LUCKNOW (CoinChapter.com) — Memecoins, cryptocurrencies inspired by online memes, have recently gained much popularity. Despite originating from memes, these meme-inspired cryptocurrencies have seen serious investment interest. While these coins have amusing names and logos, they are backed by blockchain technology and strong community engagement.
As memecoins continue gaining attention in the crypto space, prices, and market caps for many have skyrocketed. Today, the overall market cap of memecoins stands at around $15 billion. These five memecoins have emerged as the top performers in 2023 so far:
1. Dogecoin (DOGE)
Dogecoin was created by two engineers, Billy Markus and Jackson Palmer, in 2013. This memecoin started as a parody of an internet meme featuring a Shiba Inu dog. However, it ultimately emerged as a legitimate cryptocurrency, capable of competing with the major cryptocurrencies such as Bitcoin and Ethereum.
Dogecoin went viral and exploded by 23,000% when high-profile figures like Elon Musk and Mark Cuban supported this memecoin. This memecoin now has a market capitalization of over $11 billion, with its price holding more than 15 times higher than January 2023.
Factors such as Dogecoin’s expanding real-world utility for payments, including at AMC theaters, Dallas Mavericks games, and with leading crypto payment processor BitPay, contributed to its recent surge. High-profile collaborations, like sponsoring SpaceX’s 2023 DOGE-1 moon mission, also boosted Dogecoin.
Its recent activity shows Dogecoin has risen 1.72% over the past week. It is currently trading at $0.095. With a circulating supply of 142 billion DOGE, Dogecoin’s market capitalization is $13 billion.
2. Shiba Inu Coin (SHIB)
Inspired by Dogecoin, an anonymous developer, Ryoshi created the Shiba Inu coin in 2020. Its community “ShibArmy” calls it “Dogecoin killer.” Shiba Inu Coin quickly gained momentum when high-profile personalities like Elon Musk supported this memecoin.
Built on Ethereum, Shiba Inu has an ecosystem of tokens and products, including LEASH, BONE, ShibaSwap exchange, NFTs, a metaverse, and a new layer-2 Shibarium scaling solution.
The initial price of Shiba Inu after launch was $0.00000000008165. It rose to an all-time high of $0.00008845 just over a year later – turning early backers into instant millionaires with 108,328,000% gains.
Shiba Inu crashed in 2022 amid the broader crypto bearish market. However, this memecoin recovered moderately since the beginning of 2023.
Current prices are around four times their June 2023 lows, reflecting renewed optimism. With a market cap of over $6 billion, Shiba Inu retains top dog (or doge) memecoin status.
The current price of Shiba Inu is $0.00001070, up by 7.3% compared to its price a week ago. The market cap of SHIB stands at $6,316,974,324, with a circulating supply of 589,300,637,832,960 SHIB.
3. Pepe (PEPE)
Then there comes the social media sensation PepeCoin (PEPE). Inspired by the iconic “Pepe the Frog” internet meme, PEPE achieved a $1 billion+ market cap within months as exchanges like Binance and Huobi rushed to list it. Its grassroots, community-driven approach made it one of 2023’s most organically hyped cryptos.
PEPE has rapidly ascended into the market cap top 200 since its launch in mid-April 2023. After reaching peak prices 45 times higher than its debut, PEPE currently sits 28 times above launch.
Community-building stands at the core of Pepe Coin’s vision. PEPE strategically avoided allocating tokens to venture capitalists, giving users and liquidity providers majority control. This grassroots approach paid off with one of 2023’s most organically viral cryptocurrency projects.
Currently, Pepe Coin has a circulating supply topping 391 trillion tokens, with the majority locked securely in liquidity pools. After launching at a tiny $0.0000000001 in April, PEPE exceeded $1.3 billion in market valuation by December – cementing its status as one of the top memecoin performers in 2023.
With the price rising by 10.8% from a week ago, the Pepe coin is currently trading at $0.000001385.
4. Floki Inu (FLOKI)
Another dog-themed memecoin, Floki Inu (FLOKI), came onto the crypto scene in 2021. But unlike some hype-fueled projects, the Floki ecosystem has showcased some real utility to engage its community.
Floki Inu gained global exposure from some Major sports partnerships. It partnered with ITTF World Table Tennis (WTT) and top-flight Italian club SSC Napoli and sponsored heavyweight boxing champion Tyson Fury. These high-profile endorsements brought this memecoin into the mainstream crypto world.
After declining with most other cryptos in 2022, Floki Inu has staged a strong rebound in recent months of its significant community backing. As of mid-December 2023, FLOKI memecoin price sits over 140 times above its mid-June lows.
On the performance front, Floki Inu gained nearly 14% over the past 30 days. At the time of this writing, Floki Inu is trading at $0.00003720. The current price of this meme coin has risen by 5.32% and 2.68% compared to its price 24 hours ago and a week ago, respectively.
5. Bonk
Bonk, a meme coin built on the Solana blockchain, has gained significant traction within the Solana ecosystem. The cryptocurrency facilitates NFT payments and utilizes token “burns” for NFT-related events.
Notably, Bonk is managed by a decentralized team of 22 contributors rather than a single leader, focusing on expanding decentralized apps and NFTs on Solana. This grassroots, community-driven approach has accelerated Bonk’s adoption as a utility token and medium of exchange among Solana users and developers.
Bonk’s current market capitalization now places it as one of the top 50 cryptocurrencies. This memecoin exhibited over 3,000% price growth since October 2023, off rising investor intrigue.
Currently, BONK is trading at $0.00001857, down by 2.33% from a day ago and 4.26% from a week ago. With a circulating supply of 60,837,624,528,359 BONK, the current market cap stands at $1,134,800,257.
What’s Next for Memecoins?
Beginners interested in Memecoin should beware of tokens aiming to get rich quickly from internet jokes and hype alone. As we’ve seen, projects with tailored appeal, intrinsic incentives, and real-world integrations have the best chances of securing lasting value.
The top memecoins have evolved with tailored branding, motivations, and economics that engage communities. With barriers to crypto participation lowering each year, expect money and creativity to keep pouring into this sector. We could one day sooner than you think – buy stadium beers, movie tickets, and more with Dogecoin or Tamadoge.
For risk-tolerant investors, memecoins offer almost peerless wealth creation potential. Their connection to crowds and digital culture can ignite exponential growth rivaling any crypto asset. As global internet connectivity spreads, the opportunities for clever memecoins with identifiable branding and appeals seem endless.
