Data shows that since the beginning of 2023, the value of the meme coin market has fallen by over $3 billion. Dogecoin (DOGE), the top meme coin by market capitalization, had a decline of $2.46 billion starting in January. Shiba Inu (SHIB) also saw a decline over the preceding nine months of almost $1.22 billion.
Unraveling The Meme Coin Economy's $3 Billion Dip
The market cap of pepe (PEPE), the third most valuable meme coin by market cap, increased by $284 million, however the value of meme tokens decreased by $3.2 billion. Nine months ago, the economy was worth $16.9 billion. As of right now, it has lost 18.93% of its value and is now worth $13.7 billion.
By total market cap, Dogecoin (DOGE) is the tenth-largest cryptocurrency asset and continues to hold the title of most popular meme coin. The market capitalization of DOGE is currently $8.37 billion, down $2.46 billion from its initial 2023 estimate of $10.83 billion. DOGE dominates the $13.7 billion meme token market and accounts for 61.09% of its market value.
However, DOGE fell by 2.8% last week, while a month-long review shows a 4.4% decline against the US dollar. SHIB's value decreased this week by 2.8%, while over the course of the month, it fell 5.4% against the US dollar. Shiba Inu's market valuation is $4.12 billion as of October 15, 2023, down from $5.34 billion at the beginning of the year. An impressive 30% of the $13.7 billion meme token ecosystem is made up of SHIB.
At the start of the year, dogelon mars (ELON) secured the third-largest market cap because PEPE had not yet arrived on the scene. The market capitalization of ELON was roughly $164 million at the time, but it is now only $71 million. PEPE, which was first released in April 2023, previously glistened with a valuation of about $1.5 billion. However, since its market cap peak, it has experienced a startling $1.216 billion decline.
The global trade volume for meme coins currently stands at $370 million, with $20.27 billion worth of transactions. This means that on October 15, 2023, trades involving meme coins will account for 1.824% of all trades. The biggest losers on the meme coin market on Sunday were meta doge, moma v2, mog coin, and chihuahua chain, while top climbers featured on Sunday included arbdoge ai, turbo, kishu inu, and jesus coin.
What do you think about the $3.2 billion loss the meme coin economy has experienced since 2023 began? Post your ideas and viewpoints on this topic in the comments area below.