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Following the meteoric rise of SHIB both in the meme coin space and price, a new wave of tokens and digital assets is emerging, vying for the title of the “next Shiba Inu.” With the potential for substantial returns and a community-driven ethos, these coins capture the attention of both seasoned crypto investors and newcomers to the crypto space. Dive into the exciting world of meme coins that can become this cycle’s Shiba Inu in our new article!
Key Takeaways
- Shiba Inu (SHIB) has seen significant price gains, driven by an initial token allocation strategy and strong community support. Its emergence as a meme coin and claims to rival Dogecoin have fueled its rapid growth and sustained investor attention.
- In the current cycle, several meme coins are trying to replicate the success of Shiba Inu and succeeding. BONK, PEPE, WIF, FLOKI, and BABYDOGE demonstrate the unpredictable nature of the cryptocurrency market and the potential for rapid price movements.
- Meanwhile, the narrative of meme coins on Bitcoin is growing, inspired by the Ordinals theory. Runes, an alternative to fungible assets on Bitcoin, is set to launch along with halving, and BRC-20 tokens like PUPS are already making waves in the ordinals market.
The Shiba Inu’s Success Story
When we’re talking about the next Shiba Inu (SHIB), what exactly about SHIB needs to be replicated? Look no further than its historical price performance. This token was one of the most illustrative examples of striking gold in the meme coin space.
In just a few weeks since its launch, it added a whopping 1,200% to its value. More recent SHIB price history proves that it was not a one-off: from February 2024 to March, it made another 400% jump in just two weeks.
What is the reason? It could have been the token allocation stunt that attracted attention from all over the crypto space. It could have been that after noticing the new meme coin and buying in, a lot of SHIB holders saw the vision of Shytoshi Kusama and became avid supporters. After all, it could have been that Shiba Inu’s claim to become the Dogecoin rival became a self-fulfilling prophecy. Most likely, all of these are true to an extent.
Who’s Next? Top Meme Coins to Watch
In this crypto market cycle, more meme coins promise to replicate Shiba Inu’s success. But which ones have what it takes?
The ChangeHero team has curated a list of a few contenders: no shilling, only the tokens that have provably made waves in the crypto community.
PEPE Coin
Anyone who has even a passing knowledge of the current state of memecoins can tell you that: PEPE has already exploded in 2024. You could even say that PEPE is already the next Shiba Inu — this March, it has made the same 1,200% price move over the same narrow time frame of a couple of weeks.
Interestingly enough, out of the whole list, it is the only meme coin to not be dog-themed. Nevertheless, the Matt Furie character from the Boys Club that this token is based on is as recognizable as the Doge meme. Aside from the image that sticks, there is hardly any fundamental value going on for PEPE but some will argue that this is the point.
BONK
The next meme coin widely known in this context is BONK which is somewhat of a phenomenon for the Solana blockchain. Unlike SHIB, it is not derived from Dogecoin but it is dog-themed nonetheless: it takes its name after a subset of memes starring another meme dog, Cheems.
Like PEPE, BONK has also shot up this year but the most impressive of its price action took time. In late February, it gained 320% in a week but it pales in comparison to the value increase since 2023. The difference between its all-time low price and the ATH is 53,673%. If you held BONK since October 2023 but missed the early March peak, you’re still up 22,500%.
Now that BONK is listed on more crypto exchanges, can it repeat what SHIB did during the previous bull market? We can’t rule it out because it is still a low-cap altcoin that experiences enough volatility. After all, SHIB also wasn’t always in the top 20 by market capitalization!
Dogwifhat (WIF)
In terms of media attention, Dogwifhat (WIF) comes really close to the meme coins above. However, despite being a more recent project, it has already overtaken them both in market capitalization!
So what is this dogwifhat crypto token? According to the information from the official website, “literally a dog wif a hat”. In other words, another meme coin for the sake of the meme. Dogwifhat is currently the sixth-largest token on Solana with a supply of 998,906,185.65 tokens.
FLOKI Inu
A dog coin that predates all of the tokens above has recently seen an exciting resurgence: around the same time, in early March, FLOKI surged 700%. This coin has not seen the same levels since reaching the ATH in December 2021.
