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The trio of Shiba Inu (SHIB), PEPE and BONK have been on a strained recovery path since the crypto ecosystem tumbled earlier in the week. With Shiba Inu’s price trading surge of 0.16% to $0.00000971, PEPE has maintained a 1.78% plunge to $0.000001209 and BONK is notably bearing the brunt of the current sell-offs after dropping by 7.12% to $0.00001116.
Despite SHIB recording a relative uptick in the past 24 hours, it does not denote the absence of bearish trends as seen in its two closest rivals. The token’s trading volume is still down by 5.87% to $200,609,261 indicating the gloomy nature of embrace across the board.
Weeks ago, the meme coin ecosystem was very hot with many projects printing their multi-week highs in pursuit of dominance. With recent market trends, these meme coins appear to be changing their approach to the market by shunning tough competition and paying attention to survive in the short term.
Though the likely approval of spot Bitcoin exchange traded funds (ETF) by the United States Securities and Exchange Commission (SEC) might benefit these three meme coins, their incentive in terms of value addition is being closely watched by members of the broader ecosystem.
Impact of underlying blockchain networks
One of the fundamentals behind the growth of these meme coins is typically a service offering, technology and even progressive communities that can be linked to their growth. These associations have a role to play in determining whether the meme coin gets the necessary boost to soar in the short term or not.
While Shiba Inu has the Shibarium infrastructure and its community as a boost, BONK is a well-loved token resident and benefits from the hype surrounding Solana (SOL). PEPE is on a solo run, and this ignites concerns about its ability to stand the test of time unless it pivots to launch an outfit with an actual use case as others in the past have done.
This extra value push marks a crucial trigger that will define which meme coin will thrive in the long term.
Arman Shirinyan
Gamza Khanzadaev
