For meme-based digital currencies, such as Dogecoin (DOGE) and Shiba Inu (SHIB), 2021 has been a good year. DOGE’s market capitalization has risen by 4,375.9% YTD to $22.8 billion. Based on the market cap, this makes it the largest meme-based crypto asset. The next largest meme-based crypto asset by market cap is SHIB. This asset has risen by a phenomenal 46,960,505.7% against the US dollar YTD.
The rise of these crypto-assets has also inspired the rise of other meme-based crypto assets. Dogelon mars (ELON), with a market cap of $591 million, is now the fifth-largest. The sixth-largest is baby dogecoin (BABYDOGE), with a market cap of $258 million.
Trends in 2021
In 2021, DOGE and SHIB also led to the rise of ‘dog’ and ‘Shiba Inu-breed’ coins. In addition, there are many other tokens with these names. Despite all these new coins, DOGE and SHIB dominate the market with a commanding 85.28% market share of the meme crypto economy.
Recently, in the past week, many meme coins rose by double and triple-digit gains. The WSB token witnessed a 177.5% rise. Solana’s kitty coin (KITTY) experienced a 117.9% jump, while JEJUDOGE rose 112% and WOOFY by 47%. Other meme coins – SHIBX was up 37.2%, SMUG was up 24% and SPELL rose by 23%.
Dominance of DOGE and SHIB
However, despite the slew of meme-based crypto assets in the market now, DOGE and SHIB are still ahead of the rest by a large margin. These two meme coins have significantly larger market caps and command larger trade volumes. They also command a much higher level of acceptance.
These top meme coins – DOGE and SHIB are also leveraged on several exchanges. Besides, merchant processors such as Bitpay support these coins. Other than DOGE and SHIB, the other meme coins taken together account for only 0.296% of the total $2.32 trillion crypto economy.