- LookOnChain recently compared major-cap meme coins in a 52-week timeframe.
- SHIBโs marketing lead clarifies the misconception that the SHIB Army is behind WIF.
- Dogecoin stood out as the most resilient during bear markets despite lesser gains.
Shiba Inuโs marketing lead, Lucie, took a jibe at the emerging trend of comparisons between the top-tier canine meme coins. In her X tweet on September 7, 2024, she said, “I’ll laugh and think youโre foolish if you compare any token to SHIB with only the bare minimum achieved.โ
SHIBโs Secret Edge Over Meme Coin Peers
Acknowledging that the Shiba Inu community is not behind other major-cap canine cryptos like Dogwifhat (WIF) or Dogecoin (DOGE), Lucie highlighted Shiba Inuโs immersive DeFi ecosystem as the main advantage over WIF or PEPE, which are leaning more towards speculative crypto traders.
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Lucie is referring to the misconception that WIF and Pepe’s recent success is due to sharing the same audience as SHIB. Regardless, WIF and PEPE are often considered serious competitors to Shiba Inu coins and DOGE.
This March, Shiba Inu coin came very close to Dogecoin in cryptoโs global ranks, reaching a gigantic $21.7B at the cycleโs peak. Both of these vibrant communities remain tied at 3.5M followers on X.
DailyCoin has observed that Shiba Inu and Dogwifhat have retraced over 70% since their spring peak. Meanwhile, Dogecoin remained less volatile, with a 57% drop during the same time frame, but it didnโt perform nearly as well during the meme coin rally in March 2024.
Top Dog Meme Coins Scrap for Territory
WIF is a newcomer, first tracked by the independent price aggregator CoinGecko on December 13, 2023. Capped at 998,926,392, Solanaโs dog rose as the successor of BONK. These Shiba Inu-inspired coins were pivotal in Solanaโs thriving ecosystem, bouncing back from single digits in SOLโs price in late 2022.
WIF climbed to $4.83 on March 31, 2024. Nearing $5, this meme coin’s unusually high price piqued crypto enthusiasts’ interest. As a result, WIF became a highly demanded token in derivatives markets, usually breaching the $1 billion checkmark in 24-hour trades.
On the social side, WIF, PEPE, and SHIB all made it to the top 15 most searched cryptocurrencies on Binance. However, the social statistics from the largest crypto exchange by volume concluded a lack of interest in Dogecoin, as newer and more speculative counterparts have taken a large portion of the market.
On the Flipside
- Pepe Token has been leading the meme coin category by trading volume on Spot, regularly topping over $1 billion.
- The frog-themed crypto also emerges as the best-performing Year-to-Date (YTD), whipping up 798% gains in a 365-day window.
Why This Matters
Meme currencies have produced the strongest narrative in crypto in Q1 of 2024, surging past other promising niches like Artificial Intelligence (AI) and Real World Asset (RWA) tokenization.
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