According to U.Today, the meme coin economy, spearheaded by leading cryptocurrencies Dogecoin (DOGE) and Shiba Inu (SHIB), has recently exceeded $56 billion in market capitalization. The total market capitalization for this category has now surpassed this figure, currently standing at $59.33 billion, as per CoinMarketCap data. Despite the broader cryptocurrency market experiencing relatively smaller gains, meme coins have recently embarked on a significant rally.
Dogecoin, the first parody coin launched as a joke in 2013, has paved the way for the rapid rise of similar tokens. It gained traction in late March, reaching highs of $0.228, tripling its value in a few weeks. However, Dogecoin has since lost some of its gains, falling 3.48% in the previous 24 hours to $0.184. Shiba Inu followed a similar trajectory, experiencing a massive 300% price surge in the previous month, reaching highs of $0.00004575 on March 5. Despite jumping into the top 10 following this feat, SHIB has since retreated and is now the 12th largest cryptocurrency, with a market cap of $16 billion.
Dogwifhat, a relatively new meme coin established in the Solana ecosystem in November of last year, has also garnered significant attention during the recent meme token price surge. Dogwifhat (WIF), the third largest meme token by market capitalization, reached an all-time high of $4.85 on March 31. However, meme currencies are known for their volatility and lack of fundamentals, making them prone to sudden and unexpected fluctuations caused by random events such as tweets, unrelated news, and the market moves of other coins.
Unlike other meme coins, dog-themed cryptocurrencies like Dogecoin and Shiba Inu have continually improved on fundamentals through the release of various innovations, providing utility and thus relinquishing their 'meme coin' status.