The meme ecosystem is experiencing incredible growth, prompting an analyst to compare Dogecoin to Bitcoin and label it as the “BTC of memes.” Similarly, Pepe and Dogwifhat are referred to as the “Ethereum of meme coins.” Despite the significant gains in this sector compared to Bitcoin, investors are advised to exercise caution due to the high volatility.
In the battle for dominance within the meme ecosystem, Shiba Inu is making efforts to close the $7 billion market cap gap and become the largest meme coin. Meanwhile, Pepe and Dogwifhat are competing for the third position, putting pressure on Shiba Inu, which has held the second position for several years.
Crypto trader Intuitio has recognized the transformation taking place and drawn parallels between the roles of Bitcoin and Ethereum, likening their influence to the emerging hierarchy in meme coins. Intuitio has dubbed Dogecoin as the “BTC of memes,” considering it to be extremely safe like Bitcoin. Pepe and Dogwifhat, on the other hand, are seen as the Ethereum of meme coins and are believed to be the obvious winners with the best risk/reward.
In terms of investment advice, Intuitio suggests that individuals who are not “huge whales” should avoid investing in Dogecoin. Instead, he recommends allocating 70% of the portfolio to Pepe or Wif and 30% to cat memes or political memes. He believes that the meme ecosystem is still in its early stages and offers significant potential for gains. However, investors should approach their allocations in meme coins similar to traditional portfolio allocation between Bitcoin, Ethereum, and altcoins. It is important to note that while meme coins may have larger gains compared to Bitcoin, their markets are highly volatile.
In terms of price analysis, Dogecoin remains dominant in the meme ecosystem with a market cap of $20 billion. However, its price has been affected by the recent market pullback, resulting in a 3% decline in the last 24 hours and a 26% fall in the last 30 days. Despite this, Dogecoin has held on to 56% of its year-to-date gains. Analyst Behdark believes that Dogecoin’s historical D wave pattern indicates a potential 100% price surge.
Shiba Inu has also retained 111% of its year-to-date returns but has seen a decline of 1.37% in the last 24 hours and 20% in the last 30 days.
Pepe has maintained its position as the third largest meme coin with a market cap of $3.3 billion. Unlike Doge and Shiba, Pepe has seen positive gains in its 24-hour, seven-day, 30-day, and 90-day charts, with a staggering surge of 472% year-to-date.
On the other hand, Dogwifhat has dropped to become the fourth largest meme coin with a market cap of $2.8 billion after losing its third position to Pepe. Its seven-day return is positive, but the 24-hour and 30-day returns have seen declines of 4% and 29% respectively.
Overall, the meme ecosystem is experiencing significant growth, and investors are advised to navigate the meme coin market with caution due to its volatility.
