Shiba Inu, Dogecoin, or BONK, How are These Meme Coins Performing?

Meme tokens that are made “just for fun.” But when it gained popularity among crypto investors many not only took interest in these meme coins but also began their investment and trading in the popular meme coins. Whether you talk about Shiba Inu (SHIB), Dogecoin (DOGE), or the trendy meme token, Bonk (BONK).

Meme coins gained popularity after the support of Tesla CEO, Elon Musk. Most of the investors took interest in the meme coins just after Musk shared his support for meme coins.

But after the sharp sell-offs in 2022, the new year brought some good indications for the crypto industry. As not only the meme coins but also most of the cryptocurrencies started trading in the bullish pattern.

Bitcoin (BTC), the most traded cryptocurrency, touched the $21,000 mark after almost two months. The second most traded cryptocurrency, Ethereum (ETH) was also trading near $1,500.

Price analysis of meme coins

Firstly, let’s roll into Shiba Inu, which rose almost 30% in the last seven days. At press time, Shiba Inu was trading at $0.000010 with a 24-hour trading volume of $461 Million. Shiba Inu was up 4.78% in the last 24 hours, with current market cap of $5.75 Billion.

On January 15th, 2023, Shiba Inu developers noted in their introductory post that Shibarium would have a focus on metaverse and gaming applications especially as the NFT sector is expected to heat up in the coming years, apart from Shibarium’s use as a cheap settlement for decentralized applications (dApps) built on the network.

Musk’s favorite, Dogecoin, is also following the same pattern as Shiba Inu. From the last seven days, Dogecoin spiked almost 23% and was currently trading at the price of $0.084031 with a 24-hour trading volume of $529.13 Million. However, from the last 24 hours Dogecoin was down by 0.22%. It has a current market cap of $11.14 Billion.

The newcomer in the crypto world, Bonk token spiked more than 787% since its launch in the crypto world. But when Bitcoin and the broader market began rallying, BONK suffered a 56% decrease, from a seven-day high of $0.000001666 on January 10th to a low of $0.0000008647 on January 16th.

The current price of BONK is $0.000001 with a 24-hour trading volume of $22.69 Million. Bonk is up 21.92% in the last 24 hours, however its current market cap is not available.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing