New Meme Coin NEIRO Competes With Dogecoin (DOGE) and Shiba Inu (SHIB) for Market Dominance

There is a growing shift in the meme coin ecosystem, with new entrants like NEIRO competing with old guards like Dogecoin (DOGE) and Shiba Inu (SHIB)

There is a growing shift in the meme coin ecosystem, with new entrants like NEIRO (NEIR) competing with old guards like Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB).

Current liquidation data hints at where most investors' bets are, underscoring why a major flip is likely soon.

Current meme coin liquidation outlook

As shown by data from CoinGlass, the combined market liquidation was milder than the past week, clocking in at $180.25 million from 59,547 traders.

Apart from Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), which led the 24-hour liquidation trend, NEIRO recorded a liquidation of $8.71 million. This figure is quite 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 is set to 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.

It is also noteworthy that, despite being initially hyped as a meme coin, several of these tokens have since shifted toward adding utility to their ecosystems. For instance, SHIB is set to launch Shibarium, while Floki, BONK and WIF are integrated into the Solana ecosystem.

Moreover, new meme coins are also being introduced into the market on a regular basis. Some recent examples include LIQ, WOO and CAT.

While initial hype does not guarantee future success in the meme coin ecosystem, utility is growing as the main defining feature for these asset classes. Good luck!