The meme coin economy has grown significantly in the last 27 days, rising 34.52% against the US dollar. The largest meme coin by market capitalization, dogecoin, is up 29.5% in the last month, while the second largest meme coin, shiba inu, is up 71.9% in 30 days. Since January 9, 2023, the total value of the meme token economy has increased by $5.8 billion.
Dogecoin and Shiba Inu dominate the Meme coin market with a 94% market share
The top meme coins by market capitalization have gained in value against the US dollar in the past month. According to statistics recorded on January 9, 2023, via archive.org, the meme coin economy was valued at $16.8 billion 27 days ago. As of 9 am ET on February 5, 2023, the meme coin economy is currently valued at $22.6 billion, an increase of 5.4% from the previous day.
Over the last 27 days, meme tokens added $5.8 billion in value and gained more than 34% against the dollar. This week’s biggest gainers among meme tokens include pomeranian eth (POM) up 117.2%, baby doge coin (BABYDOGE) up 113.9%, and polydoge (POLYDOGE) up 113.9%. increase of 86.7%. The two leading meme coins in terms of market valuation, dogecoin (DOGE) and shiba inu (SHIB), have risen 5.3% to 22.1%, with SHIB posting the largest gains.
Dogecoin (DOGE) and shiba inu (SHIB) account for $21.32 billion, or 94.34%, of the total $22.6 billion in the meme coin economy. Dogecoin is up 29.4% this month, while shiba inu is up 71.9% against the dollar. Most of the value of the meme coin economy was acquired in 2023. On December 18, 2022, 49 days ago, the market valuation of all meme tokens was $16.4 billion. Since then, the meme coin economy has grown by 36.96% against the US dollar.
As of February 5, 2023, the biggest gainers among meme coins in the last 24 hours include arbinu (ARBINU) which is up 51.9%, duckereum (DUCKER) up 43.5%, and onigiri neko (ONIGI) , which increased by 35.3%. The largest meme coin, dogecoin, declined 1.7% against the US dollar, while shiba inu gained 1.5%.
The third largest meme coin, the baby doge coin, is up 18.9% over the past 24 hours. Despite a 34% rise against the US dollar and $5.8bn value added in 27 days, most market activity remains focused on the two major currencies DOGE and SHIB, indicating that demand for meme coin assets continue to exist.
What do you think about the current state of the meme coin economy? Will the growth trend continue or do you see a decline in the near future? Let us know what you think about this topic in the comments section below.
image credits: Shutterstock, Pixabay, Wiki Commons, Editorial Photo Credit: Dennis Diatel / Shutterstock.com
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