Why are you following us Because we provide the most critical financial information!Why recommend it to friends Because good content cannot be enjoyed alone!Wen | Tibetan Sea Mo PeopleBased on market value, the largest meme coin, Dogcoin, is facing fierce competition from the emerging meme currency PEPE. This cryptocurrency has surpassed Dogdog Coin in terms of transaction volume and challenged the status of all Chaidog themed memes with its constantly increasing total market value

Why are you following us Because we provide the most critical financial information!

Why recommend it to friends Because good content cannot be enjoyed alone!

Wen | Tibetan Sea Mo People

Based on market value, the largest meme coin, Dogcoin, is facing fierce competition from the emerging meme currency PEPE. This cryptocurrency has surpassed Dogdog Coin in terms of transaction volume and challenged the status of all Chaidog themed memes with its constantly increasing total market value.

Since April 5th, large wallet miners in the Dogecoin network have been continuously digging up new DOGE. According to data from Santiment, a cryptocurrency intelligence tracker, DOGE whales (large households) holding 10000 to 100000 and 100000 to 1 million DOGE coins have accumulated nearly 200 million Dogecoins.

The price of Dogcoin assets has undergone a correction since April 8, 2023. Interestingly, although the uncertainty of the meme coin ecosystem is increasing and the focus is shifting from a series of meme coins with a Chaigou theme to the emerging PEPE coins, those whales are still accumulating DOGE.

According to CoinGecko's data, the daily trading volume of PEPE has exceeded that of DOE's competitors, ShibaInu and Dogecoin, many times. PEPE's popularity is constantly increasing, with a meteor like increase, experiencing a weekly rebound of nearly 300% over the weekend, challenging the dominant position of SHIB and DOGE in the cryptocurrency ecosystem.

Interestingly, whale hoarding is a typical bullish sign that will support Dogecoin's theory of short-term recovery.

Important influencers of cryptocurrencies and YouTube Jeremie Davinci recently shared his bullish theory on DOGE.

Despite changes in the macroeconomic outlook, changes in the pattern of memes, and a stagnant trend in the price of dog coins, Jeremie Davinci is still bullish on the multi currency. Davinci was an early Bitcoin investor who later became a millionaire. This industry insider recently claimed that he would hold onto his BTC position and exchange Cardano for more DOGE tokens.

This influential YouTube has always been a strong supporter of Shiba Inu themed commemorative coin SHIB and DOGE. Although the price of Dogecoin is currently stagnant at 0.079 dollars, he is still bullish.

In summary, the previous text states:

(1) Large wallet miners on the Dogecoin network have scooped up nearly 200 million DOGE coins in the past month.

(2) Whale tycoons continue to accumulate DOGE tokens, while memes with the theme of Shiba Innu face competition from PEPE new memes.

(3) Although the trading volume of DOGE is obscured by the frog themed PEPE, some experts are still optimistic about the Shiba Inu (Chaigou) themed virtual currency.

Having said so much, what exactly is meme currency?

Meme coins, also known as meme coins, originate from the meme culture of the internet.

In 2021, there was exponential growth in the Meme market, especially in the dog themed meme coins. As of November 2021, one of the most popular "varieties" is Dogecoin (DOE) and its competitor ShibaInu (SHIB).

Meme is a cryptocurrency based on Meme culture. Compared to major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), its volatility is relatively high. This may be because Meme tokens are heavily driven by the internet community. Their prices are often influenced by social media and online community emotions.

The inspiration for meme coins comes from the popular internet meme culture, aimed at providing fun and sometimes considered an "internal joke" of a community.

This often brings a lot of volatility, but it also brings FOMO and financial risks. Although some investors did make money through Meme coins, many also lost money due to market fluctuations or investing in fraudulent tokens.

Its origin is very dramatic.

Everything started with the meme stock legends of GameStop (GME) and AMC Entertainment (AMC) at the end of 2020, and the Reddit community pushed the prices of these stocks up to 100 times within a few months. In January 2021, a Reddit team joked about pushing up the price of DOGE to create a cryptocurrency equivalent to GME. This trend has attracted people's attention, and with the influence of Tesla CEO Elon Musk's tweet, the price of DOGE has rebounded. Dogecoin reached a historic high of $0.73, with an increase of over 2000% in five days.

However, in May 2021, Elon Musk publicly joked about DOGECOIN on television, and many people said this was the reason for the subsequent price drop. Some investors subsequently turned to other memes in the market, such as the "Dogecoin Killer" SHIB. At the same time, retail investors are also entering memes on a FOMO basis, hoping to become millionaires overnight, triggering another rebound in memes.

The most popular memes on the market mentioned in this article are:

Dogecoin (DOE): Dogecoin (DOE) was created by software engineers Billy Markus and Jackson Palmer in 2013. It is inspired by the culture of a firewood dog and aims to become a joke like cryptocurrency to attract mainstream attention. As a fork of Litecoin, DOGE adopts the same proof of work (POW) mechanism, and it has no maximum supply limit.

Shiba Inus (SHIB) is a competitor of DOGE and is commonly referred to as the "Dogecoin Killer". SHIB is also named after a Japanese breed of firewood dog. It was created by an anonymous developer named Ryoshi in August 2020. The main difference between DOGE and SHIB is that their supply is limited, with only 1000 trillion tokens, of which 50% are burned and donated to charitable organizations. SHIB's ecosystem also includes a decentralized exchange, an NFT art incubator, NFT, and an NFT game.

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Important reminder Past performance does not predict future performance. The above views only represent the opinions of relevant authors or media, do not represent our position, nor do they constitute investment or product purchase suggestions for readers. The content of the article is for research and learning purposes only.