The meme coin space has been hit hard in the past 24 hours, with Dogecoin ($DOGE) and Pepe ($PEPE) experiencing significant price slides.
This slide comes after a period of sustained volatility, prompting many investors to look for alternative meme coin options that could provide clearer price prospects.
One token that has emerged as a viable option is Shibie Coin ($SHIBIE) – a brand-new meme project combining the popular worlds of Shiba Inu and Barbie.
Dogecoin Price Slump Extends as Token Hits $0.0735
The original meme coin Dogecoin has been suffering recently, with the $DOGE price shedding 5% of its value since Wednesday morning.
According to CoinMarketCap, $DOGE is now hovering around the $0.0735 level, with its market cap falling to $10.3 billion.
The price drop over the past 24 hours has extended a broader $DOGE slide, which commenced after the token peaked on July 25.
For 2023 as a whole, $DOGE is now only up around 4%; although the coin’s value was up by 49% in April before it crashed.
These price movements highlight that the hype around Dogecoin might be cooling off, which could be due to the growing popularity of low-cap meme coins being launched on DEXs like Uniswap.
These coins have shown themselves capable of producing quadruple-digit (or more) returns, which is something that $DOGE is no longer able to do.
As such, meme coin buyers are looking elsewhere – hence why Dogecoin is struggling.
Pepe’s Prolonged Slide Shows No Signs of Stopping as Investors Look Elsewhere
Pepe is also struggling, with the token’s value down 6% in the past day.
It’s been a tough few weeks for $PEPE holders, with the price rejecting the resistance zone around $0.00000188, prompting an aggressive selloff.
This has sent the token plunging 35% from July’s high, and 72% from May’s all-time high.
With momentum and interest waning, many meme coin market participants speculate that $PEPE’s heyday might be firmly behind it.
Data from CoinGecko reveals that only $64.9 million worth of $PEPE was traded in the past 24 hours, a significant decrease from last month.
Pepe’s lack of an actual use case has hampered its ability to sustain long-term growth, which isn’t the case with more utility-driven meme coins.
Overall, things don’t look like they will get much better for $PEPE in the short term, meaning holders may be in for a challenging period ahead.
Which Meme Coin Could Be an Alternative to $DOGE and $PEPE?
While major meme coins like Dogecoin and Pepe struggle, new tokens are emerging, vying to steal the spotlight.
One of these tokens is Shibie Coin ($SHIBIE) – which many believe could be a breakout star in the meme coin niche after it raised $75,000 in the first two days of its presale.
Limited-Time Shibie Coin Presale Starts with a Bang & Raises $75,000
Shibie Coin ($SHIBIE) is a unique project that combines the iconic worlds of Barbie and Shiba Inu in a lighthearted manner.
The project has just started its presale phase, allowing early adopters to purchase $SHIBIE tokens for the low price of $0.000167.
This discounted presale price has primed $SHIBIE for future, given that the creators intend to list the token on a decentralized exchange (DEX) once the presale ends.
According to Shibie Coin’s whitepaper, 60% of the total token supply is reserved for this presale – highlighting the community-centric focus of the creators.
The project is already beginning to generate hype on social media, with the official Shibie Coin Twitter account seeing an influx of new followers over the past two days.
This hype is being bolstered further by Shibie Coin’s timely emergence, given that it coincides with the buzz around the new Barbie movie, which has made headlines worldwide.
YouTube analyst Jacob Bury, who has an audience of over 20,000 people, has even taken note of Shibie Coin – speculating that it could potentially be a “Shiba Inu alternative.”
Given this endorsement and the project’s clever leveraging of the Barbie phenomenon, Shibie Coin seems well-positioned to capture investor interest in the weeks ahead.
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