The crypto market continues to mature with growing institutional participation, and memecoins are paying the price.
The combined market value of and shiba inu (SHIB), the two largest memecoins by value, have fallen to $13.27 billion, the lowest in three years and down about 2% this month alone, although market leader bitcoin has increased by 10 per cent.
A more revealing picture emerges when you measure the top two memecoins against bitcoin’s market cap of $1.30 trillion.
This ratio is now only 1.02%, the lowest ever. That’s a dramatic reset considering where things were at the height of the memecoin mania in 2021, when DOGE and SHIB combined accounted for 7% of bitcoin’s market capitalization. In other words, for every dollar invested in bitcoin, seven cents were chasing internet joke tokens. Today, that number is just over one cent.
Bitcoin has grown significantly since 2021, meaning that memecoins haven’t just lost value in dollars, they’ve shed the very asset that defines the crypto market cycle.
