Memecoins
We asked ChatGPT what the next coin to reach a $10 billion market cap would be
TL;DR
- The meme coin sector has seen significant growth, with Dogecoin (DOGE) and Shiba Inu (SHIB) leading the way, while newer tokens like dogwifhat (WIF) and Pepe (PEPE) are gaining ground thanks to strong community support .
- Analysts remain optimistic about the field’s potential, especially after the Bitcoin halving, which historically triggered market rallies.
Which Meme coin can join the prestigious club?
The meme coin industry made great strides during the last bull cycle, with its market capitalization briefly surpassing $60 billion. This rise is driven by popular assets such as Dogecoin (DOGE) and Shiba Inu (SHIB), which remain quite trendy among investors, as well as new sensations including dogwifhat (WIF), Bonk Inu (BONK), Pepe (PEPE), and others.
Currently, DOGE and SHIB represent over 60% of the cohort’s market capitalization, and they are the only meme coins to have ever crossed the $10 billion mark. As such, we decided to ask ChatGPT if another asset of this type can reach this milestone.
The AI-powered chatbot believes that success on the frontline can be fueled by strong community support, a viral social media presence, and increased investor interest. WIF and PEPE are among the meme coins that have gained a strong supporter base.
The dogwifhat community recently raised $650,000 to put the token logo on the Sphere, the famous entertainment arena in Las Vegas, Nevada. Additionally, the token has received support from prominent industry players, such as Arthur Hayes.
However, a study conducted a few months ago estimated that Shiba Inu is the meme coin with the strongest community base, while DOGE and PEPE round out the top 3 list.
The frog-themed digital asset currently has a market capitalization of over $3 billion, making it the largest contender among the majors.
Expectations of a Global Meme Coin Bull Run
Many analysts remain optimistic that the coin industry has yet to thrive during the bull cycle. A likely contributing factor is Bitcoin Halving which took place last week.
The event, following which miner rewards distributed for validating blocks on the blockchain were halved, was historically the precursor to a major resurgence for the entire cryptocurrency sector.
Shiba Inu is a coin that is particularly poised for a price rise in the near future. The many elements suggesting that the self-proclaimed Dogecoin killer is yet to see any new gains, including its aggressive burn mechanism, development of Layer 2 scaling solution Shibariumand the predominantly negative SHIB exchange net flow on a weekly scale.