Shiba Inu ($SHIB) is a meme coin that needs no introducing. Launched in August 2020, it has since amassed a market cap of $9 billion to become the second most eminent meme coin in the world, after its inspiration, Dogecoin.
But Shiba Inu’s lead on its runner-ups is far from certain. As crypto evolves, more high-potential meme coins enter the fray.
And while Shiba Inu is certainly one of the more useful meme coins, thanks to advanced privacy features and its proprietary Ethereum layer 2, Shibarium, its market dominance could well be challenged by some of the following alternatives.
DogWifHat: Ethereum’s Most Talked-About Shiba Inu This Week
Launched on November 20, 2023, the Shiba Inu-themed DogWifHat ($WIF) has seen explosive growth, reaching a valuation of over $1 billion in market capitalization.
Since mid-November, $WIF has experienced significant price movement, declining from a high of $4.19 on November 14, 2024, to a low point of $0.32 on April 9—a dramatic drop of approximately 92.4%.
Despite this steep decline, such retracements in crypto often precede major rebounds. As illustrated in the chart above, the asset’s downward trend lines form a bullish descending wedge—a classic pattern that frequently signals a potential breakout to the upside.
But a rally may have to wait. The current Relative Strength Index (RSI) for DogWifHat sits at 71, indicating it’s in overbought territory after a 70% surge to $1.07 in just seven days. This elevated RSI suggests that short-term traders might soon lock in profits, possibly leading to a short-term dip heading into the weekend.
Solaxy ($SOLX): Solana’s First Layer 2 Solution Bridges to Ethereum
Solaxy ($SOLX) represents the first-ever Layer 2 protocol to be built on the Solana network, aiming to improve scalability, cut transaction costs, and reduce congestion on the main blockchain.
Operating similarly to Ethereum’s Layer 2 solutions, Solaxy processes transactions off the mainnet for quicker confirmations before final settlement on the base chain.
It also offers full compatibility with Ethereum, supporting seamless interoperability across chains and enabling broader applications in the DeFi space.
Currently available via presale at a price of $0.001724 per token, SOLX will see incremental price increases in subsequent rounds.
Market excitement may further intensify if the U.S. SEC gives the green light for Solana-related spot ETFs, a move that could significantly benefit Solaxy ($SOLX) through increased visibility and demand.
With more than $36.2 million already raised and strong institutional interest, Solaxy’s offering appears solid. Investors are also drawn to its staking feature, which delivers an attractive 112% annual percentage yield (APY).
Stay connected with Solaxy via X and Telegram.
Peanut the Squirrel: Hoard the Best Nuts in Town
Peanut the Squirrel is not a Shiba Inu coin. It’s an Ethereum-based meme coin that conforms to the ERC-20 smart contract standard. It launched in November 2024, and has since become the eighteenth largest meme coin with a market cap of over $366 million.
A blistering rally in the last week pushed Peanut’s price up 111% in seven days, accounting for the bulk of Peanut’s 179% price increase since mid-May. It currently trades at $0.3614.
And there is still plenty of mileage to this rally. Peanut dropped 14.5% overnight as traders did some profit-taking. This means its relative strength index (RSI) sits at 34 and falling, which suggests the selloff is over and people are buying back in for the next rally.
Given the positive climate around crypto, it’s perfectly conceivable that Peanut the Squirrel may rally up to $0.60 by the month end.
The post Are These 3 Coins The New Shiba Inu? Early Signals Say Yes appeared first on Cryptonews.
