Meme coins have collectively surged by over six billion dollars in the last month, marking a 39.18 percent increase since November 8. Leading this rising string of meme coins are BONK, PEPE and SHIB.
With the meme coin’s recent explosive growth, the market cap has now reached $23.8 billion. This is a $6.7 billion increase from the $17.1 billion recorded 30 days ago. Nine of the top ten meme tokens have seen double-digit gains in the past week.
BONK spearheaded the rally with a 153 percent surge against the U.S. dollar in the past week. The over 50 percent rise has propelled BONK to outperform both DOGE and SHIB, widely considered some of the most popular meme coins.
Image Source: CoinGecko
DOGE and SHIB themselves lead in market valuation with a 19.1 percent and 21.5 percent surge, respectively. Meanwhile, FLOKI rose by 24.2 percent, while the third-largest PEPE recorded a 43.5 percent gain against the greenback in the past week.
MEME witnessed a 34.3 percent gain, and BABYDOGE experienced a 30.8 percent increase. Although CORGIAI showed the lowest growth among the top ten, it still rose by 4.5 percent over the past seven days.
Even the tenth largest meme coin, known as “harrypotterobamasonic10inu,” saw a 31.9 percent rise. Notable gainers in the meme coin category included DOG, TOSHI, HUAHUA and NFD.
Including BONK, a total of 11 meme-based crypto assets recorded triple-digit gains. Approximately 53 meme coin assets registered double-digit gains.
The leading meme coin, DOGE, commands a market valuation of $14.12 billion. This currency represents 59.32 percent of the entire meme coin economy. SHIB holds a $5.97 billion market cap as of December 9, 2023, constituting just over 25 percent of the meme coin market’s total $23.8 billion.
Explosive growth
With the explosive growth of the meme coin sector, market capitalization and gains for various meme coin tokens could continue to rise. The success of these coins also highlights the growing influence of memes and online culture in the digital currency market.
“The market for meme coins is one of the most dynamic in the industry,” Vladimir Gorbunov, Founder and CEO at the crypto firm Choise.com, said. “With the growth of technology and digital culture, memes and NFTs will continue to play an essential role in our lives. The next picture could be the next big NFT, making its owner millions. So, maybe it’s worth considering memes as an investment?”
Crucially, the growth of meme coins can be attributed to the influential role of social media and online communities. These platforms have played a role in driving the popularity and success of meme coins.
Additionally, the accessibility and liquidity of meme coins, coupled with their listing on reputable cryptocurrency exchanges, have significantly increased their visibility and trading volume. The speculative nature, extreme volatility and the potential for substantial price gains associated with meme coins have also attracted investors seeking short-term profits.
The first meme coin to be introduced was DOGE in 2013. The pioneering meme coin was developed by software programmers Billy Markus and Jackson Palmer in a project that initially began as a humorous venture inspired by the popular “Doge” meme featuring a Shiba Inu dog.
The coin gained traction due to its low transaction costs and widespread use for online tipping, subsequently becoming immensely popular. Notably, recent endorsements from figures like Elon Musk have further fueled Dogecoin’s popularity.