The ongoing downturn in the cryptocurrency market has underscored the strength of the more established memecoins over the several new ones birthed during the memecoin frenzy earlier this year.
What Happened: According to popular cryptocurrency analyst Emperor Osmo, coins like Pepe (CRYPTO: PEPE), Floki (CRYPTO: FLOKI), and Dogecoin (CRYPTO: DOGE) notched up gains of 17%, 11%, and 8.5% respectively over the past two weeks.
Meme Outperformers over the past 2 Weeks – $PEPE +17% – $FLOKI +11% – $BOME +9% – $DOGE +8.5% – $WIF +7% Wide distribution established memes are showing strength in the face of market weakness. Wonder what they do when the market pumps again. pic.twitter.com/EOleZHwkop
— Emperor Osmo (@Flowslikeosmo) May 12, 2024
At the same time, Solana's Popcat (CRYPTO: POPCAT) slipped 0.83%, while Politi-Fi tokens like MAGA Coin (CRYPTO: TRUMP) and Jeo Boden (CRYPTO: BODEN) underperformed, with the latter crashing 37% in the past two weeks. Pepe Fork (CRYPTO: PORK), created by forking PEPE, also remained underwhelming, with just over 3% gains in the aforementioned time period.
Observing the developments, Emperor Osmo wondered how the widely distributed meme tokens would behave when the market went up again.
Why It Matters: The outperformance indicated the resilience and community support of the senior meme tokens, which had prior experience navigating bearish market situations.
In contrast, many of the newer memecoins were created in 2024 fueled by positive market expectations, and the current downturn was their first exposure to bearish conditions.
According to a post by popular cryptocurrency trader AshCrypto on CoinMarketCap, PEPE's price chart was "looking hot" and he was optimistic about the coin's prospects.
Price Action: The top three, Dogecoin, Shiba Inu (CRYPTO: SHIB), and PEPE all gained more than 2% in the last 24 hours of trading, according to data from Benzinga Pro.
