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December, 2021

Should you Invest in Meme Coins? ($SHIB, $DOGE, $ELON)

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Should you Invest in Meme Coins? ($SHIB, $DOGE, $ELON)

Meme Coin: a cryptocurrency token devoid of utility, which attracts investors using a unique/funny name, a low price point, and the promise of future appreciation.
 
It’s been nearly a year since the OG meme coin, Dogecoin ($DOGE), began its historic rise from <$0.01 to $0.75….Shiba Inu ($SHIB) proved that those results were replicable, surpassing DOGE and accruing a market cap of >$50B.
 
Since then, 1000’s of imitators have flooded decentralized exchanges, with hopes of becoming the next meme to hit it big — The names have become increasingly bizarre and self-referential: Dogey-Inu ($DINU) being a prime example. Furthermore, the number of tokens issued, sometimes quintillions, makes price calculations difficult due to the sheer number of zeros to the right of the decimal.
Most of these tokens are destined to return to their true value: $0.00. However, “the big 3” still command a significant amount of investor capital: $DOGE$SHIB, and Dogelon Mars ($ELON).
All 3 coins have seen a major downturn in both price and consumer mention volume since the October “pump” higher —
  • DOGE: Price -38%, Mentions: -34%
  • SHIB: Price: -49%, Mentions -76%
  • ELONPrice: -44%, Mentions -96%
SHIB lead the charge higher in October and has retained the highest level of mention volume since then. However, it recently lost its lead on DOGE in terms of market cap.
 
ELON mention volume has plummeted to near irrelevance, and its market cap has fallen below $1B — It’s not likely to return unless it receives a major exchange listing in the future.
 
DOGE remains a constant, seemingly unaffected by the broader meme coin economy. If we had to pick one long-term hold from the group it would be Dogecoin, based on its fame and cultural significance.

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