Meme Coin Market Cap Exceeds $37 Billion
Dogecoin (DOGE) and Shiba Inu (SHIB) have dominated the space with their market cap and popularity. Meanwhile, other assets like Pepe (PEPE) have emerged, causing chaos in the market.
With so many options, the community is left confused about what to invest in. So, which is the best option? Santiment decided to study Baby, Dogecoin, and Shiba Inu to determine how people will feel about each asset in the future.
The on-chain analytics platform examined public sentiment, whale/smaller traders accumulation, and the market cap to intrinsic value ratio of each asset.
1. Dogecoin ($DOGE )
Currently, Dogecoin is trading at $0.1002, down 3% in the past 24 hours. This drop comes after yesterdayâs notable surge, where DOGE rose from $0.1034 to $0.0994. Throughout 2024, retail traders have been hesitant about Dogecoin.
Wallets holding less than 1 million DOGE account for 11.8% of the total meme coin supply. However, this data shows no signs of significant momentum that would suggest that small traders are significantly increasing their holdings.
Moreover, the current sentiment towards DOGE is in a neutral state. The rapid decline in FOMO is encouraging. If the market sees more frustration and FOMO, it will be a positive sign that the situation is improving.
2. Shiba Inu ($SHIB )
Most of the market assets appear to have seen a decline in the past 24 hours. Shiba Inu was trading at $0.00001324 after a 1.48% drop. The community-driven project is popular and has a large fan base.
However, there has been a significant decline in social discussion around SHIB since late July. Santiment noted that this trend has continued throughout the year. âThis reflects a sense of apathy and frustration among traders, which is consistent with how small traders have been pulling out of the asset in a big way. Sentiment, likewise, shows a slight negative bias,â the platform added.
3. Baby ($PEPE )
Baby stands out for several reasons. The meme coin is relatively new, unlike other animal-themed cryptocurrencies like Shiba Inu. The asset has seen an increase in accumulation by smaller traders.
This may be due to the meme coin being a more recent introduction to the cryptocurrency market, with traders and holders not experiencing as much price decline as they have since its peak in late July. PEPE was currently trading at $0.00000719, down 3%.
Since the meme coin peaked, the level of discussion has decreased significantly. There will be more speculation about the price, but investors have remained silent so far.
