The crypto markets are enormous, and the wildest part of them is the meme tokens. While most value-based investors avoid them due to the risks involved, there is a massive audience for the same. This shows with the recent rise in the price of Bitcoin as the market has become a little bullish. In the last 2 weeks, the meme tokens market cap increased by 14%. And here we are, considering the top 10 meme coins, with the top two being Dogecoin and Shiba Inu.
The Meme Coin market
In December, we started with a downtrend, and the crypto markets corrected quite a bit. And with this, the meme coins also took a hit. It was down to $47 billion on 5th December. But the market has risen since then, and now the meme tokens market cap has increased to $54.1. billion. In the past 7 days, Dogecoin has increased by 9.6%, and Shiba Inu saw a 21% spike. This has brought the meme coin investors out of their den again.
The other tokens in the top 10 meme coin list are Magic Internet Money, Spell Token, Dogelon Mars, Baby DogeCoin, Samoyedcoin, CateCoin, Hoge Finance, DogeBonk. Apart from Samoyedcoin and Hoge Finance, all of them increased in the past 7 days. In fact, Dogelon Mars saw a 51.7% gain while Spell Tokem jumped by 31.5%.
The important thing to note
If you take a look at the top 10 meme tokens in the market closely, then it is evident that apart from a few, all of them are either Doge or Shiba Inu based. And it is simple to understand why. Dogecoin and Shiba Inu command a market dominance of 83% combined. So, it does make sense for creators to capitalize on the hype surrounding these tokens. We can easily find hundreds of such tokens being listed on CoinMarketCap every day.
So, it is best to stay away from such tokens. Dogecoin and Shiba Inu aren’t 100% sound investments either, but at least they have a large community and support from developers. Most meme coins have anonymous devs and backing, which makes it even more difficult to trust them.
What are your thoughts as the meme tokens market cap increased by 14% in the past 2 weeks? And do you think investing in them is a sound choice? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Crypto miners to halt operations in Iran temporarily to prevent blackouts.
