TL;DR
Dog-themed meme coins, like Dogecoin (DOGE) and Shiba Inu (SHIB), have seen significant growth in 2024, possibly driven by strong communities and market presence.Other notable performers include Floki Inu (FLOKI) and dogwifhat (WIF), which have gained traction due to active communities and major cryptocurrency exchange listings.DOGE or SHIB?
Dog-themed meme coins have been a real sensation in the first half of 2024, with many experiencing considerable price increases in a short period of time. They continue to be a hot topic in the crypto space due to the vast number of holders and their ability to make savvy traders millionaires.
According to CoinGecko, there are over 330 different dog-related meme coins whose total market capitalization is close to $40 billion. As such, we asked ChatGPT which of those will be the best performer in the remaining months of the ongoing year.
The AI-powered chatbot started its answer with a disclaimer that such a prediction relies on speculation and proper analysis of various factors.
It claimed that Dogecoin (DOGE) and Shiba Inu (SHIB) – the two biggest dog-themed meme coins – have the best chance due to their solid communities and significant market presence.
DOGE may solidify its first spot following potential endorsements from high-profile individuals like Elon Musk. Tesla’s CEO is a firm supporter of the token, often praising its merits and publicly backing it. Not long ago, the EV giant officially integrated DOGE as a payment option on its website, which resulted in a double digit price pump.
In turn, ChatGPT claimed that SHIB could receive a substantial boost in the event of further progress in its ecosystem. Last summer, the team introduced the layer-2 scaling solution Shibarium, which is aimed at lowering transaction costs, improving speed, and enhancing scalability.
The protocol blasted through multiple milestones in the past several months. For example, the total number of blocks processed on the network surpassed 5.5 million, whereas the total number of transactions is well above 400 million.
For more updates on the ecosystem, make sure to check out our Shibarium news section.
What About the Other Contenders?
Floki Inu (FLOKI) and dogwifhat (WIF) popped up among the possible winners, too. According to ChatGPT, the former has gained traction due to its “engaging community and innovative projects within its ecosystem.”
It is currently the fifth-biggest dog-themed meme, with a market cap of approximately $1.8 billion. FLOKI hit an all-time high last month, and it will be interesting to see whether a new peak could occur in the following months.
WIF is the largest Solana-based meme coin, which has made massive progress due to investor interest and support from leading cryptocurrency exchanges. Recall that Binance, Bybit, Kraken, Coinbase, and many more have allowed trading services with the asset. We are yet to see whether additional platforms will embrace WIF during the second half of 2024 and whether such a move will positively affect its market performance.