The crypto market continues to mature with growing institutional participation, and memecoins are paying the price.
The combined market capitalization of and shiba inu (SHIB), the two largest memecoins by value, fell to $13.27 billion, the lowest in three years and down about 2% this month alone, even as market leader bitcoin increased by 10%.
A more telling picture emerges when measuring the top two memecoins against bitcoin’s market cap of $1.30 trillion.
This ratio now stands at just 1.02%, the lowest ever recorded. This is a dramatic reset considering where things were at the height of memecoin mania in 2021, when DOGE and SHIB together made up 7% of Bitcoin’s market cap. In other words, for every dollar invested in bitcoin, seven cents went to chasing joke tokens on the Internet. Today, that figure is barely more than a penny.
Bitcoin has risen significantly since 2021, meaning memecoins haven’t just lost value in dollar terms, they’ve lost ground relative to the very asset that defines the crypto market cycle.
