SHIB, PEPE, and DOGE – Despite having no practical use, meme currencies are nevertheless in high demand, particularly from followers in the US, India, and the UK, according to a CoinGecko report published on May 3.
From Viral Sensation to Market Influence: Understanding the Phenomenon of Riding the Meme Rally
The United States had the highest percentage of users that viewed hot meme coins worldwide, according to CoinGecko, a currency monitoring and analytics company.
Countries Most Interested in Meme Coins
1. United States 🇺🇸
2. India 🇮🇳
3. United Kingdom 🇬🇧
4. Phillipines 🇵🇭
5. Nigeria 🇳🇬
6. Australia 🇦🇺
7. New Zealand 🇳🇿
8. Canada 🇨🇦
9. Malaysia 🇲🇾
10. Morocco 🇲🇦Advertisement
— CoinGecko (@coingecko) May 3, 2023
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The top-ranked nation for meme fans was the United States, with a share of 23.6% and nearly two million views directed to the top-15 meme coins. Nigeria, the Philippines, the UK, and India made up the top 5, with India taking second place with 20.3% of total views.
Following Dogecoin’s (DOGE) success in 2020, when Elon Musk’s backing gave the cryptocurrency an advantage, the coin soared to as high as $0.75 during the most recent crypto bull run. One of the wealthiest billionaires in the entire planet is Musk. Twitter is a social networking website that he also owns.
DOGE is the father of all Meme coins
Shiba Inu, or SHIB, climbed to record highs in the most recent bull cycle, further piquing interest in meme currencies, and the wild success of DOGE inspired the production of other meme coins ducha.
There have been dozens, if not hundreds, of meme coins during the previous few months. But as of May 2023, DOGE, Shiba Inu (SHIB), Pepe (PEPE), Baby DogeCoin (BABYDOGE), FLOKI (FLOKI), and other cryptocurrencies are well-liked and have market caps of tens, hundreds, and occasionally even billions of dollars.
Historical data suggests that the quick growth of meme coins may be the reason why consumers are still betting on these commodities.
For instance, the mid-April token PEPE, which is currently trading at $ 0.000000055142 and up 1,833.71% in 16 days, is an example. However, Solana-based BONK has increased by 582% over the past four months.
Their astronomical valuation is supported by a number of factors.
For instance, the developers of Bonk, a meme token with a market cap of over $25 million, claimed that they developed the token because they “were tired of toxic “Alameda” tokenomics.” The trading division of FTX, a closed exchange, was called Alameda. FTX and Alameda supported Solana.
SHIB: The Viral Meme Token Taking the Cryptocurrency World by Storm
Shiba Inu has a share of 60.7% of all views, making it the most popular meme coin in the United States, according to CoinGecko. With 11.8% of total views, PEPE. Bonk and Volt Inu are two other well-liked tokens.
Shiba Inus and Baby Doge Coins, meantime, attracted increasing attention in India.
In the Philippines and the United Kingdom, Shiba Inus were likewise more well-liked. However, PEPE, Bonk, and Baby Doge Coin received a fair amount of interest.
In Nigeria, where Floki, ArbDoge AI, and Dogelon Mars are well-liked, interest seemed to splinter. This observation would indicate that enthusiasts in the biggest economy in Africa aren’t copying, but rather intently watching lesser-known meme coins.
Dogecoin had a solid liquidity position despite only being widely used in Morocco.
Canadians were curious to learn more about PEPE at the same time.
Oklo Adiga
My name is Oklo Adiga and I am a blogger that loves writing. I am ambitious and driven, I thrive on challenges and constantly set goals for myself. Always feel free to reach out to me if you have any questions or if you just want to connect.