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By Anirudh Tiwari,

Memecoins and dog-themed tokens are gaining more popularity and traction as the long-term upside seems very limited amid the flooded market.

Meme tokens and dogcoins have been an integral part of the ongoing market-wide bull run in the cryptocurrency markets. Among the plethora of these tokens that have been flooding the market, two of these tokens, the longer-standing memecoin Dogecoin (DOGE) and Shiba Inu (SHIB), have gained the most traction and popularity.

Most recently, SHIB started rallying on Oct. 23 from trading $0.000028 to hitting an all-time high of $0.000086 on Oct. 28. The token has since cooled down to exchange hands at $0.000052. Despite that, the token has posted 195.5% gains in the last 30 days and an incredible 72,954,679.8% yearly gains.

This led the token to briefly be featured in the 8th place on the list of top 10 cryptocurrencies by market capitalization, but due to the price drop, the token has slipped out of the top 10 to fall to 11th place with a market cap of around $32 billion at the time of writing.

Source : preiposwap.com/meme-tokens-and-dogcoins-...s-price-wars-heat-up

Such returns have put investments in the token in the running for the “Greatest Trade of All Time” as it is revealed that one crypto wallet address purchased SHIB tokens worth $3,500 in August 2020, which multiplied to become worth more than $1.55 billion at the market peak. Another wallet, at one point, owned more than 13% of the total supply of over 549 trillion tokens. However, this whale wallet moved $2.3 billion worth of SHIB tokens on Nov. 5 in four equal transactions to four different wallets that spooked the market and led to a significant drop in the price of the token.

These returns led to a lot of mainstream attention and around the token. In the aftermath of the all-time high, SHIB began to gain adoption for the utility of the token as well. Despite its extreme volatility, AMC Theatres CEO Adam Aron announced that the company is considering adding the token as payment for ticket purchases. Le Bistrot d'Eleonore et Maxence, a bistro in Paris, has begun accepting SHIB as a payment.

After the popularity of Dogecoin soared, there was a plethora of dogcoins and other meme tokens that joined the industry. One of these tokens was SHIB, which has since reached a market capitalization in the range of DOGE itself. The development team of SHIB also developed another token called Doge Killer (LEASH). The token currently exchanges hands at $3,256.73, posting a 130.3% return recently.

Another token that is attempting to capitalize on the ongoing hype is Dogelon Mars, a token that is based on Tesla CEO Elon Musk and his love for space travel. In October, the coin posted over 3,780% gains, along with getting listed on OKEx and Crypto.com on Oct. 29, surpassing SHIB’s 850% gains.

Several of the new meme tokens have posted impressive gains in October, with SAMO seeing 2,925% gains in October to hit a market capitalization of $389 million and Hoge Finance’s HOGE surged by 2,923% with its market capitalization currently standing at $189.79 million up from $15 million at the start of October. But, that’s not to say that these types of tokens will keep on posting such impressive rallies.