From Dogecoin to WIF to SHIB: How are your memecoins doing today?

Among various crypto sub-sectors, memecoins stand out for delivering the most substantial returns. What's next for memecoins?

With major financial institutions entering the crypto space through ETFs, the confidence in the sector has grown considerably. Even though many investors have been looking intoOne of the major contributors to this growth has been Solana’s memecoin sector. Due to the low barrier for entry caused by the low fees on Solana, many users are able to launch their coins on the network.

AMBCrypto’s analysis of Santiment data revealed that DOGE and WIF’s social volume soared in the last few days. However, the social volume around SHIB has declined.Even though social volumes for all of these memecoins surged, the sentiment around these tokens painted a different picture. The weighted sentiment for DOGE, SHIB, and WIF had declined significantly over the last few days.

This indicated that the number of negative comments around these tokens had surpassed the number of positive ones at the time of writing. If the negative comments around these memecoins continue to rise, it would be harder for these memecoins to rally further and show more growth.Even though WIF continued to attract new addresses to itself, memecoins such as Dogecoin and Shiba Inu have a competitive edge as they have a ecosystem surrounding their token.However, in the last month, the activity on these ecosystems has declined.

Both Dogecoin and Shiba Inu would have to improve the attractiveness of their ecosystems to continue to have the top position in the memecoins space.Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.Subscribe to get it daily in your inbox.

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