When the market value of cryptocurrencies exploded in 2021, memes were one of the most popular trends. With the bear market storm of 2022, many cryptocurrencies, including leading memes such as Doge and Shiba, have lost most of their value
When the market value of cryptocurrencies exploded in 2021, memes were one of the most popular trends. With the bear market storm of 2022, many cryptocurrencies, including leading memes such as Doge and Shiba, have lost most of their value.
Although the number of PEPE may seem large, at its peak in 2021, these two leading dog themed memes were far ahead of the competition. According to Santiment's data, the 24-hour trading volume of DOGE and SHIB reached approximately $70 billion and $40 billion respectively.
Although PEPE may still have greater growth potential, Santiment believes that the "liquidity and retail participation market" of internet memes is much lower than the top two memes.
In addition, according to Santiment, one of the main reasons behind this year's decline is the collapse of some well-known cryptocurrency related companies - FTX, 3AC, Voyager, and even some affiliated banks.
Santiment wrote that despite a large-scale social rebound in PEPE, "in terms of mainstream media coverage, meme coins" still lag far behind DOGE and SHIB.
According to CoinMarketCap data, the total market value of memecoins is currently $17.26 billion, with a daily trading volume of $1.1 billion. In this statistics, the total market value of over $15 billion belongs to DOGE and SHIB.
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