoin in an eye-watering pump.
Of course, we all know what came next…
Memecoins trade on attention. And attention is a fickle commodity.
But can this new generation of memecoins establish itself next to old-school dogcoins?
It may sound crazy but despite the elevator down from all-time highs, Dogecoin still has a market cap of over $10B. Shiba Inu is worth over $5B. Despite its impressive run, PEPE is still only 10% of the way there. On the other hand, it has been around for only a few weeks.
It may not catch the two veterans, but its run may not be over yet either:
With a 24h trading volume to market cap of 0.85, PEPE is soaking up all the liquidity in the market right now. To put this into perspective, DOGE has a ratio of 0.025 ($250M traded in the last 24 hours. Bitcoin trades at a similar ratio of 0.029.
In other words, PEPE and its memecoin buddies are drawing all the attention to themselves now. How long can it last?
Is It Too Late To Board the Memecoin Train?
If you think this is your chance to escape the 9-5, tread with caution. Where there’s a memecoin pump, a dump isn’t far off. Pentoshi thinks it’s around the corner:
If you’re not sure whether you are late to the memecoin party, well — you never know. Just like with the China narrative a few months ago, the early birds get paid. Then again, you never know how far these memecoins can run:
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.