Recently, the cryptocurrency space has seen rapid growth of meme coins purely for the effect of internet culture and community-driven hype. As such, these joke coins have grown to assume great market valuations, rivaling some serious blockchain projects. In this article, MevX Blog takes a closer look at the meme coin market cap and its place in the evaluation of meme coins before listing the top tokens stirring ripples in the crypto ecosystem.

What is Market Capitalization in Cryptocurrency?

Market capitalization (or market cap) is one of the major indicators that define the size and value of a given cryptocurrency. It can be determined if one multiplies the circulating supply of the coin by its current market price:

Market Cap = Current Price per Coin × Circulating Supply

Regarding meme coins, market capitalization gives signals about their popularity, adoption, and speculation. While this does not directly signal anything about the utility or intrinsic value of a coin, it forms the very important aspect that investors look out for as far as the standing of a cryptocurrency in the bigger meme landscape is concerned.

The Current State of the Meme Coin Market Cap

The meme coin market has expanded massively, with quite a few tokens reaching billions in market capitalization. All of this is powered by social media trends and celebrity endorsements, on top of a constantly growing community for crypto enthusiasts.

At the top of the market are well-established coins like Dogecoin (DOGE) and Shiba Inu (SHIB), whose success stories have inspired numerous imitators. The excellent meme coin market cap category continues to diversify with newer entrants like Tamadoge (TAMA), showing that the meme coin trend is far from over.

The market for such meme coins is very volatile, though. While a few coins rise astronomically, others only rise in hype for brief moments before disappearing into oblivion. Changes in ranking are what make tracking meme coins by market capitalization indispensable to keep up with this frequently changing part of cryptocurrency.

Top Meme Tokens by Market Capitalization

Here are some of the top meme coins by market cap, each with its own unique story and market position:

Dogecoin (DOGE)

The first-ever meme coin, Dogecoin, was created in 2013 from a joke directed at Bitcoin itself. The cryptocurrency featured the Shiba Inu dog from the “Doge” meme, sporting an extremely lighthearted community and tipping culture.

Market cap: The current market cap exceeded $60 billion.
Factors driving growth: High-profile endorsements (e.g., Elon Musk) and its status as the first meme coin.
Utility: Dogecoin officially claims to have no utility itself on its website. However, it is known to be used for tipping and payments, with increasing adoption by merchants.

Shiba Inu (SHIB)

Calling itself the “Dogecoin killer,” Shiba Inu began to pick up steam shortly after it hit the market in 2020. Unlike DOGE, SHIB is an Ethereum-based blockchain, and the project has more functional phases to its development, including DeFi applications and NFTs.

Market cap: Frequently ranks among the top 15 cryptocurrencies globally with the current market cap of $15 billion.
Factors driving growth: A strong community (the “ShibArmy”) and an expanding ecosystem that includes ShibaSwap and other DeFi applications.
Utility: Beyond memes, SHIB is part of a larger blockchain project aiming for practical use cases.

Tamadoge (TAMA)

A newer entrant, Tamadoge, combines the viral appeal of meme coins with gaming and NFTs. Its play-to-earn (P2E) model allows users to earn TAMA tokens through interactive gameplay.

Market cap: Smaller compared to DOGE and SHIB but rapidly growing.
Factors driving growth: Innovation in combining meme culture with gaming, appealing to younger investors.
Utility: TAMA tokens can be used within its gaming ecosystem.

The Role of Market Cap in Meme Coin Valuation

Market capitalization, in this aspect, plays an important role in assessing meme coin market dynamics:

Relative size: This helps investors compare large-cap established players like DOGE and SHIB with the highly speculative newer ones.
Investor sentiment: Very often, a high market capitalization signifies strong community support and investor confidence.
Risk assessment: Low-cap meme coins have the highest growth potential but then come with higher investment risk because of volatility and fraud incidents.
Liquidity: With higher market capitalization, a coin promises that investors can buy and sell more easily because of better liquidity.

While market cap is an important metric, it should always be taken into consideration with utility, team transparency, and community activity.

How to Track Meme Coin Market Cap

Staying informed about the meme coins market cap is vital for investors and enthusiasts alike. Here’s how to effectively track it:

CoinMarketCap and MevX: Websites like CoinMarketCap and MevX update meme coins by market cap rankings in real-time.
Dedicated dashboards: Several websites host special meme coin dashboards, categorized by market cap and performance trends.
Social media and forums: Communities exist on X, Reddit, and Discord that share information and live updates on the crypto market meme space.
Price alerts: Get price and market cap notifications of your favorite tokens to stay ahead of the curve in significant changes.
Project websites: Regularly check official websites for any update in token supply or ecosystem development that could impact meme coin market cap.

The meme coin market cap is somewhat symbolic, representing the momentary successes in both popularity and money moved by these internet-inspired tokens. Be these pioneering, like Dogecoin, or innovative, like Tamadoge, meme coins have repeatedly proven their capability for public interest and the generation of considerable market action.

Investors are quite captivated by the emergent meme coin market; however, they should take care to balance the excitement of going viral with a more analytical eye toward market caps, among other fundamental metrics. Stay updated and track the performance of top meme tokens by market capitalization in order to navigate the most dynamic and unpredictable parts of the cryptocurrency market.

Meme coins might have originated as a joke, but their performance in markets isn’t one to make any person laugh. The story of a meme coin, from amateur viewer to eager investor, is one worth following.