Dogecoin’s Billion-Dollar Boom Could Inspire 25 New Meme Coin Cults, Analyst Warns

As the meme coin landscape evolves into a narrative of its own this cycle, coined the “meme coin supercycle,” crypto analyst Murad Mahmudov notes a shift in perception poised to reshape the cryptocurrency landscape – meme coin cults.

In a recent interview on The Block Crunch podcast, he described meme coins as “tokenized vessels of faith,” arguing that meme coins represent a new digital asset paradigm, driven more by community belief than by utility or technology.

He drew comparisons between Bitcoin and successful meme coins, highlighting that both foster “hardcore communities” and “cult-like” followings.

The Bull Run hasn’t even started.

And Top Meme Cults will outperform EVERYTHING.

The time has come for you to believe in something.

— Murad 💹🧲 (@MustStopMurad) September 21, 2024

DOGE Price Analysis – Bulls Push Price Toward Resistance

Dogecoin (DOGE/USDT) trading within a rising channel, with higher highs and higher lows indicating an upward trend.

The current price is approaching the upper boundary of the channel, acting as resistance around the $0.149 level.

Support can be found at the lower boundary, near $0.110.

The Relative Strength Index (RSI), highlighted in yellow, indicates that the market has recently entered an overbought zone but is now cooling off, suggesting possible consolidation or a slight pullback.

If the price breaks through resistance, further gains could be expected, while a breakdown may test lower support levels.

Dogecoin Heads New Wave of Cult Meme Coins

This new wave of meme coins traces its origins back to Dogecoin, the first breakout meme coin. What began as a gimmick has evolved into a multi-billion-dollar asset with a vibrant community.

Dogecoin’s influence has even extended into the political sphere with Elon Musk’s “D.O.G.E” initiative, tied to Donald Trump’s presidential campaign.

Department of Government Efficiency pic.twitter.com/HFeHYNIkJN

— Elon Musk (@elonmusk) September 7, 2024

This initiative has sparked over a $1 billion increase in Dogecoin’s market capitalization and a 25% price rise over the past week.

Mahmudov’s perspective reflects a shift in the perception of meme coins, elevating them from mere speculative assets or fads to cultural phenomena.

Something he hypothesized to eventually adopt a structure, with 20-25 meme coin “cults” leading the sector with multi-billion-dollar valuations.

To make generational wealth in the next 12 months…

The upper part of the pyramid is what you need to identify.

Few understand. Many will. pic.twitter.com/jBiJa53h0B

— Murad 💹🧲 (@MustStopMurad) September 21, 2024

He foresees a transition from animal-themed meme coins to more serious “movement coins” that could evolve into global ideologies.

A transition that already seems to be playing out as coins like $SPX, and more recently, $GOAT see obscure and abrupt rises to nine-figure valuations.

While acknowledging the speculative nature of meme coins, Mahmudov argues they may achieve the decentralized autonomous organization (DAO) vision “even though they don’t have a treasury,” powered by holders’ belief and dedication.

This Meme Coin Embodies the DAO vision

Identifying meme coins with exponential growth potential certainly stands as a challenge, especially considering that by the time they reach “cult” status, the opportunity for significant gains has often passed.

However, one coin embodying a community-centric approach, Flockerz ($FLOCK), seems an early runner-up. This vote-to-earn meme coin is joining the push toward decentralized governance, addressing the common criticism of meme coins being overly centralized.

Behind every strong meme coin is a stronger community intrinsic to its value. So why do these communities get sidelined in decision-making?

Flocktopia, the DAO of Flockerz, aims to correct this imbalance, and the meme coin community has already shown its support, raising nearly $1 million in its presale so far!

All roads lead to Flockerz. Vote-To-Earn is going to change the way meme coins empower their community. pic.twitter.com/cqf1jaNPZJ

— Flockerz (@FlockerzToken) October 5, 2024

With this decentralized structure, members of “The Flock” can influence key aspects of the project, including new features, development, token burns, marketing strategies, and growth initiatives.

Under Flocker’s vote-to-earn system contributions do not go unnoticed, those who participate in decision-making earn rewards in $FLOCK tokens.

But the rewards don’t stop there! Investors are currently enjoying one of the biggest passive income opportunities right now, boasting a lucrative 1738% APY.

While the market wanes amidst recent volatility, The Flock continues to rake in consistent gains!

Join The Flock on X and Telegram to stay up to date on the latest announcements.

BUY $FLOCK HERE

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.