DOGE, SHIB, and FLOKI: Catching up with the Rising Meme Coins
The cryptocurrency market is experiencing mixed movements as Bitcoin remains above $30k but slightly lower than its recent peak. Bitcoin has been trading in the $30k – $31.5k range for the past two weeks, and if it breaks the higher end of the range, it could reach a 14-month high. At the time of writing, Bitcoin is trading at $30,398, while Ethereum is at $1,910. The trading volume for both Bitcoin and Ether has decreased in the past 24 hours.
The total market capitalization of the cryptocurrency market is currently at $1.23 trillion. DeFi tokens like Uniswap, Aave, Compound, and Maker have been rallying, along with old coins like Bitcoin Cash and Litecoin.
The application for a Bitcoin ETF has generated optimism and interest in the cryptocurrency market. The total volume of the crypto sector has surged past $37.5 billion. With institutional interest in Bitcoin at its highest since April 2021 and the halving event approaching in April 2024, Bitcoin could continue to gain momentum.
Meme coins, a popular category in the crypto sector, have been seeing significant growth. Meme coins are highly volatile cryptocurrencies that are influenced by social media and online community sentiments. Dogecoin, Shiba Inu, Pepe, FLOKI, Baby Doge Coin, and Dogelon Mars are some of the most popular meme coins.
Dogecoin, the largest meme coin, is currently the 9th largest cryptocurrency with a market cap of $9.33 billion. It is down 2.8% against USD and 0.5% against BTC in the past 24 hours. Dogecoin was created in 2013 as a joke cryptocurrency and has gained a dedicated community of fans. However, it has faced concentrated ownership issues, with nine wallets holding over 40% of all DOGE.
Shiba Inu, another meme coin, is the 17th largest cryptocurrency with a market cap of $4.55 billion. It is down 3% in the past 24 hours. Shiba Inu aims to be more than just a meme coin and has an ecosystem including a decentralized exchange, NFT collection, NFT art incubator, and NFT game. The community is also working on its layer 2 network Shibarium.
Both Dogecoin and Shiba Inu have seen significant price volatility throughout 2021, with Dogecoin reaching an all-time high of $0.73 and Shiba Inu reaching an ATH of $0.00008616. However, both coins have lost a significant portion of their value since then.
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