Meme Coin Economy Swells by $5.8 Billion in Less Than a Month, Suggesting Demand for Meme Tokens Still High

The meme coin system has grown importantly implicit the past 27 days, expanding 34.52% against the U.S. dollar. The largest meme coin by marketplace capitalization, dogecoin, has risen 29.5% successful the past month, portion the second-largest meme coin, shiba inu, has jumped 71.9% successful 30 days. Since Jan. 9, 2023, the wide worth of the meme token system has accrued by $5.8 billion.

Dogecoin and Shiba Inu Dominate Meme Coin Market With 94% Market Share

The apical meme coins by marketplace capitalization person gained successful worth against the U.S. dollar this past month. According to statistic recorded connected Jan. 9, 2023, via archive.org, the meme coin system was valued astatine $16.8 cardinal 27 days ago. As of 9 a.m. ET connected Feb. 5, 2023, the meme coin system is presently valued astatine $22.6 billion, a 5.4% summation implicit the erstwhile day.

DOGE/USD connected Feb. 5, 2023.

Over the past 27 days, meme tokens person added $5.8 cardinal successful worth and gained much than 34% against the greenback. This week’s largest gainers among meme tokens see pomeranian eth (POM), up 117.2%, babe doge coin (BABYDOGE), up 113.9%, and polydoge (POLYDOGE), up 86.7%. The 2 starring meme coins successful presumption of marketplace valuation, dogecoin (DOGE) and shiba inu (SHIB), person accrued 5.3% to 22.1%, with SHIB seeing the larger gains.

SHIB/USD connected Feb. 5, 2023.

Dogecoin (DOGE) and shiba inu (SHIB) marque up $21.32 billion, oregon 94.34%, of the full $22.6 cardinal successful the meme coin economy. Dogecoin has risen 29.4% this month, portion shiba inu has accrued 71.9% against the greenback. The bulk of the meme coin economy’s worth was acquired successful 2023. On Dec. 18, 2022, 49 days ago, the marketplace valuation of each meme tokens was $16.4 billion. Since then, the meme coin system has grown 36.96% against the U.S. dollar.

On Feb. 5, 2023, the largest gainers among meme coins implicit the past 24 hours see arbinu (ARBINU), which roseate 51.9%, duckereum (DUCKER), up 43.5%, and onigiri neko (ONIGI), which accrued 35.3%. The largest meme coin, dogecoin, decreased 1.7% against the U.S. dollar, portion shiba inu gained 1.5%.

The third-largest meme coin, babe doge coin, accrued 18.9% during the past 24 hours. Despite a 34% emergence against the U.S. dollar and $5.8 cardinal successful worth added successful 27 days, astir of the marketplace enactment remains focused connected the apical 2 coins, DOGE and SHIB, indicating that request for meme coin assets continues to exist.

What bash you deliberation astir the existent authorities of the meme coin economy? Will the inclination of maturation continue, oregon bash you spot a diminution successful the adjacent future? Let america cognize what you deliberation astir this taxable successful the comments conception below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photograph credit: Dennis Diatel / Shutterstock.com

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