What’s Next for Memecoins? Is it Best to Buy, Hold, or Sell?

• Memecoins like Shiba Inu, Floki, and Pepe dominated the 2023 cryptocurrency scene.
• Shiba Inu launched its proprietary blockchain, Shibarium, with 26 million BONE staked.
• Floki hinted at a DeFi offering, “FlokiFi,” amid a downward trend.

In the 2023 cryptocurrency scene, memecoins were the main focus. During the second quarter, prominent coins such as Shiba Inu, Floki, and Pepe were the primary topics of conversation among traders and investors, resulting in remarkable price increases. Their influence in social circles peaked during this time. However, a change took place midway through the third quarter. Other notable occurrences, including XRP’s triumph against the SEC, the volatility in bear market values, and the expectation for Bitcoin ETFs, began to eclipse the memecoin frenzy.

The trajectory of memecoins has recently sparked significant discussion within the cryptocurrency sector. Despite the dedicated support base of some memecoins, some analysts contend that these coins must introduce innovative strategies to earn the confidence and interest of the wider cryptocurrency community. However, it’s worth noting that memecoins regularly feature in statistical methodologies aimed at gauging community interest.

Shiba Inu (SHIB)

The Shiba Inu project is recognized for its dedication to constant ecosystem improvements. Importantly, it launched its proprietary blockchain in August, which initially faced backlash due to an unexpected pause for maintenance, leading to a lack of the anticipated bull run. Nevertheless, Shibarium has recently reached a significant landmark with an impressive 26 million of its utility token, BONE, staked on its Layer-2 blockchain.

The team behind Shiba Inu is also preparing for further development updates for Shibarium and the metaverse. Although the bearish market trend has impacted the SHIB token for several months, there has been a 10% rise in trading volume in the last 24 hours. SHIB is trading at $0.000007097, marking a 1.17% increase in the past 24 hours.

Floki (FLOKI)

Floki , a notable memecoin that garnered substantial interest earlier this year, is experiencing a downward trend. Nevertheless, it recently sparked intrigue among its followers by posting an enigmatic message featuring the date “17.10.2023” and the term “FlokiFi.” FlokiFi seems to be a collection of decentralized finance (DeFi) offerings set to launch under the Floki brand. This revelation has somewhat mitigated the decrease in social dominance.

Floki’s trading volume has experienced a 14% increase, currently at $96 billion. It is being traded at a rate of $0.00001842, reflecting a 0.50% rise in the last 24 hours.

Pepe (PEPE)

In 2023, Pepe debuted in the memecoin market as a formidable contender. However, it found itself amid a scandal during the third quarter. The Pepe community was shaken by a sequence of transactions related to the project’s multisig wallet, in which an estimated 16 trillion PEPE tokens, worth approximately $15 million, were moved to different cryptocurrency exchanges. Moreover, their previous Telegram account was compromised, resulting in the Pepe team losing control.

Bearish market trends currently regulate Pepe, and its trading value stands at $0.0000006793, reflecting a 0.56% rise in the last 24 hours.

To conclude, the memecoin market, encompassing Shiba Inu, Floki, and Pepe, underwent substantial changes in 2023. Despite their initial surge in popularity, other advancements in the cryptocurrency sector have begun to eclipse their significance. However, these memecoins persist in their efforts to adjust and progress to sustain their standing within the cryptocurrency community.