The Death Of OG Meme Coins

Introduction: The History of Memecoins

Memecoins started with Dogecoin in 2013. Created as a joke based on the viral Doge meme, Dogecoin gained popularity for its fun, light-hearted nature, which contrasted with more serious crypto projects. As one of the first mainstream memecoins, Dogecoin inspired a wave of similar projects like Shiba Inu and Floki Inu, all of which leveraged internet memes to build communities and market value. Despite their beginnings, these coins reached incredible heights in terms of market capitalization, with Dogecoin peaking at $90 billion during the 2021 bull run.

Evolution of Memecoins: The Run and Decline

Shiba Inu and Dogecoin had their golden moments during the 2021 crypto bull run, driven by social media hype, celebrity endorsements, and the viral nature of their communities. Dogecoin's price skyrocketed largely due to tweets from Elon Musk, and Shiba Inu followed closely behind as the "Dogecoin killer," riding on the memecoin wave. Both coins saw their market caps soar into the billions, with Dogecoin reaching an all-time high market cap of $90 billion.

However, after these initial peaks, neither coin has been able to recreate the same level of hype. Despite their strong communities, they have struggled to regain momentum due to several factors. First, the novelty that initially drove their appeal has worn off, and without any significant technological updates or new use cases, they have been unable to capture renewed attention. Additionally, the crypto market's general shift towards newer memecoins, which rely heavily on social media trends and sentiment rather than intrinsic value​

The inability of Dogecoin and Shiba Inu to consistently innovate or offer new value propositions has contributed to their inability to recreate the same explosive growth. While both coins remain popular within niche communities, they haven't experienced the viral resurgence necessary to return to their former highs​

Why New Memecoins Always Do Better

In the latest wave of memecoin mania, newer tokens like Pepe, Wif, and Bonk have managed to outshine the original memecoins, such as Dogecoin and Shiba Inu. These new memecoins gained traction by leveraging fresh trends, innovative tokenomics, and stronger marketing campaigns. For instance, Pepe capitalized on the virality of the infamous Pepe the Frog meme, drawing in a fresh crowd of retail investors excited by its association with popular internet culture​. Similarly, Bonk tapped into the Solana ecosystem, offering a community-driven token that brought the excitement back to a blockchain in need of revitalization​

These newer projects benefit from refined strategies that weren't available during the earlier memecoin runs. Many of them have structured teams with defined marketing plans, better token distribution models, and partnerships with influencers that help maintain hype. Additionally, their low market caps and initial entry prices attract investors hoping for massive short-term gains. This formula has proven successful in quickly generating interest and volume, often outperforming the original memecoins, which struggle to sustain their previous hype.

If the market sees another memecoin frenzy, it's likely that even newer tokens will again have an edge over the older ones. The ability of newer projects to adapt to current trends and leverage the latest technology gives them an inherent advantage, making it difficult for OG memecoins to replicate their past successes without significant innovation.

Conclusion: Where Does That Bring Us?

The rise and fall of OG memecoins like Dogecoin and Shiba Inu show the cyclical nature of the memecoin market. While new projects will continue to emerge, offering short bursts of hype, many will inevitably die out as attention shifts elsewhere. As the market matures, memecoins may continue to evolve, but they will always remain a high-risk segment driven by speculative interest and viral trends.