Zinger Key Points
- Crypto trader Altcoin Sherpa predicts smaller meme coins like Pepe and Dogwifhat could outperform larger-cap memes.
- He believes big-cap meme coins will remain tied to broader market trends and struggle to outshine smaller tokens.
- Get New Picks of the Market's Top Stocks
Dogecoin DOGE/USD and Shiba Inu SHIB/USD show strong fundamentals, but the trader community remains hesitant about their potential to outperform other trending cryptocurrencies.
What Happened: Shibburn data shows 6.02 million SHIB tokens burned in the past 24 hours, driving the burn rate up by 661.7%.
Key transactions included burns of 3.5 million and 2.3 million SHIB, signaling increased on-chain activity.
Shibarium’s December 2024 update highlights the network undergoing a mainnet upgrade.
Among the milestones achieved, it crossed 688 million transactions, peaked to all time high in new total value locked and a maintained 4 million daily transactions volume.
The recent integration with Chainlink is expected to enhance cross-chain functionality, boost on-chain activity and accelerate SHIB burns.
On the Dogecoin front, crypto analyst Ali Martinez highlighted historical patterns where DOGE experienced parabolic rallies after significant retracements.
For example, DOGE surged thousands of percent following pullbacks in 2017 and 2021.
In 2024, after a 440% rally and 46% retracement, another explosive move could be on the horizon.
Also Read: Dogecoin, Shiba Inu Absent From 2024’s Top-Performing Meme Coins: Here’s Who Made The Cut
Trader Notes: Altcoin Sherpa sees meme coins performing well but doubts their ability to outperform other crypto assets in the latter half of the market cycle.
While Dogecoin's brand recognition and Elon Musk's involvement make it unique, Sherpa argues that smaller-cap meme tokens like Pepe PEPE/USD and Dogwifhat WIF/USD might outpace larger-cap memes.
He also suggests big-cap meme coins will likely remain dependent on broader market movements, with a significant rally in Ethereum ETH/USD potentially lifting memes.
Sherpa concluded that while recognizable tokens like Shiba Inu, Floki FLOKI/USD, and Dogwifhat will perform decently, they're unlikely to outperform top utility tokens like Aave AAVE/USD, Hyperliquid HYPE/USD and Ethena ENA/USD, or trending crypto sectors such as AI-driven projects.
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