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.
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.
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 is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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As meme tokens continue to gain popularity, the meme coin economy has been experiencing a surge in the past month. According to the latest data from CryptoQuant, the meme coin economy has grown to $5.8 billion, a level last seen in January 2021.
This substantial growth in the market is attributed to the positive market sentiment surrounding meme tokens and their increasing use as a form of digital currency. In the past month, the prices of meme tokens have been climbing steadily and most significantly, the leading DeFi platform PancakeSwap has seen an impressive increase in its daily active users.
The growth of the meme coin economy has been bolstered by a variety of factors including decentralized finance (DeFi) projects. DeFi projects, such as PancakeSwap and meme tokens, have encouraged increased liquidity and trading volume on the Ethereum blockchain, which has resulted in more people investing in meme tokens.
Furthermore, the widespread appeal of meme tokens is providing an alternative to traditional investments. This has resulted in investors turning to meme tokens as a safe and enjoyable way of making a passive income.
Also, the rise of decentralized exchanges (DEXs) has helped facilitate the popularization of meme coins. DEXs offer investors an easier, faster, and more convenient way of buying, selling, and exchanging meme tokens than conventional exchanges.
The ascendancy of meme tokens has also prompted numerous online marketplaces and platforms to support the trading of meme coins. This has further increased the trading activity of meme tokens and lowered the barriers for investing in meme tokens.
The meteoric rise of the meme coin economy does not appear to be slowing down anytime soon. With the increasing demand for meme tokens, it remains to be seen how the meme coin economy will continue to develop and expand.