In recent times, a new wave of meme coins has made its mark in the cryptocurrency market. Dubbed as Meme Coin 2.0, tokens like Doge 2.0 (DOGE2.0), Shiba Inu 2.0 (SHIB2), and Pepe 2.0 (PEPE20) have garnered attention and found their way onto popular exchanges such as Gate.io and Poloniex. But what sets these copycats apart from their original counterparts? And how do they measure up against the OG memecoins they pay homage to?
A Whirlwind of Speculation:
One of the standout meme coins in this new generation is PEPE2, which witnessed a massive surge in popularity. With a market cap reaching $57.3 million and hitting an all-time high of $0.00000022, PEPE2 experienced a remarkable price increase of over 200% within a week.
Shiba Inu 2.0 also grabbed the spotlight, briefly reaching an all-time high of $0.00614 on June 29 before experiencing a subsequent price correction. Doge 2.0, amidst its own dramatic pump and dump cycle, hit an all-time high of $0.00878 before seeing its price plummet to below $0.0013.
Gate.io and Poloniex Embrace Meme Coin 2.0:
In an effort to fuel further interest in meme coins, both Gate.io and Poloniex announced the listing of second-generation tokens. Gate.io unveiled the addition of SHIB2 and DOGE2 to its platform, while Poloniex enabled trading for SHIB2 and PEPE2 on the same day. The hope among investors is that these exchanges’ support will propel the meme coin 2.0 movement forward.
Community Reactions and Concerns:
Although the new meme coins share visual similarities and a connection to internet meme culture, the original meme coin communities are not entirely thrilled about their arrival. The Dogecoin Foundation, for instance, explicitly distanced itself from the copycats, cautioning people about potential scams and clarifying that the newcomers are not affiliated with Dogecoin.
Similarly, Shytoshi Kusama, the developer behind Shiba Inu, raised concerns about fraudulent projects attempting to exploit the Shiba Inu brand. The history of meme coin lookalikes is marred by instances of fraud, including rug pulls and market manipulation techniques employed by unscrupulous developers.
Exercise Caution in a Volatile Market:
Even for seasoned traders, investing in meme coins can be a risky endeavor. The unpredictable nature of these assets, capable of skyrocketing in value one day and crashing just as quickly, calls for vigilance. Previous trends, such as the influx of “baby” versions of established tokens, have seen investors fall victim to scams and suffer significant losses.
The emergence of Meme Coin 2.0 signifies a new chapter in the ever-evolving landscape of meme-based cryptocurrencies. While tokens like DOGE2.0, SHIB2, and PEPE20 have gained traction and generated substantial speculation, the market’s unpredictability and the concerns voiced by original meme coin communities remind investors to exercise caution. As the trend unfolds, only time will tell whether Meme Coin 2.0 will establish itself as a lasting force or succumb to the fleeting nature of meme culture and cryptocurrency trends.