Amid the crypto market’s substantial losses during the bearish phase, meme coins also experienced a downturn. These tokens, often inspired by internet memes, witnessed a collective market capitalization decrease of $3.2 billion in 2023. This decline has created an opportunity to potentially acquire these widely favored tokens at what could be perceived as a reduced price.
Dogecoin (DOGE): The Supreme Meme Coin
While Dogecoin (DOGE) has consistently held its throne as the leader among meme coins, it hasn’t been able to escape the market turmoil. Despite commencing 2023 on a strong note and nearly reaching the $0.1 mark, it has since fallen victim to the prolonged bearish pressure, resulting in a decline of approximately 50%.
The present Dogecoin price stands near its lowest point of the year, hinting at a potential opportunity to acquire this meme coin. According to data sourced from Messari, DOGE’s current price is more than 91% below its historical peak of $0.738. This implies that a return to its all-time high during a bullish market would yield nearly a tenfold return on investment from its current level of $0.059.
Shiba Inu (SHIB): The DOGE Challenger
When Shiba Inu initially emerged in 2020, touting itself as a potential “Dogecoin killer,” it wasn’t met with serious attention from crypto investors. It wasn’t until it embarked on one of the most remarkable rallies of 2021 that investors recognized its viability. Eventually, it ascended to become the second-largest cryptocurrency within the meme coin category, briefly achieving a market capitalization of over $10 billion.
However, similar to its primary rival Dogecoin, Shiba Inu has faced adverse conditions that led to a swift price decline. It currently stands nearly 92% below its all-time high of $0.0000869 in October 2021. Hence, much like Dogecoin, a resurgence to its all-time peak would result in SHIB offering almost a tenfold return on its current price of $0.00000706.
SHIB continues to pose a formidable challenge to Dogecoin, particularly after the team introduced their Layer 2 blockchain, named Shibarium. This blockchain, constructed on top of the Ethereum network, places Shiba Inu among prominent players like Polygon (MATIC), Arbitrum (ARB), and Optimism (OP).
Pepe Coin (PEPE): The Fresh Face in Town
Pepe Coin (PEPE) is relatively young, having been in existence for only a few months. However, it has swiftly established its position among the top meme coins. PEPE’s ascent to a market cap exceeding $1.4 billion during a bear market phase was a historic achievement. Nonetheless, even this newcomer couldn’t entirely ward off the bearish pressures.
Following its all-time high in May, PEPE’s market cap has contracted by over $1.2 billion, potentially presenting an attractive buying opportunity. Given its performance during the bear market, PEPE is anticipated to witness even greater growth in a bull market.
Currently, with an 84% difference from its all-time high price, a return to that level from its current position could yield an eightfold return. Furthermore, PEPE boasts a substantial following, with 520,000 Twitter followers, positioning it as one of the most closely followed meme coins in the crypto sphere. For market insights, updates, and the occasional humorous tweet, you can follow Best Owie on X (formerly Twitter). Image credit: BrightNode, chart data: TradingView.com.