Popular cryptocurrencies Dogecoin (DOGE) and Shiba Inu (SHIB) fell sharply on Thursday night. Meanwhile, similar meme coin projects have made noticeable gains.
$shib down 42% already… did you take profits anon?
— Lark Davis (@TheCryptoLark) November 5, 2021
The prices of these meme coin projects have skyrocketed
DogeMoon (DGMOON), another variation of Dogecoin (DOGE), is up 32.24% in the last 24 hours. The meme coin experienced a 32.88 percent increase when looking at the Bitcoin pair. On the other hand, the Ethereum pair gained 33.11%. Despite the increase, the token is changing hands at $0.0010, from lows of $0.001736 to its all-time high in May.
Secondarily, ShibaZilla (SHIBZ) is described as another variation of the meme coin Shiba Inu (SHIB) without any verified use cases. SHIBZ is up 47 percent in the last 24 hours. Alpha Shiba Inu (ALPHASHIB), on the other hand, recorded the biggest increase, rising 102.8%.
Many experts warn investors to sell these meme coins before they are dumped. “Dump” means that those in the market sell their coins heavily and lower their price. According to experts, the price of these meme coins will go down after being pumped. On the other hand, there are many investors who state that they stand by such coins and say that they will never sell them. Time will tell which side will win.