While a great number of crypto asset values have improved over the last month, meme-based crypto assets have also advanced against the U.S. dollar. 53 days ago on June 21, the top meme coins by market valuation were once worth $14.5 billion and since then, the meme coin economy has grown by 24.82%, tapping $18.1 billion on August 13.
Meme Coins Leads Against the US Dollar, Hog Finance and Baby Doge Lead the Pack
The meme-based token has seen a rise in value since the recent downturn of the crypto economy. While the growth has been beneficial, the meme-based crypto token has not seen the bounce back in value a large number of cryptocurrencies have experienced over the past few weeks. For comparison, Dogecoin (DOGE) is up 17.9% during the past 30 days, while Bitcoin (BTC) is up 20.7% and Ethereum (ETH) is up by 78.5%.
Dogecoin is still the king of all the meme coins with the largest market capitalization, which is roughly $9.7 billion today. DOGE has increased 5% against the U.S. dollar and 1% against BTC during the last 24 hours. In terms of global trade volume, $450 million worth of DOGE swaps took place during the last day. The top five pairs traded against DOGE include USDT, USD, BUSD, BTC, and KRW, while tether (USDT) commands more than 57% of all dogecoin trades.
The second largest meme coin by market cap is the Shiba Inu (SHIB) as of August 13 with a valuation of $7.42 billion. SHIB has seen better gains than DOGE during the last month, as 30 days data shows SHIB has grown by 19.4%. Year-on-year, SHIB has increased in value by 64% compared to the prices recorded in August 2021. SHIB has a touch less volume than DOGE with a turnover of $446 million during the last 24 hours. The top five trading pairs for SHIB include USDT, USD, BUSD, TRY and USDC, with Tether (USDT) occupying over 66% of all SHIB swaps.
Meanwhile, the third-largest meme coin asset, baby doge coin (BABYDOGE) has seen larger gains than DOGE and SHIB during the last month. BABYDOGE has increased 21.4% against the U.S. dollar during the last 30 days. The BABYDOGE market capitalization today is much smaller than the top two meme coin asset leaders as it is coasting along at $245 million on August 13. 24-hour BABYDOGE trade volume is also lower, at $5.1 million in trades during the last day. USDT dominates BABYDOGE trading pairs by 77.38% while USDC, BUSD, and TRX follow.
Five meme coins have gained more than 45% in assets during the past week, including Hodge Finance (HOGE), Hot Doge (HOTDOGE), Dogbonk (DOBO), Scary Shiba (SPKY), and Moon Cat (CAT). The biggest meme coin losers last week include Chihuahua Chen (Huahua), Kitty Coin Solana (Kitty), Catecoin (Kate), LiteDoge (LDOGE), and Puli (Puli). Those five Mem Coin assets have declined between 13.6% and 33.9% during the past seven days. HOGE was the leader this week, gaining 71.2%, while HUAHUA, the biggest meme coin loser, dropped 33.9% in value.
