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.
Meme-Based Crypto Economy Taps $46 Billion in 2021
It’s been a good year for meme-based crypto assets like dogecoin (DOGE), the OG of meme-based assets, which has seen its market valuation swell by 4,375.9% year-to-date (YTD). Dogecoin is the largest meme-based crypto asset in terms of market capitalization as it commands a valuation of around $22.8 billion on Sunday, December 19. The second-largest meme coin, in terms of market capitalization, is shiba inu (SHIB). The crypto asset SHIB has gained a whopping 46,960,505.7% against the U.S. dollar YTD.
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 inspired a great number of “dog” or “shiba inu-breed” coins in 2021 as well, as there are dozens of tokens with these names. Despite the massive amount of meme-based assets in 2021, DOGE and SHIB are the most dominant by capturing 85.28% of the meme 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 meme-coins in existence today, DOGE and SHIB are still leaders of the pack by a long shot. The two have much larger market capitalizations, a lot more trade volume, and a level of acceptance beyond the meme asset below them. For instance, DOGE and SHIB are leveraged on a large swathe of exchanges, and merchant processors like Bitpay support both coins. Besides dogecoin and shiba inu, the six billion nine hundred million dollar meme coin economy below them only represents 0.296% of the entire $2.32 trillion crypto economy.
What do you think about the fact that dogecoin and shiba inu command more than 85% of the meme-based crypto-asset economy worth $46.9 billion today? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 4,900 articles for Bitcoin.com News about the disruptive protocols emerging today.
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