Interest in Meme Coin Is Increasing: It Expanded by $5.8 Billion In One Month

Over the past 27 days, the meme coin economy has seen substantial growth of 34.52% against the US dollar. Out of all meme coins, Dogecoin is currently leading in market capitalization with a 29.5% surge over 30 days, and Shiba Inu closely follows with an even higher 71.9%. Since January 9th, 2023, up until now, this means that the total value of these tokens has risen by about $5.8 billion altogether!

94% Of The Meme Coin Market Is Made Up Of Two Coins

In the past 27 days, meme coins have surged in value by $5.8 billion and gained more than 34% against the US dollar. The highest gainers over this period include POM (up 117.2%), BABYDOGE (up 113.9%), and POLYDOGE (up 86.7%). Meanwhile, Dogecoin & Shiba Inu – the two leading meme coins in terms of market cap – reported respective gains of 5.3% & 22%. Truly remarkable!

Representing 94.34% of the meme coin economy’s total worth of $22.6 billion, Dogecoin (DOGE) and Shiba Inu (SHIB) have seen tremendous gains this month; DOGE is up 29.4%, while SHIB has skyrocketed by 71.9%. Just 49 days ago, on Dec 18th, 2022, all meme coins had a market valuation of only $16.4 billion – an impressive 36.96% increase against the U.S dollar since then! It seems clear that these digital assets are here to stay for years to come!

These Were Not The Only Profitable Meme Coins.

Over the course of the past 24 hours, Arbinu (ARBINU) experienced a surge of 51.9%, with Duckereum (DUCKER) and Onigiri Neko not far behind at 43.5% and 35.3%, respectively. As for meme coins’ biggest player, Dogecoin saw a dip of 1.7%, yet Shiba Inu still managed to gain 1.5%. All in all, February 5th proved to be an eventful day regarding memecoin activity!

During the past 24 hours, Baby Doge Coin, the third largest meme coin, surged by 18.9%. Even after a 34% rise against the US Dollar and adding $5.8 billion in value within 27 days, most of the market action is still concentrated on DOGE and SHIB, demonstrating that investors are interested in investing in meme coins despite their volatility.

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