Unleashing the Meme Revolution: A Deep Dive into the Evolution of DOGE, WIF, and Beyond

author:MONK

Compiled by: Shenchao TechFlow

1. $DOGE -> Mid-Cap Meme Coin Rotation

In my opinion, the performance of Meme coins is inseparable from DOGE. With the election approaching and $DOGE receiving renewed attention, I thought it would be interesting to analyze how value is dispersed within the meme coin category. Here’s what I think. The discussion is as follows:

2. I think, in no $DOGE / $SHIB With significant gains, it is increasingly difficult to drive Meme coin market share. In 2024, the total market value of the overall Meme currency market has increased significantly and is close to the historical high point (ATH) in 2021:

3. Most of this year’s value growth has come from the explosive growth of non-$DOGE/$SHIB meme coins. The current market dominance of DOGE and SHIB has dropped to approximately 57%:

4. Still, meme coin’s market share among cryptocurrencies is still lower than it was in 2021 when $DOGE reached ATH. The impact of DOGE cannot be ignored. This week, the asset’s total market value increased by $7 billion, which is basically equivalent to one $PEPE + $WIF。

5. I think the prospects for $DOGE are interesting, even without new retail interest. I expect $DOGE/$SHIB dominance to gradually return. Currently, in this round of Meme currency rebound, a large amount of capital is waiting and watching…

6. …These are the middle investors who are skeptical of the legitimacy, sustainability and impact of this category. Or they may not want to participate in transactions with low liquidity and high turnover. Therefore, many people fail to grasp $WIF、$PEPE and $BONK opportunity.

7. However, sentiment regarding meme coins has changed significantly. Interest in this category is far greater now than it was just a few months ago,$GOAT The report is a good example. Even self-proclaimed intermediate investors are beginning to change their attitudes:

8. I think these players may be bidding on a new rally in $DOGE. This is a trend I see driving meme coins and cryptocurrency market share to new heights. Any news could be a catalyst, whether it’s a new government agency, Elon Musk, Trump or something else.

9. Much of the funding is likely to come from other crypto spaces. It might be helpful for retail investors, as I think $DOGE is even more recognized among the average person than $SOL, but the liquidity environment now has changed significantly from 2021.

10. So, what happens after $DOGE rebounds? I think any strong move in $DOGE/$SHIB will bring additional value to the new “meme coin middle class” and create opportunities for people like $WIF、$PEPE and $POPCAT assets to unlock their potential.

11. For intermediate investors, the relative attractiveness will be higher. $WIF will be more attractive when $DOGE has a market cap of $100 billion, rather than $30 billion. As the number of Meme coins with investable assets above $1 billion grows, in this post-$DOGE scenario, “the risk-benefit ratio of stablecoins also looks less attractive.

12. As meme coins gain greater recognition as a space, the theory behind the re-rating of the middle class will also attract new potential buyers. These assets ($PEPE, $WIF, etc.) are more liquid, less volatile, and easier to manage than small-cap currencies.

13. They also have greater upside potential after $DOGE rebounds, and I think intermediate investors will eventually seize the opportunity to push the price of these assets higher, which is necessary in the current situation. I don’t think $PEPE can reach a $10 billion market cap in a stagnant $DOGE market.

14. Therefore, thinking of $DOGE as the $BTC of meme coins, further gains in assets such as $PEPE, $WIF, $POPCAT, etc. need to precede a rebound in $DOGE. I see no clear benefit to stablecoin investors, and small cap coins are still in rotation as barriers to entry remain high.

15. I also see potential for some of the middle class to upgrade into the large-cap category ($PEPE has essentially reached that level). Capital will naturally be disproportionately concentrated in high market capitalization assets because investors are mostly lazy and like to look for confirmation bias.

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