The cryptocurrency market kept recovering in the second half of September, helped by talks about the Fed lowering interest rates, which are now down to 475-500 basis points (BPS). With these market changes, meme cryptocurrencies are becoming an attractive choice for traders looking to make quick profits. If the market rises, some Shiba Inu alternatives could bring big returns, potentially turning a $500 investment into $5,000.
Over the last seven months, the second-largest meme coin, SHIB, dropped from $0.0000456 to $0.000014, losing 69%. Since this drop hasn’t stopped yet, Shiba Inu’s competitors might take advantage and catch investors’ interest for a stronger comeback.
1. Dogecoin (DOGE)
DOGE, the biggest meme coin by market value, has seen its downward trend steady above $0.091. Over the last 11 weeks, Dogecoin price predictions have shown three failed attempts to break this support level, suggesting it could be a good zone for a possible trend reversal.
Moreover, data from Santiment highlights major buying activity from whale wallets holding between 1 million and 10 million DOGE, bringing their total holdings to 10.78 billion coins. This increase in buying shows rising confidence among large holders in Dogecoin’s future potential.
2. Dogwifhat (WIF)
Dogwifhat, a meme coin on the Solana blockchain, has been trading between $2 and $1.25 for the last seven weeks. Despite this sideways movement, the largest Dogwifhat holders recently borrowed 4.5 million USDC from Kamino and purchased 2.55 million WIF at $1.76 earlier today.
According to Lookonchain data, this whale currently holds 31.2 million WIF, valued at around $57.4 million, with a total profit of more than $74.5 million. At the time of writing, Dogwifhat is priced at $1.7, just 4% below breaking its 6-month resistance. If a breakout occurs, WIF could rise to $2.8 and potentially extend to $5.
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3. Pepe Coin (PEPE)
PEPE, the frog-themed meme coin, ranks third on our list of top Shiba Inu rivals. During the recent market rise, PEPE’s price jumped from $0.00000585 to $0.00000806, marking a 27.3% gain. Its market cap also increased to $3.38 billion.
Additionally, the amount of PEPE on exchanges has been dropping since March 2024, now sitting at 167.67 trillion. This reduced supply on exchanges lowers selling pressure, which could help boost the coin’s recovery.
4. Bonk (BONK)
Unlike other Shiba Inu rivals, BONK has been moving sideways, with strong support at $0.000015. After a four-day rally, BONK’s price climbed from $0.000015 to $0.000017, gaining 13%.
Despite this positive momentum, the BONK OI-Weighted Funding Rate jumped to 0.0185%, showing that buyers are still willing to pay extra for the asset, expecting further price increases. This indicates growing confidence among traders and suggests that BONK could continue its upward trend, possibly pushing past the $0.00002 resistance level.
5. Floki (FLOKI)
Among Shiba Inu rivals, Floki has shown early signs of a reversal, forming higher lows on daily charts. Strong demand at the $0.0001 level has pushed the price up to $0.00013, with a market cap of $1.27 billion.
Additionally, Santiment data shows that the top holders now control 75% of the FLOKI supply. While this could increase centralization risk, it also signals that major holders are consistently increasing their stakes, reflecting confidence in FLOKI’s long-term potential.
