- Dog-themed meme coins like Dogecoin face challenges in reaching $1 due to market dynamics.
- Cat-themed meme coins are gaining traction despite lacking strong fundamentals, driven by FOMO.
- Emerging animal-themed meme coins, such as Sealana, offer new investment opportunities in 2024.
Despite skepticism surrounding their potential, meme coins have demonstrated their ability to yield substantial profits, warranting serious consideration. Some of them have developed into crypto assets with large valuations. This article discusses the potential and development of meme coins this year.
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1. Dog-themed meme coins are still a favorite
To reach $1, a dog-themed meme coin like Dogecoin would need to experience a massive price spike. Some crypto analysts think that a price spike may occur after Bitcoin experiences its fourth halving on April 20, 2024, which also coincides with Doge Day.
However, some state that DOGE prices may remain stable. The proof is, that after the Bitcoin halving, on May 10 the price of DOGE was $0.15. To reach $1, DOGE’s price would need to increase 6.7 times with a valuation of $146 billion, below Ethereum. This is almost impossible to happen shortly, even until the end of 2024.
As alternative meme coins besides DOGE and also with a “dog” theme, there are several meme coins with lower valuations such as Shiba Inu (SHIB), Dogwifhat (WIF), and Floki Inu (FLOKI), Dogecoin20 ($DOGE20), and Dogeverse ($ DOGEVERSE).
2. Potential for cat-themed meme coins
Most of the “cat” themed meme coins do not have a strong basis, but many people still buy them because of the fear of missing out (FOMO), aka the fear of being left behind.
This may be because “dog” themed memes were already popular, so there was an assumption that cat memes would follow in the same footsteps. Based on Coingecko data, cat-themed meme market capitalization stood at approximately $1.6 billion in the past 24 hours, significantly trailing behind dog-themed memes, which soared to $42.5 billion.
However, certain speculative investors envision substantial potential for growth in the cat-themed memecoin. Some cat-themed memecoins with the largest market capitalization include Popcat (POPCAT), Cat in a Dog’s World (MEW), Mog Coin (MOG), Toshi (TOSHI), and Wen (WEN).
3. Other animal-themed memes are an option
Meme coins with animal themes such as dogs and cats may have been piling up recently, some are speculating about other animal-themed meme coins. For example, a seal-themed memecoin has emerged, namely Sealana (SEAL).
Sealana was inspired by the viral South Park character, Gamer Guy, who has become a popular meme. Typical features are round glasses, eyes glued to the computer screen, and a messy room. Sealana is the Web3 world’s version of Gamer Guy.
Sealana (SEAL) initiated a presale, spanning 48 hours, successfully securing over $280,000 by May 8, 2024. According to rumors from Sealana, the same team that developed Sealana is also involved in the popular project Slerf (SLERF). Every 1 SOL included in the presale is equivalent to 6,900 SEAL tokens. So, investors have the opportunity to gain appreciation in token value, either through presale or afterward.
Meme coins like Dogecoin are reshaping crypto, driven by community enthusiasm. Cat-themed coins and even more creative ones like Sealana are emerging, attracting investors despite skepticism. They’re poised to remain a dynamic force alongside traditional cryptocurrencies.
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