While a large number of crypto asset values have improved over the past month, meme-based crypto assets have also advanced against the US dollar. 53 days ago on June 21st, the top meme coins by market cap were once worth $14.5 billion, and since then the meme coin economy has grown by 24.82%, reaching $18.1 billion on August 13th.
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Meme Coins Advance Against US Dollar, Hoge Finance and Baby Doge lead the pack
Meme-based tokens have seen a surge in value since the crypto-economy’s recent downturn. Although the rise has been beneficial, meme-based crypto-tokens have not seen the decline in value a vast majority of cryptocurrencies have experienced in recent weeks. In comparison, dogecoin (DOGE) gained 17.9% over the past 30 days, while bitcoin (BTC) gained 20.7% and ethereum (ETH) jumped 78.5%.
Dogecoin remains the king of all meme coins with the largest market capitalization, which is about $9.7 billion today. DOGE is up 5% against the US dollar and 1% against BTC in the last 24 hours. In terms of global trading volume, DOGE swaps were worth $450 million in the last day. The top five pairs traded against DOGE include USDT, USD, BUSD, BTC and KRW, while tether (USDT) controls more than 57% of all dogecoin trades.
The second largest meme coin by market cap is shiba inu (SHIB) as it has a valuation of $7.42 billion as of August 13. SHIB has outperformed DOGE in the past month as 30 days statistics show that SHIB has swelled by 19.4%. Year to date, SHIB has increased 64% in value compared to prices recorded in August 2021. SHIB has slightly less volume than DOGE with $446 million traded in the last 24 hours. SHIB’s top five trading pairs include USDT, USD, BUSD, TRY and USDC, with tether (USDT) taking over 66% of all SHIB swaps.
Meanwhile, the third largest meme coin, baby doge coin (BABYDOGE) has seen bigger gains than DOGE and SHIB over the past month. BABYDOGE has traded up 21.4% against the US dollar in the last 30 days. BABYDOGE’s market cap today is much smaller than the top two meme coin asset leaders, as it runs at $245 million as of August 13th. 24-hour BABYDOGE trading volume is also lower, with $5.1 million traded in the last day. USDT dominates the BABYDOGE trading pairs with 77.38% while USDC, BUSD and TRX follow.
Five meme coins have risen over 45% in the past week, including hoge finans (HOGE), hot dog (HOTDOGE), dogebonk (DOBO), nifty shiba (SPKY), and moon cat (CAT). The biggest meme coin losers this past week include chihuahua chain (HUAHUA), kitty coin solana (KITTY), catecoin (CATE), litedoge (LDOGE) and puli (PULI). These five meme coins have lost between 13.6% and 33.9% over the past seven days. HOGE was this week’s leader, gaining 71.2%, while the biggest meme coin loser HUAHUA lost 33.9% in value.
What do you think about the best performing meme coin market? Let us know what you think about this topic in the comments section below.
Jamie Redman is the news editor at Bitcoin.com News and a financial technology journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.
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