"Meme Coin Market: Whales Drive New Players, OG Coins Lag"

In the dynamic world of cryptocurrency, the meme coin market has been a rollercoaster ride, capturing the attention of risk-hungry investors. This year, the market cap surged to $116 billion, but with the market now 13% off those highs, the excitement has cooled, though not entirely. A few standout performers continue to defy the trend, with whales adopting a more strategic approach.

The meme coin market is booming with over a thousand coins, all promising quick gains. Since Dogecoin first launched in 2013, the number of these tokens has only exploded, with celebrity-backed memes making headlines along the way. Clearly, everyone’s eager to jump in, but the real power still lies with the “saviors” or “accumulators” – the whales, who continue to dominate the game.

AMBCrypto has pointed out a major shift: For OG memecoins, the percentage of wallets holding 50% or more of the tokens has dropped. Take Dogewithhat (WIF), for example – only 1.18% of wallets hold over $50K worth of WIF. Meanwhile, SPX6900 is leading, with 53.55% of its wallets holding $50K or more in SPX tokens. What’s interesting is that this list is filled with coins that offer more than just meme value. These fresh players, many of which are under a year old, are shaking things up. Despite the recent market slowdown, coins like GIGA, PENGU, SPX6900, FARTCOIN, and TRUMP continue to ride high, staying firmly in the green.

This perfectly aligns with the whale strategy. Whales are clearly making calculated moves, pumping capital into coins that are either new or have strong celebrity backing, strategically manipulating their market value and fueling the “hype” that drives FOMO.

It’s a fair question to ask whether OG memecoins should retire. The top 5 OG memecoins, based on market cap, are still far from hitting their “highly anticipated” targets. Take DOGE, for example – it has yet to break the $1 mark. In contrast, newer coins like FARTCOIN have surged by a staggering