The meme coin market lost over $3 billion in 2023, with Dogecoin (DOGE) down by $2.46 billion, and Shiba Inu (SHIB) falling by approximately $1.22 billion since January.
Unraveling the Meme Coin Economy’s $3 Billion Dip
Pepe (PEPE) managed to increase the meme coin market’s total value by $284 million and now ranks as the third most valuable meme coin by market capitalization. However, the meme coin market as a whole has experienced a significant drop in value, decreasing by $3.2 billion since just nine months ago when it reached $16.9 billion. Today, the market is down by 18.93% and has a total value of $13.7 billion.
Dogecoin’s Diminished Value
Dogecoin (DOGE), the leading meme coin, began 2023 with a market cap of $10.83 billion. However, its current market cap is $8.37 billion, representing a decline of $2.46 billion. DOGE remains the dominant force in the $13.7 billion meme token market, accounting for 61.09% of the total value.
Recent Declines
In the past week, DOGE saw a 2.8% drop, and over the course of a month, it decreased by 4.4% against the U.S. dollar. Likewise, Shiba Inu (SHIB) also experienced a 2.8% decrease this week and a 5.4% dip over the month. On October 15, 2023, SHIB’s market cap stands at $4.12 billion, down from $5.34 billion at the beginning of the year. SHIB contributes 30% to the $13.7 billion meme token ecosystem.
Changing Rankings
At the start of the year, Dogelon Mars (ELON) was the third-largest meme coin by market cap. ELON had a market cap of around $164 million then, but it has since fallen to $71 million. PEPE, introduced in April 2023, initially had a market cap of nearly $1.5 billion but has seen a significant drop of $1.216 billion from its peak.
Meme Coin Trading Volume
The meme coin market has a worldwide trade volume of $370 million among a total of $20.27 billion in cryptocurrency transactions. Meme coin trades account for 1.824% of the total trade volume on October 15, 2023. Some of the top-performing meme coins include arbdoge ai, turbo, kishu inu, and jesus coin, while the biggest losers in the meme coin market were meta doge, moma v2, mog coin, and chihuahua chain.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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