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. In the last month, dogecoin lost 12.8% of its value and the shiba inu fell 19.4% against the US dollar in 30 days.
Dogecoin, Shiba Inu, Baby Doge Coin drop from 12.8% to 19.4%
Nice weather meme coin economy worth nearly US$15 billion, and out of dozens of meme tokens, 25 of them have the phrase “doge” in their name. 18 of the tokens have the name “shiba” and 30 crypto memes have the phrase “dog” in their name.
The oldest and largest meme crypto asset, in terms of market capitalization, dogecoin (DOGE), is still a heavyweight in the crypto world. DOGE is the tenth largest cryptocurrency by market capitalization as it is valued at $7.97 billion. In the entire meme token economy, the market capitalization of dogecoin is 53.48% out of $14.9 billion.
The second largest meme token is shiba inu (SHIB) with a market valuation of $6.33 billion. SHIB’s market capitalization represents 42.48% of the entire coin meme economy and it is ranked 13th out of 12,983 crypto assets in existence. Between DOGE and SHIB, the two meme tokens dominate $14.9 billion in meme crypto with 95.96%.
In today’s $965 billion crypto economy as a whole, the DOGE and SHIB market capitalization combined are equivalent to 1,483% as of Friday, September 23, 2022. The third largest meme coin asset is baby doge coin (BABYDOGE), but its market cap is a lot smaller than $178.90 million.
BABYDOGE’s market valuation is 1.2% of the entire crypto meme economy. In the past two weeks, the baby doge coin has lost 3.3%, and in the past month, the meme token has dropped 16.4%.
Five months ago, the meme coin economy was in much better rankings and is dwindling in 33.7 billion dollars at that time. Today, at $14.9 billion, the meme coin economy has lost 55% of its USD value since then.
While DOGE, SHIB, and BABYDOGE have had a lackluster week, a handful of meme tokens have gained double digits in the past week. For example, iotexshiba (IOSHIB) is up 48.3%, metadoge (METADOGE) is up 47.9%, and boss (BOSS) is up 43.2% against the US dollar in seven days.
In terms of the number of meme coin tokens that have dropped in price this week, duckereum (DUCKER) is down 32.8%, shibaken Finance (SHIBAKEN) is down 27.6% and hoge Finance (HOGE) is down 24.8%.
What do you think of the recent price action of the meme coin economy? Let us know your thoughts on this topic in the comments section below.
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