1 year ago
Data reveals that the meme coin marketplace has diminished by implicit $3 cardinal successful worth since the dawn of 2023. The starring meme coin by marketplace cap, dogecoin (DOGE), saw a alteration of $2.46 cardinal from January onwards. Concurrently, shiba inu (SHIB) experienced a driblet of astir $1.22 cardinal implicit the erstwhile 9 months.
The Meme Coin Economy’s $3 Billion Dip Unraveled
While pepe (PEPE) bolstered the meme coin realm by $284 million, becoming the 3rd astir valued meme coin by marketplace cap, the meme token arena has seen a $3.2 cardinal dip successful worth. Merely 9 months back, this system stood gangly astatine $16.9 billion. Today, it’s declined by 18.93%, resting astatine a worth of $13.7 billion.
Dogecoin (DOGE) retains its crown arsenic the foremost meme coin and ranks arsenic the tenth-largest crypto plus by wide marketplace cap. Beginning 2023 with a valuation of $10.83 billion, DOGE’s existent marketplace headdress hovers astatine $8.37 billion, reflecting a $2.46 cardinal decrease. Dominating the $13.7 cardinal meme token sector, DOGE contributes to 61.09% of its full value.
Yet, successful the caller 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 worth declined by 2.8%, and implicit the month, it dipped 5.4% against the greenback. On October 15, 2023, shiba inu boasts a marketplace headdress of $4.12 billion, down from $5.34 cardinal astatine the year’s outset. Impressively, SHIB constitutes 30% of the $13.7 cardinal 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 marketplace cap. Back then, ELON’s marketplace headdress hovered astir $164 million, but it has since dwindled to $71 million. Introduced successful April 2023, PEPE erstwhile shimmered with a adjacent $1.5 cardinal valuation. However, it’s witnessed a staggering drop of $1.216 cardinal since its marketplace headdress peak.
Currently, the meme coin arena clocks successful $370 million successful worldwide commercialized measurement amidst a expansive full of $20.27 cardinal successful transactions. This translates to meme coin trades making up 1.824% of the full commercialized measurement connected October 15, 2023. Sunday spotlighted apical climbers similar arbdoge ai, turbo, kishu inu, and jesus coin, portion the largest meme coin marketplace losers were meta doge, moma v2, mog coin, and chihuahua chain.
What bash you deliberation astir the meme coin system losing $3.2 cardinal since the commencement of 2023? Share your thoughts and opinions astir this taxable successful the comments conception below.
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