zycrypto.com
- 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 the 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.