In Brief
- Second generation memecoins like Dogecoin 2.0, Shiba Inu 2.0, and PEPE 2.0 have experienced notable surges in value over the past few days, reflecting a growing trend.
- In an exciting advancement for the meme coin 2.0 sector, Poloniex and Gate.io unveiled fresh token listings on Friday.
- In a significant meme coin 2.0 economy uplift, Poloniex and Gate.io unveiled fresh token listings on Friday.
A new wave of meme coins has triumphantly risen, marking the arrival of their second generation. Over the past week, prominent tokens such as Doge 2.0 (DOGE2.0), Shiba Inu 2.0 (SHIB2), and Pepe 2.0 (PEPE20) have swiftly gained recognition and secured listings on esteemed exchanges like Gate.io and Poloniex.
What sets these copycats apart? And how do they measure up against the original memecoins they derive their names from?
Massive Pump for Meme Coin 2.0 Movement
PEPE2 has emerged as one of the most sizzling meme coins in recent times, garnering significant attention. With an impressive market cap of $57.3 million and reaching an all-time high of $0.00000022, its popularity has soared. Notably, the token’s price has skyrocketed by over 200% in just seven days, reflecting its remarkable growth and investor interest.
Another meme coin that has captured the spotlight lately is Shiba Inu 2.0. This token reached an all-time high price of $0.00614 on June 29, demonstrating its surge in value. However, as is common with meme coin phenomena, its price swiftly retreated, currently trading at approximately one-third of its peak value.
In the past ten days, the most astounding pump and dump episode unfolded with Doge 2.0. Managing to hit an all-time high of $0.00878 on the same day, the coin’s price experienced an abrupt collapse, plunging below $0.0013. This sharp volatility emphasizes the speculative nature of meme coins and the risks associated with such investments.
Gate.io and Poloniex List Second-Gen DOGE, SHIB and PEPE
The meteoric rise and subsequent decline of the meme coin 2.0 economy may initially appear as a fleeting trend. However, it is undeniable that certain hodlers are pinning their hopes on the forthcoming announcements by Gate.io and Poloniex, which are expected to inject fresh enthusiasm into these tokens.
Gate.io has officially confirmed the listing of SHIB2 and DOGE2 on their platform, while Poloniex wasted no time in enabling trading for SHIB2 and PEPE2 on the very same day.
It is important to note that meme coin traders are known for their fickleness. Yet, even if the hype surrounding the meme coin 2.0 craze were to diminish by Monday, it would not be unprecedented for a trend to experience an abrupt rise and fall within a remarkably brief timeframe.
OG Meme Coin Communities Distance Themselves From Copycats
The latest generation of tokens exhibits striking similarities to their predecessors, particularly in terms of their visual aesthetics and alignment with internet meme culture. However, the emergence of these new coins has been met with a mixed response from the original meme coin communities, who are far from enthusiastic about their presence in the market.
In a tweet that resonated widely, the Dogecoin Foundation took a clear stance to dissociate itself from these imitators. It highlighted the potential for confusion among people, emphasizing that these copycats are not affiliated with Dogecoin and are prone to engaging in fraudulent activities.
Similarly, Shytoshi Kusama, the esteemed developer behind Shiba Inu, issued a warning to followers regarding the proliferation of deceptive projects attempting to exploit the Shiba Inu brand for their own gain.
Fraudulence has unfortunately become a recurring issue within the realm of meme coin replicas. Previous trends, such as the surge of “baby” versions of established tokens, have fallen prey to a variety of scams, including rug pulls and other forms of market manipulation orchestrated by unscrupulous developers.
Furthermore, even legitimate projects that diligently adhere to established guidelines have left numerous investors disheartened. In a world where asset values can skyrocket by tenfold or more within a single day, only to plummet just as swiftly, even experienced traders must exercise utmost caution.
Therefore, it is crucial for investors to remain vigilant and exercise due diligence when navigating the volatile landscape of meme coins. By approaching these investments with a discerning eye, individuals can safeguard themselves against potential pitfalls and make informed decisions in this rapidly evolving market.