The meme coins have had what can be said to be an amazing year so far. What started with Elon Musk shilling Dogecoin on Twitter has bloomed into a billion-dollar space. Meme coin after meme coin had followed Dogecoin and a good percentage of them had found favor in the market such as Shiba Inu and SafeMoon.
The success of the meme coins had inevitably seen some of them break into the crypto top 10. Although nowhere near the top projects in terms of individual prices, the large supply of the digital assets saw their market cap climb rapidly, rivaling some of the best projects in the space. After Dogecoin made it into the top 10 cryptocurrencies by market cap, it was open season on meme coins.
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However, with the recent market downtrend, the meme coins have been suffering particularly, leading their market caps to suffer in its wake. Following this, the crypto top 10 was purged of all meme coins.
Meme Coin Lose Footing In Top 10
Dogecoin is arguably the most popular and valuable of all of the meme coins. This is why a beat down for the asset can often represent dark times for the rest of the meme coin space.
Dogecoin had first made it into the top 10 largest cryptocurrencies by market cap in January after a tremendous run off the back of Elon Musk’s continuous support for the altcoin. Since then, the meme coin had moved up and down on the list, peaking at fourth place after deposing ADA and BNB for the spot. Doge did not stay long on this post but it was nonetheless a significant milestone for the asset.
Doge price recovers to $0.17 | Source: DOGEUSD on TradingView.com
Following hot on the heels of Dogecoin’s success was rival Shiba Inu. The meme coin which had been created to be the “Doge killer” had found tremendous success when Ethereum founder Vitalik Buterin had donated about $1 billion worth of SHIB to an Indian COVID relief fund.
SHIB had also gone on to rally towards new highs that saw it break into the top 10 alongside Dogecoin. At one point even beating out its predecessor to peak at eighth place on the chart. However, market conditions had not been favorable to the coin as it fell out of the top 10 shortly after.
Struggling In The Market
The recent market crash had seen pioneer cryptocurrency bitcoin drop to $54K. It had inadvertently pulled the rest of the market with it as altcoins suffered massive losses. Dogecoin and Shiba Inu were not left out as both altcoins saw one of their reddest days. By the time the market crash had come and gone, both meme coins had lost enough to fall out of the crypto top 10.
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This marks the first time in almost a year that the market has not had a meme coin in the top 10. With the break of Shiba Inu into the top 10, one or both coins always maintained a position in the list.
This may be the dawn of a new era as other projects with much better prospects and use cases take over the top 10. One of these projects is Terra (LUNA), whose tremendous weekend run had seen it clench the 10th spot on the list.
Featured image from Outlook India, chart from TradingView.com