Traders should look into Shiba Inu, Elon Musk and BabyDoge for the following reasons.

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Riding on Bitcoin’s recent price surge, the global crypto market cap increased by 5% in 24 hours. This comes after the market cap fell significantly over the previous week as a result of general bearishness.

Despite the haphazard state of the market, one segment of altcoins has fared relatively better.

Meme coins such as ELON, SHIB, and BabyDoge have been making waves in the market recently, and this isn’t a joke. These coins’ short-term returns on investment have been quite impressive. But, in a bear market, are dog-themed meme coins the most secure investment option? So, let’s find out.

Dogelon Mars (ELON)

Dogelon Mars, at the time of writing, occupied the sixth position on CMC’s meme-coin rankings. The token’s press time value stood at $0.00000005076. With a market cap close to $25 million, this token witnessed a 3% hike in the past 24 hours.

Source: Santiment

Interestingly, ELON’s social volume witnessed a major spike on the 21st of July. In fact, the meme coin’s social dominance too reached a new one-month high. Such a trivial coin gobbling up more than 5.7% of all crypto-related social media says a lot about the coin’s ‘loyal’ community.

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Nonetheless, it should be noted that its social volume did not necessarily have an impact on the coin’s trading volume. ELON’s trading volume, at the time of writing, stood at just $1.2 million. However, if the alt’s social game gets even stronger over the next few days, the odds of ELON’s price pump would intensify.

Shiba Inu (SHIB)

Shiba Inu continues to be the second biggest meme-coin after DOGE. SHIB’s price too witnessed a slight pump over the previous day. With a market cap of over $2.57 billion, the alt was trading at $0.000006443 at press time.

Source: Santiment

As can be seen from the attached chart, SHIB’s supply on exchanges drastically dropped over the past few days. This, to a fair extent, underlines the fact that market participants have actively been buying this meme coin. The token’s volume too has started to pick up the pace. If these two metrics continue to head in the same direction, SHIB’s price might rally soon.

Baby Doge Coin [BabyDoge]

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BabyDoge, the spin-off variant of the OG Dogecoin, managed to first make it to the headlines after Musk’s “Baby Doge, doo, doo, doo, doo” tweet. The alt’s price noted a massive rally as soon as the tweet started gaining traction. At that time, people from the mainstream crypto-community did not pay much heed to the dramatic hike in its price.

But, the meme-coin has been witnessing price spikes ranging from 20%80% over the past few days. The altcoin needs to be given due credit for faring well in such tough times. Just like ELON, even BabyDoge’s social volume has been gaining traction of late. In fact, the same trend was highlighted by Santiment too.

What’s more, valued at $0.000000002888, the altcoin also has more than 475,000 holders. Surprising, isn’t it? What’s more, Gate.io, a prominent crypto-exchange recently listed this meme-coin and the same did rub-off positively on its price.

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Did you think Dogecoin was a joke? The joke has now gone too far. It appears that meme-coin variants that once competed with each other are now giving the market’s most prominent altcoins a run for their money.

Even though the metrics of these meme-tokens, on the whole, paint a compelling picture, it should be noted that these coins are frequently subjected to unexpected and out-of-the-box pump and dumps. In fact, members of the mainstream crypto-community do not consider these coins to be cryptocurrencies.

As a result, before investing in these coins, one should be cautious.

 

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