Are Meme Coins Losing Steam? A Decline in DOGE and SHIB Suggests Waning Interest from Traders

Memecoins, cryptocurrencies inspired by internet memes and jokes, saw a surge of popularity and price appreciation in 2021. However, in recent months memecoin prices and discussion have cooled off significantly. This article will analyze the current state of major memecoins like Dogecoin and provide perspective on their place in the broader crypto market.

Source: Santiment – Start using it today

Declining Interest in Memecoins

According to data from Santiment, an analytics platform, memecoin discussion and prices have declined since the crypto market top in mid-July 2022. While altcoins overall have seen more declines than gains in recent months, memecoins have been especially weak.

Dogecoin (DOGE), the original memecoin started in 2013, has seen the lowest discussion rates since 2020. This suggests waning interest among crypto traders and communities.

Shiba Inu (SHIB), which gained steam as a “Dogecoin killer” in 2021, is down nearly 70% from its October 2021 high. Discussion of SHIB is a fraction of peak levels as well.

The declining interest indicates memecoin mania has cooled off significantly from 2021 heights. Factors include lower risk appetite amid crypto bear market conditions.

Are Memecoins Losing Their Luster?

Memecoins initially attracted interest due to lighthearted communities, often centered around Dogecoin. The unexpected gains of early Dogecoin buyers also fueled interest.

However, memecoins have arguably become less about the memes recently. Instead, traders have viewed them more as speculative assets to try to purchase early and sell for profits.

The trendiness and novelty of memecoins may be wearing off as investors take a more cautious approach post-2021. With less hype, prices and volumes have declined.

Conclusion

Memecoin mania was a significant subplot of the 2021 crypto bull market. However, data shows memecoin discussion and prices have cooled considerably. While pockets of interest remain, memecoins do not dominate the crypto conversation as they once did. It remains to be seen if they can regain interest and traction.

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Rahul Nambiampurath
Rahul Nambiampurath

Rahul Nambiampurath's cryptocurrency journey first began in 2014 when he stumbled upon Satoshi's Bitcoin whitepaper. With a bachelor's degree in Commerce and an MBA in Finance from Sikkim Manipal University, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has helped DeFi platforms like Balancer and Sidus Heroes — a web3 metaverse — as well as CEXs like Bitso (Mexico's biggest) and Overbit to reach new heights with his media outreach skills and digital marketing maneuvers. For the past six years, he has also covered major crypto events for leading publications, with expertise spanning DeFi, DAOs, NFTs, and everything decentralized.

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