Big Eyes Coin Has Raised $7.2M, Should SHIB and DOGE Worry?

The market of meme tokens has not been doing great recently, along with the rest of the crypto flock.

Ever since the overall market capitalization of crypto peaked in 2021, reaching an astonishing $3 trillion, the downward trend has prevailed across the board.

However, a handful of cryptos were able to remain in their winning position and even achieve extraordinary things along the way.

Most notably, Big Eyes Coin has been breaking presale records around the clock, amassing $3 million in less than one week.

On the back of this news, the community raised a valid question of whether this novel juggernaut project can overtake Shiba Inu and Dogecoin as the leading meme currency.

And while it would be almost impossible to achieve this through market capitalization straight away, in terms of popularity, there is a chance it might happen sooner than you expect.

In today’s editorial, we will consider the likelihood of this happening amid growing developments in Shiba Inu and Dogecoin camp.

The land of the Dogs has lost its scent

Dogecoin and Shiba Inu have claimed the crypto Olympus and are enjoying the fruits of their labor by occupying 10th and 12th place among the top cryptocurrencies by market capitalization.

This was especially true during the market’s peak in 2021 when both meme currencies had a rally of their life. However, fast-forward to the present moment, and doge-inspired tokens are not doing great for several reasons.

For starters, Dogecoin proved to be too reliant on its principal patron, the wealthiest man on the planet Elon Musk. Last week, the CEO of Tesla and SpaceX decided to double down on purchasing Twitter, which immediately caused a spike in DOGE’s price.

Of course, there is no harm when one of the most influential men on the planet supports your project, but so much power in a single hand may be detrimental to the project’s future. This is why the DOGE community has been distancing itself from Elon Musk, and it looks like this marriage of convenience cou