Dogecoin and Shiba Inu dominate the meme token ecosystem

Dogecoin and Shiba Inu

TL; DR Breakdown

  • Dogecoin and Shiba Inu top the meme token ecosystem
  • The tokens have a combined 85.28% ownership among traders
  • More meme tokens are seeing an uptick in price

Over this year, the meme token industry witnessed a massive rise in value, with more traders opening up to the assets. According to a recent data analysis, Dogecoin, has witnessed a year-to-date figures touch above 4,000% to extend its lead at the top. The token boasts of $22.8 billion in terms of market cap. In its YTD, SHIB has grown, cementing 46,960,505% figure.

Dogecoin and Shiba Inu have a combined 85.28% ownership among users

The introduction of the tokens in the market has allowed other tokens in the meme ecosystem stake their claim for the top. A recent report claimed that Dogelon Mars, another meme-based token, has risen to claim fifth place with a market cap of $591 million. In the same vein, baby doge coin ranks sixth with a $250 million market capitalization.

The success that Dogecoin and Shiba Inu witnessed rubbed off most of these other tokens that entered the market since the start of the year. Although the meme token economy has now increased to accommodate more than enough coins, Dogecoin and Shiba Inu still boast the most ownerships among traders, with a figure of around 85.28%.

More meme tokens are seeing an uptick in price

Although the crypto market decline has affected Dogecoin and Shiba Inu, causing their values to deplete in the process, other tokens have been seeing great ownerships, thus increasing their prices. A few examples are WSB (177%), KITTY (117%) and SHIBX (37%).

Despite the assets showing a great surge last week, traders are still buying a larger portion of the top two meme tokens. Presently, Dogecoin and Shiba Inu boasts the most market cap, and other on-chain metrics in the market. Both tokens are still witnessing mainstream adoption amid some other companies adding them as payment options.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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