The cryptocurrency market continues to mature with growing institutional participation and memecoins are paying the price.
The combined market capitalization of and shiba inu (SHIB), the two largest memecoins by value, have fallen to $13.27 billion, the lowest level in three years and about 2% this month alone, despite market leader bitcoin has increased by 10%.
A more revealing picture emerges when comparing the top two memecoins to bitcoin’s market capitalization of $1.30 trillion.
That proportion now stands at just 1.02%, the lowest on record. This is a dramatic reset considering where things were at the peak of the memecoin mania in 2021, when DOGE and SHIB together accounted for 7% of bitcoin’s market cap. In other words, for every dollar invested in bitcoin, seven cents went after internet joke tokens. Today that figure is just over a cent.
Bitcoin has grown substantially since 2021, meaning that memecoins have not only lost value in dollar terms, but have given ground to the asset that defines the cryptocurrency market cycle.
