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December 14, 2021

Meme coin mania returned in October

SHIB and DOGE faced off in the month of October. SHIB saw strong retail demand and saw $23B in trading volume on October 28th on Binance and Coinbase. The frenzie led to SHIB hitting an all-time high of $0.00008616 allowing it to flip DOGE as they both hung in the top-10 crypto coins by market cap before pulling back.

SHIB and DOGE are great examples of tokens that started off as memes that have now become active and vibrant communities that are actively building in the cryptoverse. SHIB has launched a DEX, NFT marketplace and NFT drop (Shiboshis), and is now rumored to be working with a AAA-studio on an NFT game. It will be interesting to see if the meme frenzie is a short-term phenomena or if it has the legs to go long-term.

Harsharn Singh
Investment Associate | Ember Fund

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