The ongoing downturn in the cryptocurrency market has underscored the strength of the more established memecoins over the several new ones birthed during the memecoin frenzy earlier this year.
What Happened: According to popular cryptocurrency analyst Emperor Osmo, coins like Pepe PEPE/USD, Floki FLOKI/USD, and Dogecoin DOGE/USD notched up gains of 17%, 11%, and 8.5% respectively over the past two weeks.
At the same time, Solana's Popcat POPCAT/USD slipped 0.83%, while Politi-Fi tokens like MAGA Coin TRUMP/USD and Jeo Boden BODEN/USD underperformed, with the latter crashing 37% in the past two weeks. Pepe Fork PORK/USD, created by forking PEPE, also remained underwhelming, with just over 3% gains in the aforementioned time period.
Observing the developments, Emperor Osmo wondered how the widely distributed meme tokens would behave when the market went up again.
Why It Matters: The outperformance indicated the resilience and community support of the senior meme tokens, which had prior experience navigating bearish market situations.
In contrast, many of the newer memecoins were created in 2024 fueled by positive market expectations, and the current downturn was their first exposure to bearish conditions.
According to a post by popular cryptocurrency trader AshCrypto on CoinMarketCap, PEPE's price chart was "looking hot" and he was optimistic about the coin's prospects.
Price Action: The top three, Dogecoin, Shiba Inu SHIB/USD, and PEPE all gained more than 2% in the last 24 hours of trading, according to data from Benzinga Pro.
Photo by Kanchanara on Unsplash
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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