Meme coins can have zero utility, but this reality isn’t limiting demand, especially from fans in america, India, and the UK (UK), a study by CoinGecko on May 3 reveals.
Riding The Meme Rally
In accordance with CoinGecko, a coin tracker and analytics platform, more United States users viewed trending meme coins than from another country.
Countries Most Excited by Meme Coins
1. United States ????????
2. India ????????
3. United Kingdom ????????
4. Phillipines ????????
5. Nigeria ????????
6. Australia ????????
7. Recent Zealand ????????
8. Canada ????????
9. Malaysia ????????
10. Morocco ????????— CoinGecko (@coingecko) May 3, 2023
With a share of 23.6%, translating to over two million views channeled to the top-15 meme coins, enthusiasts from america topped the list. India, commanding 20.3% of all views, was second, while the UK, Philippines, and Nigeria capped the top-5.
Following the success of Dogecoin (DOGE) in 2020, when Elon Musk’s support provided tailwinds, the coin soared to as high as $0.75 in the course of the last crypto bull run. Musk is one in all the world’s richest billionaires. He also owns Twitter, the social media platform.
The wild success of DOGE triggered the discharge of other meme coins ducha as Shiba Inu, or SHIB rose to record highs within the last bull cycle, further drawing more interest to meme coins.
Over the past few months, there have been tens, if not a whole lot, of meme coins. Nonetheless, as of May 2023, DOGE, Shiba Inu (SHIB), Pepe (PEPE), Baby Doge Coin (BABYDOGE), FLOKI (FLOKI), and others are popular, commanding tens, a whole lot, and sometimes billions of dollars in market cap.
The sharp expansion of meme coins, as historical data shows, could explain why users are still speculating on these assets.
As an illustration, PEPE, a token launched in mid-April, is trading at $ 0.000000055142 and up 1,833.71% in 16 days. Alternatively, Solana-based BONK is up 582% in 4 months.
Their mega valuation is justified by multiple reasons.
As an example, with a market cap of over $25 million, Bonk creators said their meme token got here about because they “were uninterested in toxic “Alameda” tokenomics. Alameda was the trading arm of FTX, a defunct exchange. Solana was backed by Alameda and FTX.
SHIB Is The Most Popular Meme
In accordance with CoinGecko, Shiba Inu is the most well-liked meme coin in america, commanding a share of 60.7% of all views. PEPE had 11.8% of all views. Other popular tokens are Bonk and Volt Inu.
Meanwhile, there was more interest in Shiba Inu and Baby Doge Coin in India.
Shiba Inu was also more popular in the UK and the Philippines. Even so, there was decent interest in PEPE, Bonk, and Baby Doge Coin.
Interest appeared to diverge in Nigeria, where Floki, ArbDoge AI, and Dogelon Mars are popular. This remark could suggest that enthusiasts in Africa’s largest economy are usually not aping but closely monitoring less-known meme coins.
Despite the strong liquidity position of Dogecoin, the meme coin was only popular in Morocco.
At the identical time, Canadians were keen to know more about PEPE.
Feature From Canva, Chart From TradingView