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.
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.
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