Memecoins Hype: Will Their Popularity Fade Soon?

Memecoins Hype: Will Their Popularity Fade Soon?

The meme coin-mania, the meme coin-extravaganza, you name it. The fact is that Dogecoin (DOGE) and Shiba Inu (DOGE) had been the headliners in recent days due to their price action, which had led to several crypto holders moving towards these kinds of assets.

SHIB price surge was accompanied by Bitcoin’s (BTC) surge across the board, leading Ethereum (ETH) to refresh its all-time highs above $4,400.

Celebrities like Jason Derulo, renowned financial journalists from mainstream media like Bloomberg, crypto personalities, and fintech players had been talking heavily about how the ‘Dogecoin killer’ managed to skyrocket from $0.000015 to $0.000088 in a matter of days, even generating over 1 million tweets in a single day as a result of the move.

SHIB-Mania

But that had not been only the cherry of the pie in the meme coin frenzy, as restaurants began accepting SHIB as a means of payments, like a Paris-based restaurant this week. Also, one of the biggest cinema theaters in the world is considering the possibility of accepting Shiba Inu’s coins as a payment method to sell their movie tickets.

What had surprised recently to the mainstream media was a SHIB investment that came from $8,000 to $5.7 billion in just 400 days due to the recent rally. The massive take-profit maneuvers also drove another bull-run seen in DOGE, which managed to crack above $0.30 after piercing a triangle pattern.

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With that scenario in place, the question had arisen on how the meme coin’s mania could last further, as some people believe that these coins are just backed by the announcements concerning endorsements from key people or by businesses accepting them as a means of payments.

DOGE to $0.88?

Su Zhu, a former trader of Deutsche Bank, hinted at the possibility of Dogecoin trading around $0.88 after SHIB’s rally. That said, SHIB could suffer a massive wave of shorts due to the astonishing bullish move it had over the last few days, and such profits could enter DOGE, which is a meme coin that had been well-consolidated within the sphere.

In fact, Tesla’s CEO Elon Musk recently named Dogecoin as the people’s crypto. That’s why the crypto community is still discussing whether meme coins are just driven by the regular dynamics of the sphere or by Musk’s tweets.

So far, in terms of on-chain metrics, institutionals and whales are fueling the price action of DOGE, which implies that the meme coin is not only a people’s crypto but a business crypto nowadays. Will SHIB become a business crypto one as well? Time will tell.