As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous trends come and go. However, the rise of meme coins like Dogecoin and Shiba Inu has certainly piqued my interest.
Financial expert Murad Mahmudov, formerly with Goldman Sachs, anticipates that over 25 meme-based cryptocurrencies could potentially rank among the top 100 digital currencies in terms of market value.
Currently, as per data from CoinGecko, a total of seven meme cryptocurrencies are ranked among the top 100.
Dogecoin (DOGE), indeed, holds the title as the leading meme-based cryptocurrency in terms of market capitalization. Originating as a humorous imitation of Bitcoin in 2013, DOGE skyrocketed to fame again in 2021 due to high-profile endorsements, with Elon Musk, CEO of Tesla, among the notable figures lending their support. Although it has yet to reach its 2021 maximum value, Dogecoin currently boasts a market worth of $14 billion, solidifying its position among the major players in the crypto market.
Shiba Inu (SHIB), often referred to as the second-largest meme cryptocurrency, carries a staggering market value of around $7.9 billion. This digital currency, which gained significant media attention late in 2021 by momentarily outranking Dogecoin after an impressive surge, currently stands at number 15 in terms of market capitalization. Although its price movements have been relatively slow over the past two years, Shiba Inu continues to hold a prominent position among the major cryptocurrencies.
In a recent ranking, Pepe (PEPE), an emerging memecoin competing against DOGE and SHIB, currently holds the 27th position. Interestingly, DogWHAT (WIF), the meme coin based on Solana, previously garnered significant attention this year due to impressive price increases, currently sitting at the 51st spot.
In addition to Bonk (BONK) and Floki (FLOKI), there’s another one, Brett (BRETT), that made it into the top 100. Interestingly, among these three, Brett (BRETT) is the one with a market capitalization that hasn’t yet reached the significant $1 billion figure.
Other contenders?
There are other meme coins that could be on the cusp of entering the top 100. These include Popcat (POPCAT), BOOK OF MEME (BOME), and Mog Coin (MOG).
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2024-08-12 11:56