- The top three dog-themed digital assets recorded a combined trading volume going past $25 billion in the last 30 days.
- BONK took the market by storm, making meteoric gains as it looks to displace DOGE and SHIB.
- DOGE and SHIB communities to get more user use cases and technical upgrades this year.
The cryptocurrency market has had a fair share of meme coins since Dogecoin (DOGE) broke into the scene in 2019, but it seems that three-dog-themed assets have established dominance.
The past 30 days have digital asset prices plunged to lows towards the end of last year and making a rebound in the first two weeks of 2023. DOGE and Shiba Inu (SHIB) have both recorded double-figure gains as the market flipped green with weekly highs of over 20%.
As gains keep trickling in, the one-month trading volume of DOGE, SHIB, and Bonk coin (BONK) has surpassed $25 billion through BONK launched on Dec 25. DOGE trading volume amounts to $17.5 billion, while SHIB records $7.2 billion, leaving BONK with $885 million.
The top three meme coins still fall way short when compared with Bitcoin (BTC) and other top assets in terms of trading volume. BTC’s trading volume in the last 30 days stands at $618.8 billion.
According to data from CoinGecko, there are about 169 digital assets with variations of DOGE in the names and have a combined trading volume of $324 million.
DOGE sits at No 9 on the list of cryptocurrencies by market cap, currently trading at $0.08, still shy of its all-time high of $0.73 before Elon Musk Saturday Night Live appearance in 2021. SHIB is also down from its all-time high by over 60%, but its recent gains, along with proposed improvements, are giant leaps.
SHIB inspire new devs in 2023
The team behind SHIB has constantly promised new use cases in the coming months, along with technical upgrades. The Shiba Inu layer 2 network, Shibarium, is an upgrade lauded in digital asset circles as the move to make SHIB more than a meme coin.
Shibarium is a layer 2 network that would run on Ethereum’s mainnet allowing developers to build decentralized applications (DApps) with lower transaction fees and added network scalability. The team behind SHIB teased its community on the launch on Jan 16, and its price is up by 25%, with bulls waiting in glee for the official launch.