Meme coins have been on a tear over the past month, increasing by $6.7 billion and 39.18% since Nov. 8. While bonk (BONK) led the pack this past week, rising 153% against the U.S. dollar, several other meme coins like dogecoin, shiba inu, and pepe recorded double-digit gains.
Explosive Growth in Meme Coin Sector as Market Cap Hits $23.8 Billion
The meme coin economy is currently valued at $23.8 billion, up $6.7 billion from the $17.1 billion mark recorded 30 days ago. Nine out of the top ten meme tokens have witnessed double-digit gains over the past week.
The top two leaders, in terms of market valuation, DOGE and SHIB, jumped 19.1% to 21.5%, respectively. The third-largest, pepe (Pepe), rose 43.5% against the greenback over the past week.
BONK is up 153%, while FLOKI increased by 24.2% this week. MEME saw a 34.3% gain, and BABYDOGE has increased by 30.8%. CORGIAI was the only member of the top ten without double-digit gains, but it did rise 4.5% over the past seven days.
The tenth largest meme coin, dubbed “harrypotterobamasonic10inu,” rose by 31.9% against the U.S. dollar. Other notable gainers in the world of meme coins were DOG, TOSHI, HUAHUA, and NFD.
In fact, including BONK, a total of 11 meme-based crypto assets recorded triple-digit gains. A total of 53 meme coin assets recorded double-digit gains against the U.S. dollar.
The top meme coin, dogecoin (DOGE), has a market valuation of $14.12 billion, which equates to 59.32% of the entire meme coin economy. Shiba inu (SHIB) has a $5.97 billion market cap on Dec. 9, 2023, accounting for just over 25% of the meme coin market’s $23.8 billion.
What do you think about the gains meme coins have seen over the past week? Let us know what you think in the comments section below.