A second generation of popular meme coins has appeared. Last week, tokens including Doge 2.0 (DOGE2.0), Shiba Inu 2.0 (SHIB2) and Pepe 2.0 (PEPE20) were listed on Gate.io and Poloniex exchanges.
But is there anything new about these imitators? Now, do they compare to the OG memecoins they are named after?
Huge pump for Meme Coin 2.0
Recently, PEPE2 has been one of the hottest meme coins. On Friday, PEPE’s younger brother amassed a market cap of $57.3 million. It was also trading at an all-time high of $0.00000022.
The token price exceeded 200% in seven days.
Another meme currency that has been trending lately is Shiba Inu 2.0. The token reached an all-time high of $0.00614 on June 29. However, as is often the case in coin pumps, it soon fell to the ground and now trades at about a third of that value.
In the most dramatic pump and dump of the past 10 days, Doge 2.0 also reached an all-time high on the same day. However, after it rose to $0.00878, the price soon collapsed below $0.0013.
Gate.io and Poloniex List 2nd generation DOGE, SHIB and PEPE
The rapid rise and fall of the meme coin 2.0 economy may indicate that the craze was just a flash in the pan. But there will certainly be some scammers who are banking on Friday’s announcements by Gate.io and Poloniex to spur more interest in the tokens.
Of course, meme currency traders are notorious for their volatility. If the hype surrounding the meme coin 2.0 craze dies down by Monday, it wouldn’t be the first time the trend has gone from boom to bust in such a short period of time.
The OG Meme Coin communities distance themselves from imitators
The latest generation of tokens has a lot in common with its predecessors. Primarily, they share a similar visual language and affinity for internet meme culture. But the communities behind the original meme being copied aren’t quite as excited about the newcomers on the scene.
in one tweetThe Dogecoin Foundation has sought to distance itself from imitators. I argued that many people are misleading into thinking they belong to Dogecoin and are vulnerable to scams.
Similarly, in June, a Shiba Inu developer known as Shytoshi Kusama warned Followers about potentially fraudulent projects trying to get rid of the Shiba Inu brand.
There is definitely precedent for scams among meme coin lookalikes. Past meme coin trends, such as the wave of “baby” versions of current tokens, have been subject to various scams. This includes rug pulling and other market manipulation techniques by its developers.
And even those projects that did everything in the book burned many investors. In a world where an asset can increase its value tenfold or more in one day but then lose it just as quickly, even seasoned traders need to be careful.
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