![]() Its logo featuring an adorable Shiba Inu puppy helped generate online traction during the hype.Īfter surpassing a $500 million market cap in the summer of 2021, Baby Doge Coin has retraced over 95% down to its current $200 million valuation. Seeking to combine animal cuteness with crypto mania, Baby Doge Coin (BABYDOGE) entered the meme coin arena in early 2021. The Floki ecosystem seems sustained mostly by diehard holders still believing in 1,000x potential despite extreme unlikelihood. With such thin connections to legitimate meme culture beyond its name, Floki seems unlikely to attract anything beyond niche interest. Unlike Dogecoin and Shiba Inu, Floki lacks any semblance of mainstream recognition. Launched in mid-2021, FLOKI ride the meme coin mania to a $500 million market cap before plummeting over 95% since then to its current valuation below $250 million. FLOKI was named after Elon Musk’s pet Shiba Inu, drawing loose associations with trendy Dogecoin culture. Floki - Crypto Meets Vikingsįloki (FLOKI) combines the current craze for crypto with the historical pop culture fascination with Vikings. Still, PEPE demonstrates meme coins' ability to monetize even the seediest internet subcultures. Its controversial roots also limit upside potential for mass adoption. With such beginnings, Pepe remains a micro-cap niche token generally unknown to the mainstream public. It currently sits at a valuation of $650 million. PEPE reached a market cap of over $80 million in early 2021 before declining in line with the broader crypto downturn. Despite this dark side, Pepe memes maintain a niche following.īirthed in late 2020, the PEPE token allowed trading the Pepe meme like a commodity. Pepe (PEPE) taps into the infamous Pepe the Frog internet meme that became controversial due to associations with alt-right groups online. The Dogecoin killer itself may end up being killed if it fails to evolve beyond hype. With most gains likely already had, SHIB faces long-term headwinds without broader infrastructure support. Unlike Dogecoin with its years of community building, Shiba Inu lacks real-world utility beyond speculative betting. Still, with a $4.5 billion market cap, SHIB remains the second largest meme coin ecosystem. SHIB has plunged over 90% from its all-time high to current prices around 0.0000078. ![]() By October 2021, SHIB skyrocketed a staggering 45,000,000% from inception before peaking.īut what goes parabolic must come down. Riding the coattails of Dogecoin mania, Shiba Inu (SHIB) burst onto the scene in late 2020 styling itself the "Dogecoin Killer" and touting even more extreme returns. ![]() ![]() Shiba Inu - The Self-Styled "Dogecoin Killer" Still, as the original meme coin, DOGE remains the most prominent example of the phenomenon. This signals fading momentum versus the hypervolatility of 2021. Recent Dogecoin price action has been muted, trading rangebound between 6 and 8 cents for months. However, its share of the total meme coin market cap has declined from over 60% to just 61% as newcomers erode its dominance. With a market cap exceeding $9.6 billion, Dogecoin maintains the largest valuation among meme coins. DOGE has since bled over 90% from its peak to current levels around 7 cents. The GameStop mania in early 2021 thrust Dogecoin into the spotlight, skyrocketing its price from under 1 cent to over 70 cents by May. Despite its parody origins, DOGE cultivated a lively community that drove up its value. Dogecoin - The First Meme CoinĬreated as a joke in 2013 combining the "doge" internet meme and Litecoin, Dogecoin (DOGE) is the OG meme coin. By exploring the top meme coins individually, we can better understand the forces driving this phenomenon. These digital assets gain value through viral hype rather than technical utility. Meme coins represent the intersection of internet culture and cryptocurrency.
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