Dogecoin (DOGE) Sees a 14.5% Jump – Are Meme Coins Making a Comeback?
Dogecoin (DOGE) is up 14.5% this week, joining a wider rally in meme coins. Investors are becoming more willing to take risks, boosting the value of meme coins.
Overall, meme coins have risen 11%, according to CoinGecko. Popular tokens like Pepe and Shiba Inu have also increased by over 10%, recovering from earlier losses. New tokens like SPX6900 and FARTCOIN have jumped even higher, with gains of 70% and 104%, respectively, in the past seven days.
This surge has given meme coin supporters hope after a long period of decline. However, some experts believe the future of these tokens is uncertain. They think meme coins, which are influenced by pop culture and news, will change over time, and investors will need to adapt.
Joe McCann, founder of the crypto fund Asymmetric, said in a podcast, "You can’t keep launching thousands of tokens and expect a huge community to form. There will be new ideas and changes in how meme coins are created, and that's where the real opportunities will be."
The total market value of meme coins is now $58.7 billion, according to CoinGecko. To put this in perspective, dog-themed tokens like DOGE and Shiba Inu were worth over $103 billion in December 2022.
Despite this, meme coin expert Murad Mahmudov believes meme coins still have great potential, especially since most people haven’t heard of newer coins like SPX6900 yet.
"99.99% of people don’t know about SPX6900 yet. It will be everywhere," Mahmudov said on X (formerly Twitter). "If you’re here now, consider yourself lucky."
Mahmudov believes that meme coins can bring big rewards for people who are patient and focus on passionate communities.
Meme coin platforms are also continuing to evolve. Last week, Solana-based platform Pump.fun launched its own decentralized exchange (DEX) to improve how users trade and move tokens. Other platforms, like Wasabi Protocol, are adding new features to enhance the user experience.
“We built Wasabi for times like these, where users need to protect their investments and earn steady returns,” said Eren, a core contributor to Wasabi. "In the long run, meme coin sentiment will rise again."
Eren pointed out that meme coins have always been popular because they offer a chance for everyone to participate, but celebrity-backed tokens have recently shifted the focus to insiders. However, he believes that over time, traders will adapt and continue to find value in the tokens they truly enjoy.
Pump.fun co-founder Alon Cohen also believes meme coins are here to stay. "Even though the market has been down, once major coins stopped falling, meme coin activity quickly stabilized and has been rising ever since," he said. "We’re building a product with the goal of being around for the next decade."
