While gains have been slower than most crypto assets, meme coin economy surges 24% – Bitcoin News
While a large number of crypto-asset values have improved over the past month, meme-based crypto-assets have also risen against the US dollar. 53 days ago, on June 21, the top meme coins by market valuation were once worth $14.5 billion and since then, the meme coin economy has grown by 24.82%, hitting 18 on August 13 $.1 billion.
Meme Coins are up against the US Dollar, with Hoge Finance and Baby Doge leading the pack
Meme-based tokens have seen an appreciation in value since the recent downturn in the crypto economy. While the rise has been beneficial, meme-based crypto tokens have not seen the rally in value that a vast majority of cryptocurrencies have seen over the past few weeks. For comparison, Dogecoin (DOGE) is up 17.9% over the past 30 days, while Bitcoin (BTC) is up 20.7% and Ethereum (ETH) is up 78.5%.
DOGE/USD chart on August 13, 2022.
Dogecoin is still the king of all meme coins with the largest market cap which is around $9.7 billion today. DOGE is up 5% against the US Dollar and 1% against BTC in the past 24 hours. In terms of global trading volume, $450 million worth of DOGE swaps took place over the last day. The top five pairs traded against DOGE include USDT, USD, BUSD, BTC, and KRW, while Tether (USDT) accounts for more than 57% of all Dogecoin trades.
SHIB/USD chart on August 13, 2022.
The second largest meme coin by market cap is Shiba Inu (SHIB) as it was valued at $7.42 billion as of August 13. SHIB posted better gains than DOGE over the last month as 30-day stats show SHIB is up 19.4%. Year-to-date, SHIB is up 64% compared to prices recorded in August 2021. SHIB has slightly lower volume than DOGE with $446 million traded in the last 24 hours. SHIB’s top five trading pairs include USDT, USD, BUSD, TRY, and USDC, with Tether (USDT) accounting for over 66% of all SHIB swaps.
BABYDOGE/USDT chart on August 13, 2022.
Meanwhile, the third largest meme coin asset, Baby Doge coin (BABYDOGE), has seen bigger gains than DOGE and SHIB over the past month. BABYDOGE is up 21.4% against the US Dollar over the past 30 days. BABYDOGE’s market cap is much smaller today than the top two meme coin asset leaders as it tumbles at $245 million on August 13th. BABYDOGE 24-hour trading volume is also lower at $5.1 million on the last day. USDT dominates the BABYDOGE trading pairs with 77.38%, while USDC, BUSD, and TRX follow.
The fortunes of five meme coins have surged over 45% over the past week, including Hoge Finance (HOGE), Hot Doge (HOTDOGE), Dogebonk (DOBO), Spooky Shiba (SPKY), and Moon Cat (CAT). The biggest meme coin losers over the past week include Chihuahua Chain (HUAHUA), Kitty Coin Solana (KITTY), Catecoin (CATE), Litedoge (LDOGE), and Puli (PULI). These five meme coin assets have lost between 13.6% and 33.9% over the past seven days. HOGE was the top performer this week, up 71.2%, while the biggest meme coin loser HUAHUA lost 33.9% in value.
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Baby Doge Coin, BABYDOGE, CAT, Cryptocurrencies, Digital Currencies, DOBO, Doge, Dogecoin, Dogecoin (DOGE), Dogefi, Profits, HOGE, Hoge Finance, Hotdoge, JEJUDOGE, Litedoge, Losses, Marketest, Market Update, Markets, Meme Coins , Meme Cryptos, Meme Markets, Meme Tokens, Poodles, Prices, Shib, Shiba Inu, Shiba Inu (SHIB), SPKY
What are your thoughts on the top performance of the Meme Coin market? Let us know what you think about this topic in the comment section below.
Jamie Redman
Jamie Redman is the news director at Bitcoin.com News and a Florida-based financial technology journalist. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for bitcoin, open source code and decentralized applications. As of September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about today’s emerging disruptive protocols.
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