The meme coin market experiences a remarkable growth of $759 million in just 30 days, with Dogecoin (DOGE) leading the charge. This article explores the recent surge of meme cryptocurrencies and highlights the dominance of DOGE and SHIB in the booming market.
Meme Cryptocurrencies Gain $759M in a Month, Led by Dogecoin
The meme coin economy has witnessed a remarkable surge in value, growing by $759 million within a 30-day period, as reported on July 23, 2023.
This substantial increase translates to a 4.82% rise against the U.S. dollar, resulting in the current market valuation of $16.29 billion for meme cryptocurrencies.
Leading the pack, Dogecoin (DOGE) experienced a notable 10% growth in the past month and a further 1.3% rise in the last week alone. With a market cap of $10.12 billion, DOGE accounts for an impressive 62.12% of the total meme coin economy.
SHIB and PEPE Join DOGE in Dominating the Market
While DOGE shines as the clear frontrunner, shiba inu (SHIB) and pepe (PEPE) also demonstrate noteworthy growth.
SHIB has increased by 1% against the U.S. dollar over the past month, although it experienced a 2.7% loss in the last seven days. SHIB’s market valuation now stands at $4.61 billion, contributing to 28.29% of the overall meme coin economy. Together, DOGE and SHIB account for a staggering 90.41% dominance in the market.
On the other hand, pepe (PEPE) displays a more modest but still positive performance, rising by 1.6% in the last 30 days. However, over the past week, PEPE’s value declined by 7.6%.
Currently valued at $628 million, PEPE represents 3.85% of the meme coin economy’s total worth.
Top Performers and Decliners in Meme Coin Trading
Over the last 24 hours, the meme coin economy saw $528 million in global trade volume. The standout performers were kabosu inu (KABOSU), 3d3d (3D3D), and pepemon pepeballs (PPBLZ), recording impressive gains ranging from 9.9% to a staggering 210%.
However, not all meme coins experienced growth, as shibaken finance (SHIBAKEN), cheems inu (CINU), and dingocoin (DINGO) encountered losses between 7% and 22% during the same period.
The meme coin market’s recent growth, with a $759 million increase in just a month, showcases the sustained interest and enthusiasm surrounding these unique digital assets.
Leading the charge, Dogecoin (DOGE) and shiba inu (SHIB) dominate the meme coin economy, reinforcing their significance within the cryptocurrency landscape.
As the market continues to evolve, investors and enthusiasts eagerly await further developments in the world of meme coins.