Economy Of Meme Coins Thrived With Over $1.4 Billion Gains
Small Changes Big Impact
Before FTX’s collapse, the meme coin economy suffered a massive market cap shrinking, which was otherwise resting at over $18 Billion.
On 9th November, Dogecoin (DOGE) (the biggest meme coin by market cap) alone saw its value decline by 16.5% according to coingecko.com.
The shrinking of the meme coin market cap also adversely impacted the second-largest meme coin Shiba Inu (SHIB) on the same day. Consequently, SHIB saw its value decline with a percentage of 10.8 on that day.
Similarly, Baby Doge (BABYDOGE), which comes at number three in the meme coin economy, was ripped off by 14.2% in terms of value. Since then meme coin economy has been trying to recover the losses.
Recovery Process Initiated
The good thing is that the recovery process has been undergoing and by 9th December 2022, the meme coin economy has recovered $1.4 Billion.
According to Coingecko.com as of 9th December 2022, the data shows the meme coin market cap is above $19.4.
This further shows that in the past 30 days, the meme coin economy has surged by no less than 7.77%.
For the past 30 days, DOGE showed phenomenal resistance against the USD because its value rose as high as 29.4%. Similarly, in the past two weeks alone, DOGE’s economy surged by approximately 7.8%.
On 9th November, DOGE’s market cap fell as low as $11.63 but as of 9th December, the same is hovering above $13.30 Billion.
For Dogecoin, the biggest savior is none other than Elon Musk and Twitter. After a long battle between Musk and Twitter’s former CEO, the social media giant was acquired by the billionaire.
With Twitter coming under Musk’s possession, the entire DOGE community is hopeful he will integrate the meme coin into Twitter 2.0.
Even the very thought of such integration has the investors all excited and they are investing heavily in the meme coin. This is the reason why DOGE is no longer hovering in the bottom-price territory.
No Contribution into the Economy by SHIB
In contrast to DOGE, SHIB however failed in making any notable contribution to the expansion of the meme coin economy.
This was so because SHIB’s last thirty days’ performance indicates that SHIB’s economy did not acquire any prominent gains. Instead, the gains were limited to 5.9% only and 0.3% in the past two weeks.
However, BABYDOGE did make some promising gains as the past 30 days’ performance allowed the meme coin to surge by at least 13%.
Other Meme Coins’ Contribution
Another meme coin, which has been named after Twitter’s owner, Elon Musk, i.e. dogelon mars (ELON) saw its value swell by $40.2.
Floki (FLOKI) which is a part of the meme coin economy did in fact contribute to the betterment of the meme coin economy in the past thirty days.
Floki contributed by surging 30.6% from 9th November till 9th December. While Kishu Inu (KISHU) gains were not more than 8.5% during the same time period.
If one looks at the top-10 leading meme coins then the person would find DOGE still leading the economy. SHIB is at number two while ELON and BABYDOGE are securing third and fourth places respectively.
Turkey Interest in DOGE
It has been now over a year that the global market is in the slump and has been unable to recover to date.
However, this does not mean at all that the world’s interest in cryptocurrencies has ended.
A survey, conducted by CryptoManiaks, suggests that many countries in the world still have a hunger for crypto. Amongst them at the top are Netherlands and Turkey.
The survey also takes notice that in Turkey, for instance, crypto investors’ interest has shifted towards the leading meme coin, DOGE.
CryptoManiaks presents stats that suggest that people in Turkey are searching for DOGE more than 2 million times against Ethereum.
This shows that Turkish people are more interested in DOGE than either Ethereum or Bitcoin and let alone any other cryptocurrency.