Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
Meme coins are down 3% on the day, with the majority of the top 10 meme coins trading in the red.
What Happened: While Dogecoin (CRYPTO: DOGE) is trading 2% down in the past 24 hours, Shiba Inu (CRYPTO: SHIB) is up 0.2%.
Both meme coins have remained silent in activity on Wednesday. Daily active addresses for Dogecoin rose 8.8% over the past 24 hours.
Large transaction volume for both the meme coins could not spark interest and are down 25% in the past 24 hours.
The SHIB burn rate is down as well, while daily transactions dropped after nearing to $1 million yesterday.
Notably, both meme coins have a high correlation (0.8-0.9) with Bitcoin prices, which are down 1.8% in Wednesday trading.
Also Read: ‘Dogecoin Millionaire’ Consoles Trader Who Lost $1M On PEPE Long: ‘I Lost $3M Before Bro And I’m Still Here’
Why It Matters: Despite the meme coin lull, crypto traders and community experts maintain a long-term optimistic outlook, highlighting the strong interest and holding these coins have.
Crypto analysts expect these meme coins to peak in the upcoming months, as reflected by a 1.3% uptick in SHIB’s open interest.
Pseudonymous digital asset consultant S4mmyEth took to X to point out that Dogecoin accounts for 6% of the Ethereum blockchain, while Dogwifhat represents 4% of Solana. The tweet adds, "At first glance, many could be calling for a 100x. All chains are memetic, but some are more memetic than others…"
Lucie, the marketing lead of Shiba Inu, tweeted, "We’re still on track for a super cycle."
What's Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
Read Next: Anthony Scaramucci’s Fund ‘Will Not Touch’ Meme Coins But Vouches For Bitcoin, Ethereum, Solana
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