While a slew of crypto asset values have improved over the past month, meme-based crypto assets have also rallied against the US Dollar. 53 days ago, June 21, the top meme coins by market valuation were once worth $14.5 billion and since then the meme coin economy has grown by 24.82% to $18.1 billion. dollars on August 13.
Meme Coins Rise Against the US Dollar, Hoge Finance and Baby Doge Lead the Dance
Meme-based tokens have seen an increase in value since the recent downturn in the crypto economy. While the rise was beneficial, meme-based crypto tokens did not see the rebound in value that a large majority of cryptocurrencies have seen in recent weeks. For comparison, dogecoin (DOGE) is up 17.9% in the last 30 days while bitcoin (BTC) is up 20.7% and ethereum (ETH) jumps 78.5%. %.
Dogecoin is still the king of all coins even with the largest market capitalization, which is around $9.7 billion today. DOGE is up 5% against the US dollar and 1% against BTC in the past 24 hours. In terms of global trading volume, $450 million in DOGE trading took place in the past day. The top five pairs traded against DOGE include USDT, USD, BUSD, BTC, and KRW, while tether (USDT) commands over 57% of all dogecoin transactions.
The second largest meme coin by market capitalization is shiba inu (SHIB) as it has a valuation of $7.42 billion on August 13. SHIB has had better gains than DOGE over the past month as 30-day stats show SHIB inflated by 19.4%. Year-to-date, SHIB has gained 64% in value compared to prices recorded in August 2021. SHIB has a slightly lower volume than DOGE with $446 million traded in the last 24 hours. The top five SHIB trading pairs include USDT, USD, BUSD, TRY, and USDC, with tether (USDT) capturing over 66% of all SHIB swaps.
Meanwhile, the third-largest meme coin asset, baby doge coin (BABYDOGE) posted bigger gains than DOGE and SHIB over the past month. BABYDOGE has risen 21.4% against the US dollar over the past 30 days. BABYDOGE’s market capitalization is now much lower than that of the two major leaders in coin assets, as it stands at $245 million on August 13. BABYDOGE’s 24-hour trading volume is also lower, at $5.1 million in trades over the past day. USDT dominates BABYDOGE trading pairs by 77.38%, while USDC, BUSD and TRX follow.
Five meme coin assets have surpassed 45% in the past week, including hoge finance (HOGE), hot doge (HOTDOGE), dogebonk (DOBO), spooky shiba (SPKY), and moon cat (CAT). The biggest losers in the past week include chihuahua chain (HUAHUA), solana coin (KITTY), catecoin (CATE), litedoge (LDOGE) and puli (PULI). These five meme coin assets have lost between 13.6% and 33.9% over the past seven days. HOGE was the leader this week, rising 71.2%, while meme coin biggest loser HUAHUA lost 33.9% in value.
What do you think of the best performance in the meme coin market? Let us know what you think about this topic in the comments section below.
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