The success of meme coins largely depends on the community support behind them. For example, Dogecoin saw a significant increase in value due to endorsements from celebrities like Elon Musk. However, due to the relatively small size of the meme coin market, it is susceptible to manipulation by whales or influential figures. For instance, Musk’s simple act of posting a dog picture on Twitter (now X) can cause a sharp rise in Dogecoin prices. As a result, Musk is facing a $2.58 billion lawsuit from Dogecoin (DOGE) investors, who accuse him of running a “pyramid scheme”.
From Cartoon Character to Meme Coin The Evolution of Pepe the Frog and PEPE Cryptocurrency