Despite being criticized as risky and speculative investments and often created as a joke, meme coins continue gaining traction fuelled by their growing online communities.
According to data presented by BitcoinCasinos, FLOKI and Bone ShibaSwap are the biggest gainers among the top five meme coins, as their market caps surged 351% and 216% in the past three months.
Almost $330M Added to FLOKI`s Market Cap, Bone ShibaSwap Follows with a $270M Increase
Over the past few years, the crypto space has seen some meme coins balloon in value, gain multibillion-dollar market caps, and get celebrity endorsements, despite lacking fundamental value. Still, many crypto investors bought them to be a part of a community or for entertainment.
But after the crypto winter, which brought a $2trn wipeout and spooked investors about the future of the entire market, popular meme coins like Dogecoin and Shiba Inu, which add a layer of risk, have seen both their values and the number of investors drop. While Dogecoin is still underperforming in the broader market in 2023, some other meme coins are gaining more traction and witnessing impressive growth.
According to CoinMarketCap data, Dogecoin`s market cap plunged 19% in the past three months, falling from $13.5bn to $10.9bn. The world`s second-largest meme coin, Shiba Inu, has seen a 33% growth in this period, with the combined value of all SHIB coins jumping from $5bn to $6.7bn. Still, that is nothing compared to the growth of FLOKI, now the world`s third-largest meme coin.
The crypto that initially started as a meme-coin based on Elon Musk’s dog but has evolved into a fully-fledged web3 project spanning decentralized finance, NFTs, and the Metaverse, has seen its market cap soar by 351%. Last week, FLOKI`s market cap amounted to $416 million, or nearly $330 million more than just two months ago.
Bone ShibaSwap has witnessed the second-largest market cap growth among the top five meme coins at 216%, with the combined value of all BONE tokens jumping from $124.5 million to $393 million. Baby Dogecoin follows, with a just as impressive 169% increase.
FLOKI One of Biggest Gainers and Top Trending Cryptos in February
Besides leading the chart of the biggest market cap increase in the meme coin market, FLOKI was one of the biggest crypto gainers in February. During the last month only, the price of the popular meme coin jumped 107%, showing the fifth-largest growth in the crypto space.
Also, at the time of writing, FLOKI was #5 on CoinMarketCap`s list of top trending cryptocurrencies, among the 500 largest tokens, behind Baby Doge Coin, Shiba Inu, Bitcoin, and SingularityNET.
