Murad argues that Dogecoin’s continued inflationary supply and fading cultural relevance leave it vulnerable to a new meme coin challenger.
Dogecoin and Shiba Inu now hold only 57% of the meme coin market cap, with hundreds of low-cap tokens vying for dominance.
Justin Sun’s SunPump platform has facilitated over 18,000 meme coin creations since August, aiming to make Tron a meme coin powerhouse.
A crypto analyst has dropped a bombshell, claiming Dogecoin’s dominance as the king of meme coins is numbered. In a post on X, the expert boldly stated, “The biggest trick they played on you is to convince you that DOGE cannot be flipped.”
The biggest trick they played on you is to convince you that DOGE cannot be flipped
— Murad (@MustStopMurad) August 22, 2024
While he acknowledged that Dogecoin has undoubtedly made rapid strides, reaching a market capitalization of over $90 billion, the expert argues that the meme coin’s continued inflationary supply and fading cultural relevance could weaken its dominant status. He firmly believes that a fresh meme coin could potentially eclipse Dogecoin’s market cap in the current cycle.
The expert has previously identified several “non-idiotic” meme coins with the potential to disrupt the market. He has specifically discounted Dogecoin, Shiba Inu, and Floki, calling them relics of the past and saying that they no longer resonate with today’s cultural zeitgeist.
Moreover, Dogecoin and Shiba Inu’s combined market cap constituted just 57% of the total meme coin market, as per CoinGecko. The remaining 43% is spread across hundreds of other meme coins, many of which are low-cap tokens with untapped potential.
Additionally, the recent surge in meme coin mints on Solana and Base, driven by low fees and high throughput, highlights the growing interest in this sector. Even Tron, the latest entrant into the meme coin space, is garnering massive traction, with thousands of new coins being launched daily.
As reported by Coin Edition, Justin Sun’s Tron ecosystem is riding high on the meme coin wave. Their new meme coin launch pad, SunPump, has raked in over $1.1 million in revenue (7 million TRX) since its launch on August 9, according to Dune Analytics. So far, the platform has facilitated the creation of over 18,404 meme coins, sparking a meme coin frenzy on Tron.
With the launch of the meme coin deployer, Sun aims to make Tron the go-to platform for meme coins, potentially challenging Solana’s Pump.fun dominance in this space.
As the crypto market continues to evolve, a new meme coin with the right combination of humor, community, and utility could very well dethrone Dogecoin and claim the title of the next big meme coin sensation.
The post Analyst: Dogecoin’s Reign as Meme Coin King is Ending appeared first on Coin Edition.
