Meme Coins That Are Ripe For The Picking Following $3.2 Billion Crash
October 17 2023 - 7:00PM
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As the crypto market suffered major losses due to the bear season,
meme coins were not left out. These tokens which are often created
in line with memes on the internet saw their cumulative market cap
drop by $3.2 billion in 2023. This decline has paved the way for
possibly buying these highly popular tokens at what could be
considered a discount. Dogecoin (DOGE): King Of The Meme Coins
Dogecoin (DOGE) has managed to retain its title as the king of the
meme coins over the years but that has not helped the altcoin to
dodge the bloodbath. Despite starting out the year 2023 strong and
trading close to the $0.1 level, it has succumbed to the seemingly
never-ending bear pressure and fallen around 50% since then.
Related Reading: Cardano Whale Addresses Continue To Fall, What
Does This Mean For ADA Price? Dogecoin is currently trading at one
of its lowest points since the year began, which could signal a
prime time for purchasing the meme coin. According to data from
Messari, DOGE’s price is currently over 91% lower than its all-time
high price of $0.738. This means that a return to its all-time high
in a bull market would be an almost 10x return on investment from
its current $0.059 level. Shiba Inu (SHIB): The DOGE Killer When
Shiba Inu first came out in 2020 as an alleged ‘Dogecoin killer’,
crypto investors did not take it seriously. It wasn’t until it
mounted one of the most impressive rallies of 2021 that investors
saw its potential. Eventually, it grew to become the second-largest
crypto among the meme coins, clocking an over $10 billion market
cap at one point. However, just like its biggest competitor
Dogecoin, Shiba Inu has been subject to unfavorable conditions
which have seen its price decline rapidly. It is almost 92% below
its October 2021 all-time high of $0.0000869. So just like
Dogecoin, a return to its all-time high price will also see SHIB
return almost 10x on its current price of $0.00000706. SHIB price
losses $0.000007 support | Source: SHIBUSD on Tradingview.com SHIB
also remains a fierce competition for Dogecoin after the team
released their very own Layer 2 blockchain called Shibarium. This
blockchain, built atop the Ethereum network, has put it in the
league of large players such as Polygon (MATIC), Arbitrum (ARB),
and Optimism (OP). Pepe Coin (PEPE): The New Kid On The Block Pepe
Coin (PEPE) is currently only a few months old but it has already
shown that it deserves to be listed among the top meme coins.
PEPE’s run-up to over $1.4 billion in a bear market was nothing
short of historical. But even this new kid on the block could not
completely shake off the bears. Related Reading: Standard Chartered
Says Ethereum Price Can Reach $35,000, Here’s When PEPE’s market
cap has fallen by over $1.2 billion since it hit its all-time high
in May, which could present a buying opportunity. Now, given PEPE’s
performance in a bear market, it is expected to rally even more in
a bull market. Since it is currently 84% below its all-time high
price, a return to that level from here would mean an 8x return.
The coin also commands a significant following with 520,000
followers on Twitter, making it one of the most followed meme coins
in the space. Follow Best Owie on X (formerly Twitter) for market
insights, updates, and the occasional funny tweet… Featured image
from BrightNode, chart from TradingView.com
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