TL;DR
The meme coin sector has been making great strides during the latest bull cycle, with its market capitalization briefly surpassing $60 billion. The progress is thanks to popular assets such as Dogecoin (DOGE) and Shiba Inu (SHIB), which remain quite trending among investors, as well as new sensations, including dogwifhat (WIF), Bonk Inu (BONK), Pepe (PEPE), and others.
Currently, DOGE and SHIB account for over 60% of the cohort’s market capitalization, and they are the only meme coins to have ever crossed the $10 billion mark. As such, we decided to ask ChatGPT whether another asset of that type can reach the milestone.
The AI-powered chatbot estimated that success on the front can be fueled by strong community support, viral social media presence, and increased investor interest. WIF and PEPE are some of the meme coins that have gained a solid supporter base.
The dogwifhat community recently raised $650,000 to put the token’s logo on the Sphere – famous entertainment arena in Las Vegas, Nevada. In addition, the token received backing from prominent industry participants, such as Arthur Hayes.
However, a study conducted a few months ago estimated that Shiba Inu is the meme coin with the strongest community base, while DOGE and PEPE round up the top 3 list.
The frog-themed digital asset currently has a market cap of over $3 billion, making it the biggest contender of the leading ones.
Numerous analysts remain optimistic that the meme coin sector is yet to flourish during the bull cycle. One factor to possibly contribute is the Bitcoin halving which took place last week.
The event, following which miners’ rewards distributed for validating blocks on the blockchain were deducted in half, has historically been a precursor for a major resurgence for the entire cryptocurrency industry.
One meme coin to be particularly poised for a price ascent in the near future is Shiba Inu. The numerous elements suggesting that the self-proclaimed Dogecoin-killer is yet to experience fresh gains include its aggressive burning mechanism, the development of the layer-2 scaling solution Shibarium, and the predominantly negative SHIB exchange netflow on a weekly scale.
