Whales target new memecoins: Is it hype, or are OGs losing their edge?
The spotlight is shifting to newer tokens, raising the question: Is the old guard losing its shine?
- The memecoin market is evolving. New players are attracting both retail and institutional interest.
- Could it redefine the memecoin landscape?
Twice this year, the memecoin market cap surged to $116 billion, capturing the attention of risk-hungry investors. Now, with the market 13% off those highs, the excitement has cooled – but not entirely.
A few standout performers continue to defy the trend. Interestingly, these coins have more than just the “hype” working out for them.
Whales adopt a more strategic approach
The memecoin market is booming with over a thousand coins, all promising quick gains.
Since DOGE first launched in 2013, the number of these tokens has only exploded, with celebrity-backed memes making headlines along the way.
Clearly, everyone’s eager to jump in, but the real power still lies with the “saviors” or “accumulators” – the Whales, who continue to dominate the game. Nothing illustrates this better than the chart below.
AMBCrypto has pointed out a major shift: For OG memecoins, the percentage of wallets holding 50% or more of the tokens has dropped. Take Dogwifhat (WIF), for example – only 1.18% of wallets hold over $50K worth of WIF.
Meanwhile, SPX6900 is leading, with 53.55% of its wallets holding $50K or more in SPX tokens. What’s interesting is that this list is filled with coins that offer more than just meme value.
These fresh players, many of which are under a year old, are shaking things up.
Despite the recent market slowdown, coins like GIGA, PENGU, SPX6900, FARTCOIN, and TRUMP continue to ride high, staying firmly in the green.
This perfectly aligns with the whale strategy.
Whales are clearly making calculated moves, pumping capital into coins that are either new or have strong celebrity backing, strategically manipulating their market value and fueling the “hype” that drives FOMO.
So, should OG memecoins retire?
It’s a fair question. The top 5 OG memecoins, based on market cap, are still far from hitting their “highly anticipated” targets.
Take DOGE, for example – it has yet to break the $1 mark. In contrast, newer coins like FARTCOIN have surged by a staggering 1900%, breaking the $1 barrier within just 90 days of launch.
Why the difference? Newer memecoins are capitalizing on what OGs lack – strong tokenomics. Even though whales are still accumulating older coins, the price impact remains flat compared to the newer players.
It all comes down to strategy. While SHIB has a whopping 589.25 trillion coins in supply, FARTCOIN has a capped total supply of just 1 billion.
Realistic or not, here’s DOGE’s market cap in BTC’s terms
Limited supply plus high demand is a recipe for price growth – something these newer coins are seeing. That’s why they’re becoming the go-to choice for short-term gains over the OGs.
It’s a shift worth paying attention to.
