Original | Odaily Planet Daily

Author | Nan Zhi

At the beginning of 2021, DOGE set off the earliest wave of "animal market" meme craze, and DOGE itself once reached a market value of $88.79 billion. At that time, DOGE successfully broke through and was widely spread on various social media platforms, bringing in a large number of new investors for related currencies.

On May 8th of that year, DOGE reached its peak at 0.74 USDT. The excessively hot market accumulated a large number of leveraged positions. On May 12th, Bitcoin fell by 12.5%, followed by the well-known 5/19 crash, with a single-day fluctuation of 34.8% and a 14.44% drop.

The two rounds of market trends for "second-generation meme leader" SHIB occurred in May and the end of October 2021, which were quite close to the peak times in May and November. However, the effect of breaking through was not as significant as DOGE.

Recently, meme tokens led by PEPE have dominated the exchange's price increase list, and WIF has also been listed on Robinhood and Binance. Does this indicate the beginning of another round of breaking through and reaching the peak? Odaily Planet Daily will review the social media data and meme token trends in this article, including DOGE, SHIB, PEPE, and WIF, to explore whether there is any correlation and prediction between the two.

Breaking Through and Spreading? Not Yet Started

Let's start with the discussion on domestic social media platforms.

Weibo: In 2021, a large number of official accounts and individuals promoted Web3 industry content on Weibo. Although a large number of users have migrated to other platforms, the content related to meme coins can still be updated in real time and has a certain degree of dissemination. The content related to PEPE is closely associated with cryptocurrencies, while there is less content related to WIF, with most of it being related to "WiFi."

Xiaohongshu (RED): The situation on this platform is similar to Weibo. The association with PEPE is very high, but most of the posts are not recent, and the number of likes is not high, indicating that it has not yet triggered FOMO and widespread attention from users outside the circle. Similarly, there are scattered related contents about WIF, with uneven distribution of time, and most of them are related to the term "WiFi."

Jike (Renaissance): The concentration of Web3 on this platform is not inferior to Weibo and Xiaohongshu, but it is mainly for the promotion of regular projects and communication among industry professionals. Currently, there are only a few posts discussing the price increase of PEPE, and no one has mentioned WIF.

Review of Social Media Search Data

Based on "Baidu Index" and "Google Trends," let's review the trends of DOGE and SHIB, where "Baidu Index" is an absolute index showing the search volume level within a specific time period, and "Google Trends" is an absolute value with a maximum value of 100, showing the relative trend within a specific time period.

The price of DOGE and social media search data are as follows. The Google data shows that from January to May, the global attention to DOGE is similar, while the domestic attention is more focused on the latter two market trends. It can be clearly seen that once there is a search volume far exceeding the average on a certain day, it means that the short-term market trend has peaked.

The price of SHIB and social media search data are as follows. The pattern is similar to DOGE, where extreme search heat indicates the peak of the market trend. However, it can be seen that the domestic attention is mainly due to the "animal market" brought about by DOGE in May, and the second round of domestic attention has significantly decreased.

The price of PEPE in the past month and social media search data are as follows. Due to official settings, Google Trends cannot be queried across months, but it was obtained through a query on the 7th. The heat has not significantly changed from the end of February. However, there has been a significant deviation from the average in China, but the degree of deviation is not as high as the over hundredfold fluctuations experienced by DOGE and SHIB.

The price of WIF in the past month and social media search data are as follows. There has been no significant change in domestic attention to it. It is worth noting that after Binance announced the listing of WIF spot trading on March 5th at 18:00, the heat began to soar, showing a deviation similar to that of PEPE.

Conclusion

In summary, the extreme search heat of meme tokens often indicates the peak of a market trend. Currently, both PEPE and WIF have shown significant deviations, indicating the accumulation of risk, but the degree is far less than that of DOGE and SHIB in previous years. There is also no obvious occurrence of breaking through, indicating that there may still be some potential space.

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