Memecoin economy grows 24%, although profits are slower than most cryptocurrencies – Bitcoin News

While many crypto assets have appreciated in value over the last month, meme-based crypto assets also rose against the U.S. dollar. 53 days ago he said on June 21st that the top memecoin by market valuation was once worth $14.5 billion, and since then the memecoin economy has grown by 24.82% of his I hit a billion dollars.

Memecoin Advances Against US Dollar, Hoge Finance and Baby Doge Lead the Pack

The value of meme-based tokens has risen since the recent crypto economic downturn. While the rally has been beneficial, meme-based crypto tokens have not recovered in value in the way that the majority of cryptocurrencies have experienced in the past few weeks. Up 17.9%, Bitcoin (BTC) up 20.7% and Ethereum (ETH) up 78.5%.

Memecoin economy grows 24%, although profits are slower than most crypto assets
DOGE/USD chart on August 13, 2022.

Dogecoin is still the king of all meme coins with the largest market capitalization today, around $9.7 billion. Over the past 24 hours, DOGE has gained 5% against the US dollar and 1% against BTC. In terms of global trade volume, on the final day he had a DOGE swap worth $450 million. The top five pairs traded against DOGE include USDT, USD, BUSD, BTC and KRW, while Tether (USDT) accounts for over 57% of all Dogecoin trades.

Memecoin economy grows 24%, although profits are slower than most crypto assets
SHIB/USD chart on August 13, 2022.

The second largest meme coin by market capitalization is Shiba Inu (SHIB), valued at $7.42 billion as of August 13th. SHIB outperformed DOGE last month, as 30-day statistics show that SHIB increased his 19.4%. Year-to-date, SHIB is up 64% in value compared to his August 2021 recorded price. SHIB’s top five trading pairs include USDT, USD, BUSD, TRY, and USDC, while Tether (USDT) accounts for over 66% of all his SHIB swaps.

Memecoin economy grows 24%, although profits are slower than most crypto assets
BABYDOGE/USDT chart on August 13, 2022.

Meanwhile, Baby Doge Coin (BABYDOGE), the third largest meme coin asset, posted a bigger profit last month than DOGE and SHIB. BABYDOGE has gained 21.4% against the US dollar over the past 30 days. His BABYDOGE market cap today is much smaller than the top two memecoin asset leaders, as it remains on track at $245 million on August 13th. USDT dominates his BABYDOGE trading pair by 77.38%, followed by USDC, BUSD and TRX.

Last week, five meme coin assets exceeded 45%: hoge finance (HOGE), hot doge (HOTDOGE), dogebonk (DOBO), spooky shiba (SPKY), and moon cat (CAT). Last week’s biggest memecoin losers included Chihuahua Chain (HUAHUA), Kittycoin Solana (KITTY), Catecoin (CATE), Light Doge (LDOGE) and Puri (PULI). These five meme coin assets have lost between 13.6% and 33.9% over the past seven days. HOGE was the leader this week, up 71.2%. Meanwhile, the biggest meme coin loser, his HUAHUA lost 33.9% of his value.

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What do you think about the performance of the top meme coin market? Let us know your thoughts on the matter in the comments section below.

Jamie Redman

Jamie Redman is a news lead for News and a financial technology journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 5,700 articles for News about disruptive protocols currently emerging.

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