Memecoins are hot in the crypto space at the moment following a recent bullish run that has seen them outperform some of the best-performing cryptocurrencies in the industry.
Memcoins are quite notorious for their extremely volatile nature but besides the risk, they have gained popularity in the crypto space due to the possibility of high returns and the role they play in promoting digital assets.
Memecoins are currently on a serious bull run outperforming Bitcoin in the last seven days with over 25% growth as a category.
This is a testament to the strong demand for memecoins in the crypto trading space and the likely profits to be made in cautiously investing in well-performing memecoins.
Memecoins in general have witnessed a significant increase in their market capitalization which is the total sum of the prices of all the coins in circulation at the given moment.
Here are the top 5 memecoins by market capitalization according to Cryptoslate ranking and why a cautious investment in them might be profitable.
Top 5 Memecoins by Market Capitalization
Floki Inu ($Floki) — $2.7 billion
Floki is the 5th largest memecoin by market cap and it was created by Shiba Inu community members. it has a market cap of $2.7 billion and its current price is $0.00028. It is currently the 45th-ranked crypto asset on the top 100 cryptocurrency list.
Floki has impressed greatly in the recent memecoin bull run and is speculated by analysts to become the shining star of the memecoin frenzy. The asset is also purported to be listed on Coinbase by May 30th.
These memecoins are the 5 largest memecoins by market capitalization which means they are the top 5 memecoins with the most coins in circulation.
Memecoins are an integral part of the crypto ecosystem and their current performance in the markets outshining
Dogewifhat ($WIF) — $3.2 billion
Dogewifhat is a Solana-based memecoin and is the fourth largest memecoin at the moment. it has a market cap of $3.2 billion and Its current price is $3.79414 and is ranked at 28th on the top 100 cryptocurrency list.
bitcoin and other heavy altcoins reveal their long-term potential.
Pepecoin ($Pepe) — $6.9 billion
Pepe is the third largest memecoin and has a market capitalization of $6.9 billion. The coin is one of the most performing coins in the market today surging by 75% in the past week.
The project was inspired by Pepe the Frog meme and is currently ranked 20th on the top 100 cryptocurrency list. Its current price is $0.00002.
Shiba Inu ($SHIB) — $15.2 billion
Shiba Inu is the second largest memecoin in the crypto market with a market capitalization of $15.2 billion. It was also inspired by Shiba Inu’s similar to dogecoin. The project gained prominence after giving 50% of its allocation to Vitalik Buterin, Ethereum’s founder.
The current price is $0.00003 and it is currently ranked 11th on the top 100 cryptocurrency list.
Dogecoin ($Doge) — $24.8 billion
Dogecoin remains the largest memecoin in the crypto market and was partly promoted by Elon Musk in its early days. The memecoin was created in 2013 inspired by a breed of Japanese hunting dog known as Shiba Inu.
The memecoin has a market capitalization of $24.8 billion and is currently ranked 8th on the top 100 cryptocurrencies list. The current price is $0.16504.
Memecoins are a type of cryptocurrency that is often inspired by internet memes, characters, or trends. They are typically backed by an enthusiastic online community and are generally intended to be light-hearted and fun.
Elon Musk has close ties with two of the top 5 memecoins, Dogecoin and Shiba Inu.