Not Jokes Anymore: Meme Coins’ Market Cap At $33 Billion, Dogecoin #1
Meme coins like Dogecoin have become very popular over the last year. Betting on internet meme based currency is now as common as one placing sports bets. Another day, another meme coin coming to the market. Most ending up crashing and burning.
Some of these meme coins have become success. Dogecoin continues to have massive support from the community despite the price crash the coin has seen, along the crypto market. Holders remain bullish on the coin and refuse to sell their coins. And now this entire part of the crypto industry that started as a joke, is now as serious as any other ‘serious’ project. Meme coins are now worth a whopping $33 billion.
Most of this growth has happened in the span of one year. Some meme coins are growing 2,500 percent in a single day. This means that crypto jokes are no longer jokes. These are now worth real money in the crypto space.
Dogecoin Leading The Rise Of Meme Coins
Dogecoin itself is the definition of a meme coin. This coin was started as a joke by two developer friends, Billy Markus and Palmer Jackson, and they never expected it to go anywhere. Doge was another background coin that no one paid much attention to. It was memes and jokes in the community. The icon for Dogecoin is a literal dog owned by a Japanese lady that became popular in the meme space due to her funny posts.
Dogecoin has some heavy weight supporters like Elon Musk.
Musk has always been very vocal about his love and support for Dogecoin. His twitter account is a proof of this. But it was only in the current bull market that Musk’s tweets started to really affect the price of the coin. Every time Musk tweeted about Doge, the price ballooned.
By March of 2021, Dogecoin was up 21,000 percent. As the price rallied, more people became interested, and more investors bought in.
Along the Dogecoin success, came the influx of other meme coins. The popularity of Doge seemed to have sparked an increased interest in the mind of crypto holders. And so, people started looking to other meme coins that had not rallied yet to be the next Doge.
Going off the popularity of Doge, coins like Shiba Inu and SafeMoon came to the market. Both grew tremendously in short periods of time.
Meme Coins’ Market Cap
The entirety of the meme coins market cap currently sits at $33 billion. With Dogecoin contributing about $28 billion, or nearly 85% of this market cap. While other meme coins seem to be doing good going off the fact that they are jokes, they are far behind Doge.
The second highest coin by market cap is Shiba Inu. Mostly known as SHIB by holders, this coin comes in second with a market cap of almost $4 billion.
According to CoinGecko, there are currently 55 meme coins active in the market. But only 19 out of these coins have a market capitalization currently listed.
