Cryptocurrency | Meme coins are now worth $33 billion

While the market cap is significant, it is important to note that this is largely driven by Dogecoin – the cryptocurrency that has major push from Tesla founder Elon Musk.

The market capitalisation of meme crypto coins and token has reached around $33 billion on July 10, data on CoinMarketCap showed.

As of 10.30 am on July 10, the market capitalisation of all meme cryptocurrencies stood at $33,238,833,302, while the trading volume was at $3,282,553,655.

Among the top 10 meme cryptocurrencies, Dogecoin moved the most at 5.24 percent, followed by ERC at 4.56 percent. Cumrocket was the heaviest loser shedding 18 percent in a day.

Dogecoin also scores big in terms of market cap – alone soldering $28 billion of the share, while closest competitors – Shiba Inu and SafeMoon have a market cap of $3 billion and $1 billion, respectively.

Following are the 10 largest meme cryptos (Source: CoinMarketCap):

While the market cap of meme coins is significant, it is important to note that this is largely driven by Dogecoin – the cryptocurrency that has seen a major push from Tesla founder Elon Musk. In fact, according to dead-coin tracker Coinopsy, between 90-95 percent of all meme coins end up “dead”.

For context, the table above also shows that when it comes to ranking on the overall crypto space, Dogecoin is the only one in the top 10, while second-placed Shiba Inu is at 30, and the others rank below 200.

The Coinopsy site lists at least 2,126 entries of dead or defunct meme coins. Dead Coins refer to cryptocurrencies that have been abandoned, used as scam, their website is down, has no nodes, has wallet issues, doesn't have social updates, has low volume or developers have walked away from the project.