TL;DR
Shiba Inu and Dogecoin lead the meme coin sector with substantial community bases, having millions of holders.
Assets of that type attract investors with their potential for rapid gains, though their inherent volatility also poses significant risks of losses.
Despite the emergence of solid competitors, Shiba Inu (SHIB) and Dogecoin (DOGE) remain the undisputed leaders in the meme coin realm. The tokens have a combined market capitalization of over $45 billion, representing 70% of the entire market cap of the asset class.
DOGE and its biggest rival have experienced severe price fluctuations in the past years. Their valuations are currently well in the green, spiking by triple digits on a two-week scale.
They have also been long enough on the market to gather a substantial community base and investors. According to IntoThe Block, there are around 1.3 million SHIB addresses and 6.3 million DOGE holders.
Even though Pepe Coin (PEPE) has performed better in the last month, it still lags behind the leaders. The crypto analysis platform estimated there are just 170,000 addresses that currently hold the frog-themed meme coin.
Despite PEPE’s impressive performance this month, just 170k addresses currently hold $PEPE. This is still significantly lower than SHIB’s 1.3M and DOGE’s 6.3M holders pic.twitter.com/sNKZs3y9MR
— IntoTheBlock (@intotheblock) March 10, 2024
Another meme coin that surpasses PEPE in terms of adoption is Floki Inu (FLOKI). The latter has almost 500,000 holders across the Ethereum (ETH) and Binance Smart Chain (BSC) blockchains.
Assets of that type are particularly intriguing for investors, especially during bull runs, since their prices can multiply in mere days. CryptoPotato already reported the case of a SHIB trader and a WIF one who currently sit on substantial paper profits due to that reason.
However, dealing with memes can also lead to devastating losses because of the sector’s infamous volatility. If you are about to jump on the bandwagon, feel free to watch our dedicated video to avoid some common mistakes:
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