Meme Tokens Slide 55% in 5 Months — DOGE, SHIB Dominate $14.9B Meme Coin Economy by 95%
Five months ago, the top meme cryptocurrencies by market valuation were valued at $33.7 billion and today, the meme coin economy is 55% lower, down to $14.9 billion on September 23. During the last month, dogecoin lost 12.8% in value, and shiba inu is down 19.4% against the U.S. dollar in 30 days.
Dogecoin, Shiba Inu, Baby Doge Coin Dip Lower Losing Between 12.8% and 19.4%
Today, the meme coin economy is worth nearly 15 billion U.S. dollars and out of dozens of meme tokens, 25 of them have the term “doge” in their name. 18 of the tokens have the name “shiba” and 30 crypto meme coins have the term “dog” in their name.
The oldest and largest meme crypto asset, in terms of market capitalization, dogecoin (DOGE), is still a heavy hitter in the world of cryptocurrencies. DOGE is the tenth largest crypto coin by market capitalization as it’s valued at $7.97 billion. Out of the entire meme token economy, dogecoin’s market cap is 53.48% of the $14.9 billion.
The second largest meme token is shiba inu (SHIB) with its $6.33 billion market valuation. SHIB’s market cap represents 42.48% of the entire meme coin economy and it’s ranked 13 among the 12,983 crypto assets in existence. Between DOGE and SHIB, the two meme tokens dominate the $14.9 billion in crypto meme coins by 95.96%.
Out of the entire crypto economy worth $965 billion today, the DOGE and SHIB market caps combined equate to 1.483% on Friday, September 23, 2022. The third largest meme coin asset is baby doge coin (BABYDOGE), but its market cap is much smaller at $178.90 million.
BABYDOGE’s market valuation equates to 1.2% of the entire crypto meme economy. During the last two weeks, baby doge coin lost 3.3% and over the past month, the meme token is down 16.4%.
Five months ago, the meme coin economy was in much better standings and was coasting along at $33.7 billion at the time. Today, at $14.9 billion, the meme coin economy has lost 55% in USD value since then.
While DOGE, SHIB, and BABYDOGE had a lackluster week, a handful of meme tokens saw double-digit gains this past week. For instance, iotexshiba (IOSHIB) is up 48.3%, metadoge (METADOGE) has climbed 47.9%, and boss (BOSS) has risen 43.2% against the U.S. dollar in seven days.
In terms of meme coin token losers this week, duckereum (DUCKER) lost 32.8%, shibaken finance (SHIBAKEN) shed 27.6%, and hoge finance (HOGE) is down 24.8%.
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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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