Crypto commentator David Gokhshtein has a simple message for meme coin investors: stop overlooking the names that built the sector in the first place. Chasing the Next Big Thing While Ignorin
Crypto commentator David Gokhshtein has a simple message for meme coin investors: stop overlooking the names that built the sector in the first place.
In a recent post on X, Gokhshtein called out the contradiction at the heart of much meme coin speculation. He highlighted the irony of traders chasing the "next" $DOGE or $SHIB while showing little respect for the originals. He questioned why many investors aggressively search for the next Dogecoin, Shiba Inu, or Pepe ($PEPE) while simultaneously dismissing those same market leaders, arguing that the performance of the largest meme coins often sets the tone for the entire sector.
Last week, Gokhshtein said that a section of the market wants Dogecoin and Shiba Inu to fail, not realizing the spillover effects they might create for legitimate projects.He also noted that investors are growing weary of chasing newly launched meme coins that crater after debut, and that capital could rotate back toward projects with established communities.
He pointed out that Dogecoin and Shiba Inu still account for nearly half of the meme coin market capitalization and that Dogecoin remains the benchmark for the sector. "Until someone flips DOGE, it's still the standard every meme should be measured against," he said.
Gokhshtein argued that "the entire meme sector is better off when the biggest names in the space are moving," contending that strong rallies in leading meme coins generate momentum that spreads throughout the broader meme ecosystem.In his view, strong performances by Dogecoin and Shiba Inu can bolster investor confidence, attract fresh capital, and spur broader activity across the meme coin sector.
His comments come as market data reflects an uneven picture. Shiba Inu and Pepe have held up better lately, outperforming the broader market, which shed 4.61% of its market capitalization over the past month. The same cannot be said of Dogecoin. The MarketVector Meme Coin Index, heavily weighted toward Dogecoin and Shiba Inu, is down nearly 40% year-to-date.
Shiba Inu has outperformed much of the meme coin sector recently, with buyers staging a strong recovery fuelled by improving market sentiment, growing social engagement, and renewed optimism surrounding established meme tokens.While Shiba Inu has regained momentum, Dogecoin has given back most of its gains from the prior week, and the overall meme coin market capitalization has declined to $23.41 billion.
A July report by on-chain analytics firm CryptoQuant found that meme coins faced $1.21 billion in cumulative net selling pressure on Binance since Bitcoin made its last all-time high in October of last year. That backdrop gives added weight to Gokhshtein's argument: without the sector's heavyweights leading a genuine recovery, any broader meme coin revival is likely to remain fragile.
SourcesBenzinga: Dogecoin and Shiba Inu Momentum Will Make Meme Sector "Better Off"The Crypto Basic: David Gokhshtein Says Shiba Inu Strength Could Lift the Entire Meme Coin SectorBenzinga: Dogecoin, Shiba Inu Are Still the Standard to Be Measured Against
