According to CryptoPotato, the meme coin sector has seen substantial growth, with Dogecoin (DOGE) and Shiba Inu (SHIB) leading the pack. Newer tokens such as dogwifhat (WIF) and Pepe (PEPE) are also gaining traction due to strong community support. Analysts are optimistic about the potential of this sector, especially after the Bitcoin halving, which has historically triggered market surges.
The meme coin sector has made significant progress during the latest bull cycle, with its market capitalization briefly surpassing $60 billion. This growth is largely due to popular assets like DOGE and SHIB, which remain trending among investors. Newer tokens, including WIF, Bonk Inu (BONK), and PEPE, are also gaining popularity. Currently, DOGE and SHIB account for over 60% of the sector's market capitalization, and they are the only meme coins to have ever crossed the $10 billion mark.
The AI-powered chatbot, ChatGPT, was asked whether another meme coin could reach this milestone. It estimated that success could be driven by strong community support, a viral social media presence, and increased investor interest. WIF and PEPE are some of the meme coins that have gained a solid supporter base. The dogwifhat community recently raised $650,000 to put the token's logo on the Sphere, a famous entertainment arena in Las Vegas, Nevada. The token also received backing from prominent industry participants, such as Arthur Hayes.
A study conducted a few months ago estimated that Shiba Inu has the strongest community base among meme coins, with DOGE and PEPE rounding out the top three. The frog-themed digital asset currently has a market cap of over $3 billion, making it a major contender among the leading ones.
Analysts remain optimistic that the meme coin sector will continue to flourish during the bull cycle. One contributing factor could be the recent Bitcoin halving, which has historically been a precursor for a major resurgence in the entire cryptocurrency industry. Shiba Inu, in particular, is poised for a price ascent in the near future due to its aggressive burning mechanism, the development of the layer-2 scaling solution Shibarium, and the predominantly negative SHIB exchange netflow on a weekly scale.
