Data reveals that the meme coin market has diminished by over $3 billion in value since the dawn of 2023. The leading meme coin by market cap, dogecoin (DOGE), saw a decrease of $2.46 billion from January onwards. Concurrently, shiba inu (SHIB) experienced a drop of approximately $1.22 billion over the previous nine months.
The Meme Coin Economy’s $3 Billion Dip Unraveled
While pepe (PEPE) bolstered the meme coin realm by $284 million, becoming the third most valued meme coin by market cap, the meme token arena has seen a $3.2 billion dip in worth. Merely nine months back, this economy stood tall at $16.9 billion. Today, it’s declined by 18.93%, resting at a value of $13.7 billion.
Dogecoin (DOGE) retains its crown as the foremost meme coin and ranks as the tenth-largest crypto asset by overall market cap. Beginning 2023 with a valuation of $10.83 billion, DOGE’s current market cap hovers at $8.37 billion, reflecting a $2.46 billion decrease. Dominating the $13.7 billion meme token sector, DOGE contributes to 61.09% of its total value.
Yet, in the recent week, DOGE diminished by 2.8%, and a month-long overview indicates a 4.4% dip against the U.S. dollar. This week, SHIB‘s value declined by 2.8%, and over the month, it dipped 5.4% against the greenback. On October 15, 2023, shiba inu boasts a market cap of $4.12 billion, down from $5.34 billion at the year’s outset. Impressively, SHIB constitutes 30% of the $13.7 billion meme token ecosystem.
At the year’s dawn, PEPE hadn’t yet entered the scene, and dogelon mars (ELON) clinched the spot for the third-largest market cap. Back then, ELON’s market cap hovered around $164 million, but it has since dwindled to $71 million. Introduced in April 2023, PEPE once shimmered with a near $1.5 billion valuation. However, it’s witnessed a staggering drop of $1.216 billion since its market cap peak.
Currently, the meme coin arena clocks in $370 million in worldwide trade volume amidst a grand total of $20.27 billion in transactions. This translates to meme coin trades making up 1.824% of the total trade volume on October 15, 2023. Sunday spotlighted top climbers like arbdoge ai, turbo, kishu inu, and jesus coin, while the largest meme coin market losers were meta doge, moma v2, mog coin, and chihuahua chain.
What do you think about the meme coin economy losing $3.2 billion since the start of 2023? Share your thoughts and opinions about this subject in the comments section below.
Read More from Jamie Redman on news.bitcoin.com