#memecoins #DOGE , #SHIB , and #PEPE : Can They Still Rally or Are They Doomed to Fade?
#SmartInvesting šļø Buy and trade here š
Dogecoin ($DOGE ) is the foremost of the memecoins, but that is probably only because it appears to be a great favourite of Elon Musk. The general view is that one day Musk just might turn this coin into a form of payment, perhaps on the X platform, or maybe in one of his other companies.
For a memecoin riding on such a hope and a prayer, a market capitalisation of $25.8 billion does seem ridiculously over-valued. Time will tell if this is indeed the case.
Shiba Inu ($SHIB ) is the other memecoin that professes to have some kind of utility, but this appears to be in the shape of a small ecosystem which does not appear to promise anything groundbreaking.
A $7.3 billion market cap is still an enormous sum for this memecoin, and so it will be interesting to see if a full-on recovery can take place.
$PEPE is the third-biggest memecoin by market cap, with a $2.68 billion valuation. This is still quite some sum of money, and especially when you consider that pepe does not profess to have anything backing it whatsoever. It is a puff of wind, a strand of gossamer, a Will-oā-the-wisp.
Only if the degen trading public decide to get behind it again will the price take off. As it stands, the price is currently holding at a last-ditch horizontal support. The pepe price will need the market to turn dramatically, and soon, in order for the day to be saved.