The cryptocurrency market is showing new interest in memecoins. Meme coins that capitalize on popular internet humor and online communities have sparked epic rallies and parabolic price movements in previous bull markets.

As digital asset prices recover from their 2022 lows, three meme coins including Dogecoin (DOGE), Shiba Inu (SHIB) and newcomer Dogwifhat (WIF) appear poised to ride the wave of potentially multiplying returns this cycle.

Shiba Inu

Known as the so-called “Dogecoin Killer,” the Shiba Inu originally emerged as a Dogecoin parody token that capitalized on Dogecoin’s memecoin status. But what started out as a fun community token has turned into a powerful force with a multi-billion dollar market cap and a thriving ecosystem.

With its aggressive push into decentralized finance and the virtual world, as well as its fan base of SHIB believers, there are projects under development that could make Shiba Inu an early adopter of Dogecoin. Recent price action has shown strong momentum, with SHIB surging more than 350% in the past two weeks as Bitcoin recovers.

Dogecoin

The original puppy-themed coin that sparked the meme craze remains beloved by long-term holders and still dominates social channels. With vocal backers like Elon Musk and Mark Cuban voicing their support for DOGE, the asset retains breakout potential every time the market looks frothy.

While Dogecoin lacks the broad ecosystem efforts of some of its newer meme peers, its ingrained brand power as a pioneer keeps its 10x chance of upside as speculative energy begins to flow again.

dovivhat

If more proof was needed that animal coins are attracting investor interest, the newly launched Dogwifhat token will provide it. The Solana meme token has soared more than 690% in 2024, quickly climbing into the top 100 crypto assets by market capitalization on the back of its relentless upward momentum.

WIF checked out a number of options to see what cryptocurrency traders were leaning into during the height of the madness. With momentum still looking strong and having shrugged off many risks so far, Dogwifhat looks poised to continue running this bull cycle.

Of course, memecoin investing is fraught with volatility risks, as last year's prolonged bear market demonstrated. But when digital asset greed overcomes fear, few categories offer as amazing return potential as the Shiba Inu and its canine cousins.

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