The amount of meme coins created in the past year has exploded upwards. Here are some interesting meme coin statistics to help you understand this space. These may not be the most reliable crypto investments such as buying Bitcoin or buying Ethereum, but they can provide huge gains if you time the market right.
Here are some of the most notable meme coin statistics gathered on the 19th November and covered in this article:
- There are 257 memecoins which cumulatively make up 2.2% of the total cryptocurrency market cap. (CoinMarketCap)
- Dogecoin has 53% dominance of the meme coin market and Shiba Inu has 44% (CoinMarketCap)
- Shiba Inu’s market cap temporarily flipped Dogecoin’s earlier in November (Kraken Intelligence)
- The search terms ‘Dogecoin’ and ‘DOGE’ have a combined global search volume of 15.4 million per month (Ahrefs)
- SHIB’s year to date (YTD) gains are 4440999900%! (CoinMarketCap)
Why the meme coin space suddenly exploded
This is as a result of Elon Musk. Elon started to say positive things about Dogecoin at the end of 2020. He was trolling Bitcoin and caused novelty Dogecoin to soar according to Fortune.
To clarify Dogecoin started as a joke. The development team that created it abandoned the project and never did any updates. However Elon has turned things around for Dogecoin. He has assembled the original team that created it to work on it again. Elon stated on his twitter account that he is “working with Doge devs to improve system transaction efficiency.”
Meme coin statistics
As of the 19th November 2021 CoinMarketCap lists a total of 257 memecoins. Their total market cap is $56,162,600,263 which is a small 2.22% of the total crypto market cap of $2,530,234,986,273. Their trading volume is $6,302,259,989.
Images sourced from CoinMarketCap
The top 5 meme coins by market cap are:
- Shiba Inu,
- Dogelon Mars,
- Samoyedcoin and
- Hoge Finance.
However it is mostly Dogecoin and Shiba Inu that have the largest market caps. In fact the size of their market caps dwarf the rest of the meme coin market.
As you can expect both Dogecoin and Shiba Inu are the most searched meme coins in Google. Both the full name and the ticker symbol of the top 5 coins were inputted in the search.
Sourced from Ahrefs
Dogecoin and DOGE has a combined global search volume of 15.4 million per month. On the other hand Shiba Inu and SHIB global searches amount to 3.1 million searches per month. The other top 5 meme coins also have a lot of search volume. However they do not have as much. Hoge Finance and HOGE have a combined global search volume of 55k. Dogelon Mars has 16k global search volume and SAMO has 42k.
DOGE has had 3877% percentage gain since this time last year.
Sourced by CoinMarketCap
This is certainly nowhere near Bitcoin’s YTD value of 94%.
The total market cap of the top 10 cryptocurrencies is $2,023,116,667,251. Dogecoin is a 1% portion of the total market cap. For a long time in the past, DOGE was nowhere near the top 10. However it has climbed up a lot of positions to beat most other cryptocurrency market caps.
According to BitInfoCharts, in the last 24 hours there were 21,861 transactions that transferred 13,457,751,118 DOGE. Moreover the average transaction value was 615,605 DOGE which is equivalent to $144,490.
Shiba Inu Coin Stats
Sourced by CoinMarketCap
Shiba Inu’s is the 11th cryptocurrency with the largest market cap. That is to say it is just after Dogecoin.
However according to Kraken Intelligence even though Dogecoin has a larger market cap, Shiba Inu temporarily flipped it. This happened at the beginning of November after Shiba Inu had a large parabolic rise.
Shiba Inu was also one of the top 10 projects that burned Ether. It took out $27 million on its own which is 3.4% of the total of all the top 10 Ether burning projects.
SHIB’s YTD value does not seem to be working on CoinMarketCap.
On the 19th November 2020 each Shiba Inu coin was worth $0.000000000001. However since April and May this year it has dramatically increased in value. Currently it is worth $0.00004441. The gains made by SHIB are an astounding 4440999900%. Perhaps this is why the CoinMarketCap value is not working. It cannot fit such a long numerical value in the table.
To put that in perspective if you had invested $100 and bought SHIB you could have redeemed $4,441,000,000. However this is not factoring in any exchange fees which would have reduced the amount. Regardless you would have still made billions of dollars in gain.
Other meme coin statistics
Dogelon Mars or ELON named after Elon Musk was released in April this year. It started out at $0.00000004281 and is now worth $0.000001622 per coin. That’s a gain of 3689% which is almost as good as Dogecoin’s YTD gains.
Samoyedcoin started out in May and at $0.0191 and is now priced at $0.1025. That is a gain of 437%. To conclude Hodge Finance started at $0.0000008317 now it is priced at $0.0003802. That is a gain of 45614%.