Skip to main content

Meme Coin Market Plummets $3.2 Billion in 2023: Dogecoin and Shiba Inu Lead Declines

Meme Coin Market Plummets $3.2 Billion in 2023: Dogecoin and Shiba Inu Lead Declines

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.

Meme Coin Market Plummets $3.2 Billion in 2023: Dogecoin and Shiba Inu Lead Declines

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.



from Bitcoin News https://ift.tt/unFfIvx
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more