Top 3 meme coins by market cap

Highlights

• Cryptos are divided into different categories for a proper understanding of how each project works
• Under the meme category, CoinMarketCap has listed over 300 crypto assets, topped by Dogecoin
• Meme cryptocurrencies have lost substantial value this year, with Shiba Inu down more than 70%

Which is the best asset in the cryptoverse? The answer to this question is debatable. First, not all cryptocurrencies fall under the same category. Bitcoin was only the beginning, which served as a precursor for the launch of altcoins.

Altcoins can be either blockchain network tokens like ETH or metaverse cryptos like MANA or meme coins like DOGE and so on. An asset in any of these sub-categories can gain or lose value in a manner that does not mirror the wider cryptoverse trend. Even large-cap cryptos like Bitcoin and ETH can manifest price volatility and so can mid and small caps. By this measure, no single cryptocurrency can be termed as the ‘best’.

One way to weigh the dominance of any asset can be its market cap. Even though Bitcoin rules overall in this respect, the ranking differs in every sub-category. Below are the top three meme cryptos by market cap.

1. Dogecoin (DOGE)

Dogecoin is best known as the cryptocurrency that seemingly has the backing of the world’s wealthiest person. Elon Musk has talked about Dogecoin in a number of tweets. Dogecoin was also declared by Tesla as an asset that can be used to buy the company’s merchandise.

In the meme category, Dogecoin leads by a sizeable margin. It has a market cap of nearly US$9 billion, as of writing. Dogecoin also leads in terms of the trading volume. Musk recently favoured DOGE as the token to be used within Twitter’s rewards ecosystem. According to some, meme tokens might one day be used to reward users for their content on platforms like Reddit, and Twitter.

On a year-to-date (YTD) basis, Dogecoin is down almost 60%.

Also read: Top 3 metaverse cryptos by market cap: AXS no longer on list

2. Shiba Inu (SHIB)

Similar to how Bitcoin gave birth to altcoins, Dogecoin served as an inspiration for new meme tokens. Shiba Inu is by far the most popular meme crypto to have rivalled Dogecoin.

Shiba Inu’s market cap is nearly US$5.5 billion, as of writing. SHIB’s trading volume is often compared with that of DOGE. But in terms of price, SHIB has a very low price per token. It is one of the cheapest cryptos in the top 100 list of cryptocurrencies across all categories.

According to some reports, SHIB was the most popular cryptocurrency last year. It is also being reported that the ecosystem can soon include a metaverse and a stablecoin. The former can help it compete with tokens like MANA, while the latter can pit it against stablecoins like Tether.

Data provided by CoinMarketCap.com

3. Dogelon Mars (ELON)

Meme cryptos usually start with a joke with no focus on their wider utility. Dogelon Mars is largely based on the same concept.

Dogelon Mars is also the newest meme crypto among the three. A major bull rally was noticed in the price of the crypto in October last year. In terms of name, the project borrows from Dogecoin, and Elon Musk. The segment Mars refers to the journey to the Mars, also suggesting that the price of Dogelon Mars can one day rise in the same manner.

As of writing, the token with ticker ELON has a market cap of nearly US$200 million.

Bottom line

Only two cryptos, DOGE and SHIB, can be said to be ruling the meme coin space. This year has been very dull for cryptos across all categories. This might be why DOGE and SHIB have held onto their leading positions with no major competition from new launches.

Also read: NFT corner: What makes Funko Digital Pop! and Phanta Bear NFTs unique?

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