Memecoins Hype: Will Their Popularity Fade Soon?

Another question: Do crypto holders believe in meme coins as a long-term investment?

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 led to several crypto holders moving towards these kinds of assets.

SHIB’s 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 the only cherry in the pie of the meme coin frenzy, as restaurants began accepting SHIB as a means of payment, like a Paris-based restaurant this week. Also, one of the biggest cinema theatres in the world is considering the possibility of accepting Shiba Inu’s coin as a payment method to sell their movie tickets.

What had surprised the mainstream media recently was a SHIB investment that was originally $8,000 and increased in value to $5.7 billion in just 400 days due to the recent rally. The massive take-profit manoeuvres drove another bull-run seen in DOGE, which managed to break through $0.30 after piercing a triangle pattern.

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

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 is 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, institutions and whales are fueling the price action of DOGE, which implies that the meme coin is not just a people’s crypto but a business crypto nowadays. Will SHIB become a business crypto as well? Only time will tell.

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