The end of 2021 is approaching and the market capitalization of meme-based digital currencies like dogecoin and shiba inu has been extremely prominent this year. In fact, the $46.9 billion worth of meme crypto-assets represents 2% of the $2.32 trillion crypto economy. Dogecoin and shiba inu alone capture roughly 85.28% of the meme crypto market valuation today.
Meme-Based Crypto Economy Taps $46 Billion in 2021
It’s been a good year for meme-based crypto assets like dogecoin (DOGE), the OG of meme-based assets, which has seen its market valuation swell by 4,375.9% year-to-date (YTD). Dogecoin is the largest meme-based crypto asset in terms of market capitalization as it commands a valuation of around $22.8 billion on Sunday, December 19. The second-largest meme coin, in terms of market capitalization, is shiba inu (SHIB). The crypto asset SHIB has gained a whopping 46,960,505.7% against the U.S. dollar YTD.
Both of these coins have inspired other meme-based crypto assets to thrive. Dogelon mars (ELON) has become the fifth-largest meme crypto market valuation with $591 million, and baby doge coin (BABYDOGE) has a $258 million market cap and holds the sixth-largest position today.
Dogecoin and shiba inu inspired a great number of “dog” or “shiba inu-breed” coins in 2021 as well, as there are dozens of tokens with these names. Despite the massive amount of meme-based assets in 2021, DOGE and SHIB are the most dominant by capturing 85.28% of the meme crypto economy.
