In the past week, according to CoinGecko’s statistics, the Meme Coin sector, which is mainly composed of animal coins, has risen by 192.54%. Among them, dog Meme Coins such as SHIB, ELON, and AKITA have risen by 1213.6%, 135.8%, and 689.7% respectively. The new “rich-making effect” made these animal Meme Coin “out of the circle” quickly, attracting everyone’s attention. SHIB once jumped to the second place in Weibo financial super talk, second only to Bitcoin, with an average of 1362 new comments per hour on Reddit.
However, in the early morning of May 13, Ethereum founder Vitalik Buterin distributed the SHIB in his wallet to a number of charitable foundations, and the latter sold them in bulk, causing the market to plummet. Is the carnival of dog concept coins “born” on social media coming to an end like this? Judging from the popularity of social media and market transaction data, the fans of these canine Meme Coins on social media have grown significantly, but except for DOGE and SHIB, the market transaction volume of other tokens is very small, and most tokens do not Application prospects and development routes. For these tokens, the time when the heat dies may be the time when the price bubble bursts.
01 SHIB Weibo Chaohua ranked second in the financial category, and the popularity of foreign media increased exponentially
Recently, Shiba coin (SHIB) related topics have repeatedly appeared on Weibo hot searches, becoming the second animal coin to “out of the circle” after Dogecoin (DOGE). Up to now, SHIB has about 13,000 followers on Weibo, and it currently ranks second in the financial category. The first place is Bitcoin Super Talk, the number of fans is about 170,000.
SHIB has not only sparked discussions on domestic social media, but its popularity on foreign social media is also rising rapidly. According to CoinGecko data, the number of SHIB followers on Twitter and Reddit is increasing exponentially. Among them, the number of Twitter followers has increased significantly since May 2, and has now reached 324,400, with an increase of approximately 490.65% in the past two weeks. Subscribers on Reddit have seen a significant increase since May 9th. At present, they have reached about 89,400, an increase of about 290.70% in a week. On Reddit, SHIB added about 1362 new comments per hour on average.
In fact, dog Meme Coins similar to SHIB have also emerged recently, such as AKITA, KISHU, ELON, HUSKY, HOKK, etc. These tokens have also been sought after by investors to varying degrees. Among them, KISHU and ELON have more Twitter followers, about 29,100 and 33,500 respectively, which are much higher than other Meme Coins.
Among these canine concept coins, except for KISHU which has a white paper, the rest of the projects have no white papers, and the official website is relatively simple, the project concept is basically the same, and the social media popularity does not seem to be high. ELON has an interesting statement on its official website, saying that Dogelon is an interstellar currency between the earth and Mars, but other than that, ELON seems to be no different from other altcoins. These projects seem more like spoofs of developers.
In contrast, KISHU has designed other development routes, and has launched the decentralized exchange KISHU Swap, on which users can trade any ERC20 tokens. On May 14, KISHU also boarded the largest billboard in Times Square, New York.
02 The market value of SHIB squeezed into the top 24, and the trading volume soared about 20486.3% on the 7th
According to PAData’s past research, DOGE is positively correlated with the popularity of Internet communication, that is, its currency price is easily affected by social media public opinion, and other Meme Coins derived from it also show similar situations. According to CoinGecko’s data, as social media continues to ferment, on May 11, SHIB’s currency price hit a record high, reaching about 0.003532 U.S. dollars. On the same day, SHIB’s trading volume on the exchange also reached a historical peak. For 14.55 billion U.S. dollars. As of May 14, the most recent 7 days, the currency price of SHIB has risen by about 1203.4%, and the transaction volume has soared by 20486.3%. It is necessary to know that the price of BTC dropped by about 10.8% during the same period, and the trading volume dropped by about 0.70%.
The currency prices of other dog Meme Coins have gone out of a trend similar to that of SHIB in the past week. The price peaks of several dog coins generally appeared on May 11 and May 12. On May 13, these dog coins generally had a significant dive.
The increase in the price of dog Meme Coins this time showed a high degree of consistency in volume and price. The peak trading of various dog coins also appeared on May 11 and May 12. Among them, on May 11, the transaction volume of AKITA reached about 629 million US dollars, which is the token with the largest single-day transaction volume in the dog Meme Coin in the past week. However, compared with SHIB, its transaction scale is still very small, with a peak transaction volume. It is only about 4.33% of the peak trading volume of SHIB. It is also worth noting that on May 14, the trading volume of ELON and HUSKY rebounded significantly, up by about 177.13% and 1165.01% respectively since May 13.