The meme coin economy has grown significantly over the past 27 days, increasing 34.52% against the U.S. dollar. The largest meme coin by market capitalization, dogecoin, has risen 29.5% in the past month, while the second-largest meme coin, shiba inu, has jumped 71.9% in 30 days. Since Jan. 9, 2023, the overall value of the meme token economy has increased by $5.8 billion.
Dogecoin and Shiba Inu Dominate Meme Coin Market With 94% Market Share
The top meme coins by market capitalization have gained in value against the U.S. dollar this past month. According to statistics recorded on Jan. 9, 2023, via archive.org, the meme coin economy was valued at $16.8 billion 27 days ago. As of 9 a.m. ET on Feb. 5, 2023, the meme coin economy is currently valued at $22.6 billion, a 5.4% increase over the previous day.
DOGE/USD on Feb. 5, 2023.
Over the past 27 days, meme tokens have added $5.8 billion in value and gained more than 34% against the greenback. This week’s largest gainers among meme tokens include pomeranian eth (POM), up 117.2%, baby doge coin (BABYDOGE), up 113.9%, and polydoge (POLYDOGE), up 86.7%. The two leading meme coins in terms of market valuation, dogecoin (DOGE) and shiba inu (SHIB), have increased 5.3% to 22.1%, with SHIB seeing the larger gains.
SHIB/USD on Feb. 5, 2023.
Dogecoin (DOGE) and shiba inu (SHIB) make up $21.32 billion, or 94.34%, of the total $22.6 billion in the meme coin economy. Dogecoin has risen 29.4% this month, while shiba inu has increased 71.9% against the greenback. The majority of the meme coin economy’s value was acquired in 2023. On Dec. 18, 2022, 49 days ago, the market valuation of all meme tokens was $16.4 billion. Since then, the meme coin economy has grown 36.96% against the U.S. dollar.
On Feb. 5, 2023, the largest gainers among meme coins over the past 24 hours include arbinu (ARBINU), which rose 51.9%, duckereum (DUCKER), up 43.5%, and onigiri neko (ONIGI), which increased 35.3%. The largest meme coin, dogecoin, decreased 1.7% against the U.S. dollar, while shiba inu gained 1.5%.
The third-largest meme coin, baby doge coin, increased 18.9% during the last 24 hours. Despite a 34% rise against the U.S. dollar and $5.8 billion in value added in 27 days, most of the market activity remains focused on the top two coins, DOGE and SHIB, indicating that demand for meme coin assets continues to exist.
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What do you think about the current state of the meme coin economy? Will the trend of growth continue, or do you see a decline in the near future? Let us know what you think about this subject in the comments section below.
Jamie Redman
Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: Dennis Diatel / Shutterstock.com
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