The end of 2021 is approaching and the market capitalization of meme-based digital currencies like dogecoin and shiba inu has been extremely prominent this year. In fact, the $46.9 billion worth of meme crypto-assets represents 2% of the $2.32 trillion crypto economy. Dogecoin and shiba inu alone capture roughly 85.28% of the meme crypto market valuation today.
Memes-Based Crypto Economy Mining $ 46 Billion in 2021
It has been a good year for memes-based crypto assets like dogecoin (DOGE), the OG of memes-based assets, which has seen its market valuation rise by 4,375.9% since the start of the year. (YTD). Dogecoin is the largest memes-based crypto asset in terms of market cap, as it is valued at around $ 22.8 billion on Sunday, December 19. The second largest coin even, in terms of market cap, is the shiba inu (SHIB). The SHIB crypto asset has gained a whopping 46,960,505.7% against the US dollar since the start of the year.
Both of these coins have inspired other meme-based crypto assets to thrive. Dogelon mars (ELON) has become the fifth-largest meme crypto market valuation with $591 million, and baby doge coin (BABYDOGE) has a $258 million market cap and holds the sixth-largest position today.
Dogecoin and shiba inu also inspired a large number of ‘dog’ or ‘shiba inu-breed’ coins in 2021, as there are dozens of tokens with these names. Despite the massive amount of memes-based assets in 2021, DOGE and SHIB are the most dominant capturing 85.28% of the memes crypto economy.
A Dozen Meme Coins Saw Double and Triple-Digit Gains This Past Week, Meme Tokens Below DOGE and SHIB Represent 0.296% of the Entire Crypto Economy
While dogecoin and shiba inu has slipped in value in recent weeks, during the last seven days, a great swathe of meme coins saw double and even triple-digit gains. The wallstreetbets dapp (WSB) token jumped 177.5% this past week and Solana’s kitty coin (KITTY) increased by 117.9% this week. Jejudoge (JEJUDOGE) spiked 112% during the last seven days and woofy (WOOFY) climbed 47%. Other notable meme-coin risers this week include shibavax (SHIBX) up 37.2%, smugdoge (SMUG) up 24%, and spell token (SPELL) jumped 23% this past week.
Despite the myriad of coins that exist today, DOGE and SHIB are still hands down the leaders of the pack. Both have much larger market caps, much larger volume to trade, and an acceptance level beyond the asset even below them. For example, DOGE and SHIB operate on a wide range of exchanges, and merchant processors like Bitpay support both coins. Besides dogecoin and shiba inu, the six billion nine hundred million dollar economy below them is only 0.296% of the entire $ 2.32 trillion crypto economy.