Floki Inu (FLOKI) was launched in 2021 and it really shows: its namesake is Elon Musk’s dog. Another sign of the times is that the team actually bothered to provide the project with utility. The Floki ecosystem was planned to encompass a metaverse, NFT marketplace, and DeFi products. In a recent roadmap update, the team made it clear that they are not playing about the FlokiFi plans.
Is FLOKI worth getting though? If you are not averse to the idea of holding memecoins in your portfolio, give it a thought. Unlike its counterparts from the same era, FLOKI made a comeback into the spotlight with impressive price action.
Baby Doge Coin (BABYDOGE)
And speaking of that era in the cryptocurrency market, we do not exaggerate that this online community was all over Elon Musk. Take this meme coin: if FLOKI is based on his dog, Baby Doge Coin blew up after his tweet. BABYDOGE also represents BNB Chain in our roster, in addition to Ethereum and Solana.
As we mentioned, BABYDOGE did not do as well as FLOKI during that pump in the memecoin market. It experienced a 250% increase in mid-March, a couple of weeks later than the tokens mentioned above. Nevertheless, this is still a three-figure percentage pump, which is normally the opposite of poor performance!
Honorary Mention: Meme Coins on the Runes Protocol
A narrative in the making is meme coins on Bitcoin, and some voices opine that they also deserve a bit of the success. But first, let’s unpack where it comes from at all.
Last year, the Ordinals theory made it big in the Bitcoin community. Through on-chain arbitrary messages, extra data and even content, called inscriptions, can be attached to individual satoshis with taproot script.
If Ordinals and inscriptions were likened to NFTs, their creator Casey Rodarmor now prepares to launch an alternative to fungible assets on Bitcoin, called Runes. Before it’s live on the date of halving, estimated April 19, 2024, certain inscriptions serve as stand-ins.
The ordinals market already sees millions in daily trading volume, and these days it is dominated by these BRC-20 stand-ins. Although a more serious and neutral Runestones collection is in the lead, the runner-up is a BRC-20 meme coin PUPS. The dog coins on Bitcoin are also on the horizon, as the Runestones holders will receive the “Dog” airdrop.
Even before the launch, PUPS is trading for 1,670% up on the 14-day scale and 3,230% on the monthly. You could argue that its SHIB moment had already happened but Runes promises many, many more meme tokens to come.
Conclusion
At the end of the day, it comes down to luck to know which meme token will replicate Shiba Inu’s success: for every project we mentioned, there are dozens that fell flat. Check the ones we mentioned out but do try looking for a gem for this bull market on your own — maybe your luck will get you something even better than SHIB.
What do you think about our picks? Let us know on X, Facebook, Reddit, and Telegram. Find even more educational and informative articles on the ChangeHero blog.
Frequently Asked Questions
What coin will be the next Shiba?
The next potential Shiba Inu-like coin could be PEPE. It has garnered attention in the crypto community and shows potential for significant growth. Investors are closely watching PEPE for its potential to replicate the success of Shiba Inu and outperform it.
Is Bonk the next Shiba Inu?
Like Shiba Inu, Bonk has shown growth potential and has a dedicated community backing it. Bonk has already momentarily reached the same level of success as SHIB but it’s worth keeping an eye on Bonk as it continues to make waves in the market.
Which meme coin will reach $1?
A common theme with meme coins is a huge initial or total supply. There are trillions or quadrillions of some of these tokens, and with a supply like that, there is not enough money in the world to take them to $1. As it currently stands, the meme coin with the best chance of reaching $1 is Dogecoin (DOGE).
Which meme coin will explode in 2024?
In 2024, one meme coin that is expected to explode is FLOKI. With upcoming developments, partnerships, and a dedicated community, Floki is projected to experience significant growth and potential explosion in 2024.
Which coin has potential like Shiba Inu?
A coin that is gaining traction as the next potential Shiba Inu-like project is dogwifhat (WIF). Despite any grand plans, WIF has caught the eye of the Solana community members and is seen as a contender for further substantial growth in the coming days. Keep an eye on WIF as it aims to follow in the footsteps of Shiba Inu’s success.
Disclaimer
This article is not a piece of financial or investment advice. When dealing with cryptocurrencies, remember that they are extremely volatile and thus, a high-risk investment. Always make sure to stay informed and be aware of those risks. Consider investing in cryptocurrencies only after careful consideration and analysis and at your own risk.
