The rise of meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) was one of the most-talked-about narratives in crypto history. However, as the broader market matures, analysts question whether meme coins can ever experience the type of explosive growth seen during the 2017 or 2021 bull cycles.
Is The Meme Coin Boom Over?
Well-known crypto commentator WhaleFUD has made a case that the golden days of meme coins may have come to an end. According to him, the crypto industry has matured beyond the speculative hype cycles that once drove retail investors and traders into meme coins like Dogecoin and Shiba Inu.
In his post on X social media, WhaleFUD argued that expecting “another run like in 2017 or 2021” is pure copium. He compared this expectation to insisting that “Counter Strike 1.6 is the best game ever,” when in reality the industry has shifted toward newer projects where all the players and real action take place.
He also noted that many in the crypto space are still waiting for “the biggest meme coin of all time” to emerge in this cycle. However, he warned that this belief or hope is misplaced, declaring that meme coins have already peaked and that their average market cap will likely continue to decline in the future.
WhaleFUD’s view on meme coins highlights a fundamental challenge in their reliance on hype over sustainability and lasting value. While institutions have increasingly embraced Bitcoin and Ethereum, meme-based cryptocurrencies continue to struggle to establish long-term utility or a value proposition beyond viral hype.
Technical Outlook For Dogecoin And Shiba Inu Turns Bearish
Recent technical analysis from crypto experts suggests that Dogecoin and Shiba Inu may be under significant bearish pressure. Elliott Waves Academy on X reported that intense selling pressure has pushed DOGE into a bearish channel, pointing to a potential drop toward the $0.21 level, with a clear downward wave structure reinforcing the trend.
This suggests that Dogecoin may face further declines before any corrective upward move materialises. It also signals a cautious outlook, even as DOGE remains the largest meme coin by market value.
Meanwhile, Shiba Inu faces an identity and technical challenge. Crypto analyst Zach Humphries has criticized the ecosystem’s growing complexity and “watered down” nature, saying that it has strayed from the simplicity and bullishness that once made it appealing. He emphasized that Shiba Inu was once centered around its native token, SHIB, and the governance token, BONE. However, it has since expanded into multiple tokens and initiatives, creating confusion for investors and allegedly weakening its core identity.
While SHIB retains its position as the second-largest meme coin, Humphries notes that the crowded crypto market and the meme coin’s recent internal restructuring make it harder for its price to skyrocket in an industry driven by institutional investors.
