Out of the 5 biggest memecoins — Dogecoin, Shiba Inu, Baby Doge Coin, Floki and Dogelon Mars — only one failed to beat Bitcoin and Ethereum in January.
Top Memecoins on Fire in January
The crypto sector is heading into potentially turbulent waters in February, but however it turns out, the month of January will remain a pleasant memory for investors — particularly those who placed bets on major memecoins such as Floki, Baby Doge Coin and Shiba Inu.
Those three tokens outperformed both Bitcoin and Ethereum in January 2023. Meanwhile, the other two memecoins in the top five by Market Capitalization (MC) — Dogecoin and Dogelon Mars — also posted significant gains.
For reference, the price of $BTC rose by 40% from Jan. 1 to Feb. 1, while $ETH increased by 33%, according to CoinGecko.
Let’s see how the top five biggest memecoins compared:
- Symbol: $DOGE
- Current MC: $12.7 billion
- January Change: +37%
- Bottom Line: $DOGE outperformed $ETH but trailed $BTC.
2. Shiba Inu
- Symbol: $SHIB
- Current MC: $6.9 billion
- January Change: +46%
- Bottom Line: $DOGE outperformed both $BTC and $ETH.
3. Baby Doge Coin
- Symbol: $BABYDOGE
- Current MC: $247.0 million
- January Change: +70%
- Bottom Line: $BABYDOGE outperformed both $BTC and $ETH.
- Symbol: $FLOKI
- Current MC: $221.0 million
- January Change: +204%
- Bottom Line: $FLOKI outperformed both $BTC and $ETH and was the biggest gainer among top memecoins in January.
5. Dogelon Mars
- Symbol: $ELON
- Current MC: $197.3 million
- January Change: +24%
- Bottom Line: $ELON underperformed both $BTC and $ETH.
What is Dogecoin:
Dogecoin purports to be the accidental crypto movement that makes people smile! Dogecoin features the Shiba Inu, a Japanese breed of dog, as its logo. It is an open-source, peer-to-peer cryptocurrency that utilizes blockchain technology. Dogecoin’s underlying blockchain technology is derived from Litecoin. Notable features of Dogecoin included its employment of the Scrypt algorithm, its low price, and its unlimited supply. Dogecoin is very popular, ranking at the top of market capitalization, has enormous popularity, and maintains one of the strongest followings in crypto.
Where to find Dogecoin:
What is Shiba Inu:
Shiba Inu is an Ethereum-based altcoin that has the Shiba Inu—a Japanese breed of hunting dog—as its mascot. The SHIB token aspires to be an Ethereum-based alternative to Dogecoin (DOGE). Unlike Bitcoin, which is designed to be scarce, SHIB was created to be intentionally abundant — with a total supply of one quadrillion. The Shiba Inu Token ecosystem supports projects such as an NFT art incubator and the development of a decentralized exchange called Shibaswap.
Where to find Shiba Inu:
What is Baby Doge Swap:
Baby Doge Swap is the acclaimed “son” of the popular meme token, DOGE. Baby Doge Swap started out as Baby Doge Coin and is a hyper-deflationary system that progressively increases its scarcity and increases its liquidity. The project is now a fully Decentralized Exchange with swaps, liquidity pools, yield farming, and more. Baby Doge considers its primary utility as building a fun meme community to spread awareness of animal adoption.
Where to find Baby Doge Coin:
What is Floki:
Floki Inu began with a tweet from Elon Musk. When the billionaire announced he would name his Shiba Inu puppy Floki, it created a deluge of ‘Floki’ dogcoins. The most successful of these is Floki Inu. Floki Inu is currently the third most popular meme token on the market, behind Dogecoin and Shiba Inu. It is backed by a community of committed enthusiasts and a strong marketing campaign.
Where to find Floki:
Source : bsc.news
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