Will Dogecoin, Shiba Inu, Pepe Continue The 'Memecoin Supercycle' Despite The Crypto Crash? 'Just The Tip Of The Iceberg,' Trader Thinks

Author: Khyathi Dalal | August 05, 2024 03:48pm

Crypto trader CryptoKaleo discussed whether the “memecoin supercycle” is still in play after the latest crypto market crash.

What Happened: The trader wrote in a Monday post on X that he believes the wealth gap will widen as the dollar weakens, leading to an influx of money into hedges like equities, Bitcoin (CRYPTO: BTC) and other major blockchains.

Kaleo further stated that the average person without excess capital to invest will feel the pinch, as their purchasing power decreases. He thinks that retail investors, feeling priced out of the major names in crypto, will gravitate towards meme coins.

According to Kaleo, the capital from major cryptocurrencies will trickle down and chase into the meme trade. He concluded, "What we’ve seen so far is just the tip of the iceberg for what's to come."

Also Read: Dogecoin Vaporizes 37% Of Its Value In A Week: Is This Really ‘Just A Few Months Of Chop Before Full Send’ As Trader Claims?

Why It Matters: Based on Coingecko data, the meme coin market capitalization tallies at $37 billion, a 13% drop in the past 24 hours). Google Trends data shows that search interest over time for "meme coins" spiked to 62 the prior week, a high since the second week of June.

Crypto Kaleo’s prediction comes at a time when the popularity of meme coins is on the rise. He added that meme coins often seen as a more accessible entry point into the crypto market, have been gaining traction among retail investors.

However, meme coins have experience a strong correction over the past month:

Cryptocurrency	1-Week Price Performance	1-Month Price Performance	1-Year Performance
Dogecoin (CRYPTO: DOGE)	-27.1%	-16.3%	+24.2%
Shiba Inu (CRYPTO: SHIB)	-22.2%	-24.2%	+27.6%
Pepe (CRYPTO: PEPE)	-40.5%	-27.3%	+513.1%
Dogwifhat (CRYPTO: WIF)	-46.4%	-36.5%	NA
Bonk (CRYPTO: BONK)	-34.7%	-22.1%	+5,524.2%
Floki (CRYPTO: FLOKI)	-35.9%	-25.5%	+395.2%

What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next:

• ‘Dogecoin Killer’ Shiba Inu’s Fourth Birthday Ignites Burn Rate By 936%: ‘Focus On Long-Term Development,’ Marketing Lead Says

Image: Shutterstock

Posted In: $BONK $BTC $DOGE $FLOKI $PEPE $SHIB