DOGE, PEPE and WIF Stunned by This Meme Coin Liquidation
2024-10-07

There is a growing shift in the meme coin ecosystem, with new entrants like NEIRO competing with old guards like Dogecoin DOGEUSD and Shiba Inu SHIBUSD. Current liquidation data hints at where most investors' bets are, underscoring why a major flip is likely soon.
Current meme coin liquidation outlook
According to data from CoinGlass, the combined market liquidation was milder than the past week, coming in at $180.25 million from 59,547 traders.
Beyond Bitcoin BTCUSD and Ethereum ETHUSD, which led to the 24-hour liquidation trend, NEIRO recorded a liquidation of $8.71 million. This figure is unusual, considering that DOGE saw only a $3.07 million liquidation. 
The NEIRO sell-off also surpassed those of Dogwifhat (WIF) at $4.43 million, and PEPE came in at $4.32 million. NEIRO recently hit an all-time high (ATH) of $0.001524 after soaring by more than 51% in the past 24 hours. In the trailing 30-day period, the meme coin has rallied by more than 1,910%. This confirmed how overexposed traders are, which has also forced its intense liquidation.
While the core driving catalyst behind the NEIRO token remains unknown, the meme coin ecosystem will likely experience toppling very soon.
Can old meme coins compete with new ones?
One very visible trend in the liquidation heatmap on CoinGlass is that Shiba Inu was not featured in the trends. This underscores how the community's attention is shifting to more volatile and likely more profitable alternatives.
The trend has stirred concern about the likely sustenance of old meme coins like DOGE, SHIB, Floki, PEPE, BONK and WIF.
While initial hype does not guarantee future success, utility is growing as the main defining feature for these asset classes. Notably, Shiba Inu is leading with the launch of Shibarium, with BONK and WIF also integrated into the Solana ecosystem.
Whether or not the new tokens will survive and topple these established options will depend on the value they bring to the community.