Memecoins
ChatGPT analytics that will work better in 2024
TL;DR
- Dog-themed meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) dominate thanks to strong communities and sponsorships, while cat-themed ones like Popcat (POPCAT) are gaining interest but remain less popular.
- Pepe (PEPE) has been rising recently and could even become a major meme coin this year with continued community support and strategic developments, although investors should be cautious due to market volatility.
What are the expectations?
The realm of meme coins has made great strides in recent months, with its total market capitalization surpassing the $60 billion mark. Dog-themed industry leaders such as Dogecoin (DOGE), Shiba Inu (SHIB), dogwifhat (WIF), Bonk Inu (BONK), Floki Inu (FLOKI) and many others have seen substantial price increases, catching the attention of traders of the sector.
However, recently emerged cat-themed meme coins, including Popcat (POPCAT), Cat in a Dogs World (MEW), and Mog Coin (MOG), have also made headlines due to their rising value and growing investor interest. Therefore, we decided to ask ChatGPT which niche will perform best in the remaining months of 2024.
The AI-powered chatbot said that such prediction is “highly speculative” due to the asset class’s notorious volatility. He further said that meme coins thrive on community enthusiasm and social media trends, suggesting that the popularity of cat-themed coins over dog-themed ones can change quickly based on viral trends and influencer endorsements.
Other essential factors that can tip the scales are technological developments, regulatory environment, strategic partnerships and marketing efforts.
ChatGPT noted that dog-themed meme coins, such as DOGE and SHIB, currently have an advantage thanks to their well-established communities, substantial market caps, and support from popular characters. A recent study valued that Shiba Inu has the strongest community base in the group, followed by Dogecoin.
For its part, DOGE is the favorite cryptocurrency of Tesla CEO Elon Musk. The billionaire often praises its merits, while the electric vehicle giant officially integrated recently as a payment option on its website.
Cat-themed memes are less popular, but according to ChatGPT they can benefit from specific marketing moves:
“A viral trend or major endorsement could push a feline-themed coin into the spotlight, especially if it taps into a currently underserved niche. Strong marketing campaigns and community engagement could help a feline-themed coin gain ground on its dog-themed counterparts.”
Currently, the gap in market capitalization between the leading cat-themed meme coin POPCAT and the leading dog-themed meme coin DOGE is over $22 billion. However, the ever-evolving meme coin sector is capable of offering surprises, so it will be interesting to follow what happens in the coming months.
In the meantime, if you are about to enter the ecosystem as an investor, check out our dedicated video to protect yourself from some common mistakes:
How about another scenario?
A meme coin that has been the rock star of cryptocurrencies in recent days due to reaching a new all-time high price is the frog-themed Pepe (PEPE). Therefore, we conducted a separate ChatGPT query asking what its chances were of emerging as an industry leader before the end of 2024.
The chatbot highlighted PEPE’s recent strong market momentum, arguing that “sustained community support and engagement” is crucial to reaching the top.
Furthermore, ChatGPT estimated that the asset’s price and market capitalization could take off if the team behind the project implements technological advancements or developments that add utility and thus attract more investors.
“If PEPE continues to capture the interest of the crypto community, it could actually reach the top of the meme coin charts. However, given the speculative nature of meme coins, investors should approach with caution and stay informed about market developments,” the chatbot concluded.