The Rise of Meme Coins: Total Market Capitalization Surpasses $56 Billion
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The meme coin economy, led via pinnacle cryptocurrencies Dogecoin (DOGE) and Shiba Inu (SHIB), has lately surpassed $56 billion in market capitalization. On-chain analytics association IntoTheBlock attracts interest to this development, noting that the complete market capitalization for the meme coin class lately hit a cycle height of over $56 billion.
The total market capitalization for the meme coin category recently hit a cycle peak of over $56 billion. pic.twitter.com/vUXWS2is3h
— IntoTheBlock (@intotheblock) April 2, 2024
This has now been surpassed, with the complete meme token market capitalization in modern times at $59.33 billion, in accordance to CoinMarketCap data. While the broader cryptocurrency market noticed extraordinarily lesser gains, meme cash currently embarked on an wonderful rally. Originally launched as a shaggy dog story in 2013, Dogecoin, the first parody coin, paved the way for the meteoric upward jostle of comparable tokens. Dogecoin received traction in late March, attaining highs of $0.228, tripling its fee in a couple of weeks.
Dogecoin has misplaced some of its gains, losing 3.48% in the preceding 24 hours to $0.184. This is comparable to Shiba Inu, which noticed a whopping 300% fee surge in the preceding month, achieving highs of $0.00004575 on March five SHIB jumped into the pinnacle 10 following this feat however has because retreated. SHIB is now the twelfth biggest cryptocurrency, with a market cap of $16 billion.
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Dogwifhat, a particularly new meme coin mounted in the Solana ecosystem in November of remaining year, has additionally acquired a lot of interest all through the latest meme token rate surge. Dogwifhat (WIF), the 0.33 greatest meme token by means of market capitalization, reached an all-time excessive of $4.85 on March 31. Meme currencies are distinctly risky and are recognized for their lack of fundamentals.
This makes them prone to surprising and unanticipated fluctuations prompted by way of random occasions such as tweets, unrelated information and the market strikes of different coins. Unlike different meme coins, dog-themed cryptocurrencies such as Dogecoin and Shiba Inu have consistently expanded on fundamentals thru the launch of a range of innovations, offering utility and as a result relinquishing their "meme coin" status.
