Meme Coins in 2023: Drops $3 Billion in Value and What They Mean

Dogecoin and Shiba Inu: Big Drops

Meme coins, like Dogecoin and Shiba Inu, lost a lot of value in 2023. Dogecoin started the year worth $10.83 billion. Now, it’s worth $8.37 billion. That’s a drop of $2.46 billion. Even with this drop, Dogecoin is still a big part of the meme coin world. Shiba Inu also lost value, dropping by about $1.22 billion since January.

Data reveals that the meme coin market has diminished by over $3 billion in value since the dawn of 2023.

Pepe: A Bright Spot

While many meme coins lost value, Pepe (PEPE) did well. It added $284 million to its value. Now, it’s the third most valuable meme coin.

Changes in the Meme Coin World

Nine months ago, all meme coins together were worth $16.9 billion. Now, they are worth $13.7 billion. That’s a drop of 18.93%. Some coins, like Dogelon Mars (ELON), lost a lot of their value. But Pepe, which came out in April 2023, did well at first and then lost some value.

Trading and How Coins Did

Of all the money spent on crypto, only a small part was spent on meme coins. On October 15, 2023, meme coins made up 1.824% of all crypto trades. Some meme coins did well, like arbdoge ai and kishu inu. Others, like meta doge and mog coin, did not do well.

What’s Next for Meme Coins?

Meme coins can be risky. Some do well, and others do not. It’s hard to say what will happen next, but it’s always interesting to watch.