- The incredible growth within the meme ecosystem catches the attention of an analyst, who labels Dogecoin as the “BTC of memes,” and refers to Pepe and Dogwifhat as the “Ethereum of meme coins.”
- While he acknowledges the massive gain within this sector compared to Bitcoin, he advises investors to trade with caution due to its significant volatility.
The race for dominance intensifies within the meme ecosystem as Shiba Inu (SHIB) doubles down on its effort to close the $7 billion market cap gap to become the largest meme coin. Amid the backdrop of this, Pepe and Dogwifhat (WIF) battle out the third position to mount pressure on Shiba Inu which has maintained the second position for multiple years.
With this happening, crypto trader Intuitio has recognized the massive transformation, drawn parallels between the roles of Bitcoin and Ethereum, and likened their influence to the fast-emerging hierarchy in meme coins. In so doing, Intuitio dubbed Dogecoin (DOGE) as the “BTC of memes.”
According to him, Dogecoin is “extremely safe” just like Bitcoin. For Pepe and Dogwifhat, the analyst believes that they are the Ethereum of meme coin. To him, they are the “obvious winners” and have the “best Risk/Reward.”
Advice for Meme Investors
In investment-wise, Intuitio advised individuals who are not “huge whales” to not participate in Dogecoin investment. According to him, a portfolio allocation of 70% in Pepe or Wif and 30% in cat memes or political memes could guarantee success. Per his observation, the meme ecosystem is still in the early stage and could offer the potential for considerable gain.
However, investors would have to approach their allocations in meme coins just like the traditional portfolio allocation between Bitcoin, Ethereum, and altcoins. With that in mind, investors should also recognize that while meme coins may have massive gains compared to Bitcoin, their markets are extremely volatile.
Price Analysis of Dogecoin, Shiba Inu, Pepe, and Dogwifhat
Dogecoin still dominates the meme ecosystem with a market cap of $20 billion. However, its price has been massively affected by the current broad market pullback, causing a 24-hour decline of 3%, and a 30-day fall of 26% to trade at $0.144. Interestingly, the asset has shown massive resilience as it holds 56% of its year-to-date gains intact. According to an analyst identified as Behdark, Dogecoin’s historical D wave pattern shows a bullish pattern, indicating a potential 100% price surge.
Shiba Inu has equally retained 111% of its year-to-date returns but has failed to hold its 24-hour position, declining by 1.37% within the period and 20% in the last 30 days.
Pepe has also secured its position as the third largest meme coin with a market cap of $3.3 billion. Unlike Doge and Shiba, Pepe has maintained positive gains in its 24-hour chart, seven-day chart, 30-day chart, and 90-day chart. To be specific, this asset has recorded a staggering surge of 472% from year to date, trading at $0.00000804 at press time.
Having lost its third position to Pepe, Dogwifhat has dropped to become the fourth largest meme coin with a market cap of $2.8 billion. However, its seven-day return is positive, unlike the 24-hour and 30-day returns which have a decline of 4% and 29% respectively.
