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FameEX Hot Topics | Study Identifies Countries Fueling Meme Coin Craze in 2023

2023-05-09 16:33:15

Meme coins have continued to maintain their popularity in 2023, as evidenced by the recent surge of PEPE. According to a study conducted by Coingecko, a significant portion of the fascination with meme coins comes from the United States, India, and the United Kingdom, which account for over half of the top ten countries driving the meme coin phenomenon.

As of May 3, 2023, the meme coin economy was valued at $18.25 billion, with 
DOGESHIB, and PEPE being the top three meme coins. PEPE has emerged as the frontrunner in terms of seven-day gains, rising 216% against the U.S. dollar this week.

The study by Coingecko establishes that the United States leads the meme coin movement, accounting for 23.6% of interest in 2023. According to researcher Lim Yu Qian, two million views originate from the top meme coin pages in the United States. SHIB is the most popular meme coin in America, followed by PEPE, BONK, and VOLT.

India is in second place, contributing 20.3% of interest in the meme coin frenzy. SHIB is also India's most popular meme token, followed by BABYDOGE. FLOKI tops the list of preferred tokens in the Philippines, while FLOKI and ARBDOGE AI are favorites in Nigeria. Coingecko's report notes that lesser-known meme coins are also gaining traction in both countries.

The analysis notes that "people are by far most interested in SHIB, which drove 46.7% of interest among the top meme coins in 2023." BABYDOGE generated 12.3% of meme coin interest, followed by more recent meme coins PEPE (9.4%), FLOKI (8.6%), and BONK (8.2%).

PEPE dominates the Canadian market with 26.9% of attention, while DOGE claims the top spot in Morocco. The study utilized the total page views for the top 15 meme coins by market capitalization in May 2023 to reach its conclusions. Coingecko's research indicates that the meme coin phenomenon has continued to hold strong in 2023 and shows no signs of slowing down.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.

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