The top five meme cryptocurrencies according to market value were valued at $33.7B in May. Today, they are 55% less, and have fallen to $14.9B on September 23. Dogecoin has lost 12.8% and shiba Inu is down 19.4% in the past 30 days against the U.S. Dollar.
Dogecoin and Shiba Inu Baby Doge Coin Drop Lower Loss Between 12.8% & 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.
DOGE (the oldest and biggest meme crypto asset) remains a major player in the cryptocurrency world. 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.
Shiba Inu’s $6.33 Billion market valuation is second. 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. SHIB and DOGE are the dominant meme tokens in the crypto currency market of $14.9 billion by 95.96%.
The combined market capitalizations of DOGE and SHIB, which together amount to $965 billion, equate to 1.483% as of Friday, September 23, 2022. BABYDOGE (the third-largest meme coin asset) has $178.90million market cap.
BABYDOGE’s market valuation equates to 1.2% of the entire crypto meme economy. Baby doge coins lost 3.3% over the last 2 weeks. The meme token’s value has fallen 16.4% in the past month.
The meme coin economy, which was at $33.7 billion in the end of May 2015, was much more stable than it was today. Today’s $14.9 Billion USD loss has seen the meme economy lose 55% of its USD value.
DOGE, SHIB and BABYDOGE all had a disappointing week. However, some meme tokens experienced double-digit gains over the past week. For example, iotexshiba has risen 48.3% while metadoge has risen 47.9%. Boss (BOSS), on the other hand, has risen 43.2% in just seven days.
This week’s meme token loser was duckereum, which lost 32.8%. Shibaken finance (SHIBAKEN), shed 27.6% and Hoge finance (HOGE), is down 24.8%.
What do you think about the meme coin economy’s recent price action? Comment below and let us know how you feel about the subject.
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