Meme coins are a type of digital money that looks like popular jokes or memes. They are all over the Internet and social media sites. Dogecoin is first meme coin. This made it a leader (DOGE). As a joke, DOGE came out in 2013. This design was based on the Shiba Inu dog, which is known as Doge in the meme.
Traders know that meme coins value fluctuates a lot. Investors usually move to new meme coin this causes the rates of Bitcoin uses to plunge in an unexpected way.
First of all, you might be worried about the “tokenomics” of meme coins. Think about Bitcoin, which is a digital currency, as an example. It has a deflationary nature, its own blockchain, a well-written white paper, and an ecosystem that is already built. In the past few years, more businesses have started to accept bitcoin.
Unlike Bitcoin, most meme currencies tend to go up in price and don’t have a fixed limit on how many can be made. The environment, use cases, and basics of these projects often stand out because of the community’s shared sense of humour. Only a small number of meme coins were made with the technology behind the main cryptocurrency.
The bear market is going as far as it can go, and big buyers of Ethereum are using this to buy more. On the other hand, because these big investors seem to be interested in new currencies, there have been some changes from the norm. Even though meme coins are still making whales, the top 100 whales on Ethereum are still positive about meme currencies. Because of this, some of the biggest assets of these whales are now represented by meme currencies.
The 10 “Whales” with the Most Value in Ethereum
This is likely to happen again and again. The Shiba Inu and other dogs like it have been at the top of the list for a long time, and they still are. Given how well SHIB has done on the market, it shouldn’t come as a surprise that Ethereum whales are more interested in meme currencies. Because of this, more people now want coins with dogs on them.
So far, Shiba Inu has been the top whale with the most valuable holdings. This makes it the third most valuable cryptocurrency after ETH and USDC. The meme coin is worth more than $546.9 million and makes up 16.87 percent of the total holdings of the top 100 whales on the cryptocurrency market.
The next person to think about is a different one. ShibDoge has been around for a while, but it was just one of many things that made noise during the meme currency craze. On the other hand, while the bear market has been going on, ShibDoge has become one of the winter’s unexpected winners.
When this article was written, Ethereum whales held 11.62 percent of their total holdings in ShibDoge, which was worth $376,780,896. This shows that rich people have been buying more of the meme currency, Ethereum. Because of this, it is the fourth largest holding, right after Shiba Inu.
Meme Coins Are Becoming Less and Less Valuable
The meme coins were a big deal for all of 2021 and the first few months of 2022. . But since the market crash in June, which shook the sector, it has a long way to go before it can make enough money to be satisfactory.
Right now, the profit margin for cryptocurrencies like Shiba Inu has dropped by a lot. Information from IntoTheBlock shows that only 24 percent of the money invested in SHIB is making money. This means that 73 percent, or the vast majority, do nothing after losing.
Also, Dogecoin is one of the meme currencies that isn’t making as much money as it used to. Even though most investors are still doing well, even though 51% of investors are now making money, the margin by which they are doing so is quite small. Since May 2022, when it was worth the most, ShibDoge meme currency has lost 94.59 percent of its value, according to data from Coinmarketcap. You can invest in Dogecoin or any other crypto on Bitcoin smart the best trading platform.