Meme Coin Winners Could Boost Legitimate Projects

Analyst Gokhshtein believes that recent wins for Dogecoin (DOGE) and Shiba Inu (SHIB) could have a ripple effect on other meme coins, helping legitimate projects gain traction.

Gokhshtein notes that some people want DOGE and SHIB to fail, but he thinks they may not realize the potential benefits of their success. He points out that investors are growing weary of chasing newly launched meme coins that crater after debut, and capital could rotate back toward established projects with communities.

Price performance for the two blue-chip memecoins is mixed: while SHIB has regained momentum, DOGE has given back most of its gains from the past week. The overall memecoin market capitalization has declined 3.09% over the week to $23.41 billion.