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In: Cryptocurrency

Meme coins may have zero utility, but this reality isn’t limiting demand, especially from fans in the United States, India, and the United Kingdom (UK), a study by CoinGecko on May 3 reveals.

Riding The Meme Rally

According to CoinGecko, a coin tracker and analytics platform, more United States users viewed trending meme coins than from any other country. 

With a share of 23.6%, translating to over two million views channeled to the top-15 meme coins, enthusiasts from the United States topped the list. India, commanding 20.3% of all views, was second, while the United Kingdom, 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 during the last crypto bull run. Musk is one of the world’s richest billionaires. He also owns Twitter, the social media platform.

Dogecoin Price On May 3| Source: DOGEUSDT On Binance, TradingView
Dogecoin Price On May 3| Source: DOGEUSDT On Binance, TradingView

The wild success of DOGE triggered the release of other meme coins ducha as Shiba Inu, or SHIB rose to record highs in the last bull cycle, further drawing more interest to meme coins.

Over the past few months, there have been tens, if not hundreds, of meme coins. However, as of May 2023, DOGE, Shiba Inu (SHIB), Pepe (PEPE), Baby Doge Coin (BABYDOGE), FLOKI (FLOKI), and others are popular, commanding tens, hundreds, 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. On the other hand, Solana-based BONK is up 582% in four months.

Their mega valuation is justified by multiple reasons.

For instance, with a market cap of over $25 million, Bonk creators said their meme token came about because they “were tired of 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

According to CoinGecko, Shiba Inu is the most popular meme coin in the United States, 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 United Kingdom 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 observation could suggest that enthusiasts in Africa’s largest economy are 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 same time, Canadians were keen to know more about PEPE.

Feature From Canva, Chart From TradingView

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