Meme Coin Economy Swells by $5.8 Billion in Less Than a Month, Suggesting Demand for Meme Tokens Still High

The meme coin economy has grown significantly over the past 27 days, increasing 34.52% against the U.S. dollar. The largest meme coin by market capitalization, dogecoin, has risen 29.5% in the past month, while the second-largest meme coin, shiba inu, has jumped 71.9% in 30 days. Since Jan.

Timeline of Dogecoin, Shiba-inu

Dogecoin [DOGE] enjoyed a double boost in the past few days and wasn't showing signs of slowing down, at press time. Elon Musk's Twitter payment ecosystem plan, with a likely integration of cryptos, led to an uptick in its social volume, which boosted its rally.

Dogecoin (CRYPTO: DOGE) is set to release a new version of its blockchain tool, Libdogecoin, according to Michi Lumin, a core engineer of the meme crypto. The updated version 0.1.2 will come with improved features, such as mnemonic/seedphrase generation, QR code production, and better support for Microsoft Visual C++ and Visual Studio, Michin said.

Dogecoin has been gaining popularity in the cryptocurrency space due to its low price and potential for massive gains. Recently, a popular crypto trader predicted that Dogecoin could move up by 50% in the near future. This has caused some investors to wonder if now is the time to buy Dogecoin or not.

Shiba Inu (SHIB) has been among the best-performing cryptocurrencies over the previous 24 hours. The price of the second-largest meme coin has reached $0.000015 after a daily increase of about 30%.

Despite the 20% price spike of Shiba Inu on the market in the last seven days, the burn rate of the asset has remained unchanged. The burn rate of a cryptocurrency is a measure of the total number of coins that are being taken out of circulation, and it is typically considered an indicator of the popularity of an asset as a payment tool and the overall network activity.

Dogecoin price analysis is bullish today as the coin continued upside above yesterday's $0.09154 price cap. DOGE/USD bulls remain in control of the market as the price action keeps pushing towards the resistance area at $0.09489, where a breakout might push DOGE to a new all-time high level of $0.1 or above.

Shiba inu extended recent gains into the weekend, as the meme coin rose to its highest point in four months. Today's surge saw prices climb by as much as 13%, and comes despite cryptocurrency markets mostly consolidating. Dogecoin also moved higher, breaking out of a recent ceiling in the process.

Over the past three months, the Shiba Inu coin price action has shaped into a rounding bottom pattern. This pattern consists of three phases, a downfall, consolidation(accumulation), and uptrend, displaying a U-shaped recovery.

A leading blockchain analytics firm reveals that more than 60% of meme token Dogecoin (DOGE) holders are in profit while the majority of rival meme token Shiba Inu (SHIB) owners are in the red. According to IntoTheBlock, 63% of DOGE holders are profitable in their investments while 35% are sitting on losses.

David Gokhshtein believes that once SHIB starts moving, the other top meme coins will start growing as well. The other top meme coins that are close to SHIB in popularity are Floki Inu (FLOKI) and Baby Doge Coin (BabyDoge).