Memecoins
Analyst Says Dogecoin (DOGE) Is a ‘Shoot Shot’, Could These 3 Meme Coins Have Higher Returns?
May 10, 2024 09:30 am | 3 minute read
Since its launch in 2013, DOGE hasn’t done much to add value to the ecosystem. However, the token has seen some of the greater returns of any asset in the last ten years. This feat makes little sense to those outside of the cryptocurrency community, but DOGE supporters believe that buying and HODLing their position is what led to the gains. However, according to some analysts, the euphoria over DOGE’s success may be coming to an end.
Not to be missed:
Pav Hundal is an analyst at Swyftx, an Australian cryptocurrency exchange. He noted that DOGE’s future “will depend on the decision-making of the millions of minnow investors who bought DOGE in 2021 and are sitting on paper losses right now.” Furthermore, Hundal noted that “it’s a no-brainer. If most of these people decide to take quick profits during the cycle, you might start to see the selling pressure increase.”
Essentially, Hundal believes that the next small increase in DOGE’s price will lead to a huge selling wave that could potentially spell the end of the token.
If this logic holds and DOGE could potentially lose its place as the best memecoin, there are a few other tokens that could potentially be a better investment.
Dogwifhat (WIF) is the next choice for a memecoin that could potentially surpass expectations. The token has only been in circulation since December 2023, but has already consolidated itself among the top 40 tokens by market capitalization. It attracted significant attentionwhich could lead to gains if DOGE starts to collapse.
Trend: 1 in 4 Americans owns a share of Bitcoin according to NASDAQ, How much would $10 get you today??
Another choice is Shiba Inu (SHIB). This project is known as the “Dogecoin killer,” as it is moving to directly compete and surpass DOGE. To do this, he has created a large ecosystem, complete with a decentralized exchange (DEX), NFT projects, a layer 2 blockchain, and a magazine. This focus on building an ecosystem, alongside the existing investor community, could prove fruitful in light of a potential DOGE collapse.
Finally, if you are interested in politics or the upcoming elections, MAGA Coin (TRUMP) it could be a decent investment. The token has seen huge gains since its launch in August 2023. It combines memecoins with politics to attract investors. With the November elections, the token could receive more and more attention, which could lead to gains. However, this token is probably the riskiest of the three due to its smaller market capitalization and the fact that Trump is a very controversial person.
So, according to some, the end of DOGE’s reign as a top memecoin could be coming very soon. If this is the case, many may start looking for the next memecoin that will make them millionaires overnight.
Read next:
ENTER TO WIN $500 IN STOCKS OR CRYPTO
Enter your email and you’ll also receive Benzinga’s latest morning update AND a free $30 gift card and more!
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.