Cover Memecoins are driven by virality and pushed by online communities. What are they really worth? (Image: generated by ChatGPT)
Memecoins are driven by virality and pushed by online communities. What are they really worth? (Image: generated by ChatGPT)
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They may have started as a joke, but today’s top memecoins are billion-dollar digital assets fuelled by hype, humour and high risk
To understand memecoins, you’ll need to grasp a few key ingredients: cryptocurrency, internet memes and viral culture. What began as absurdist jokes or inside internet references have evolved into real digital assets—some with market capitalisations in the billions.
While traditional cryptocurrencies such as Bitcoin and Ethereum are backed by robust blockchain infrastructure and offer long-term value potential, memecoins thrive on a very different formula: hype, humour, and community.
Also read: Bitcoin and the cryptocurrency problem: how to manage it effectively
Unlike traditional cryptocurrencies, memecoins aren’t typically designed with utility in mind. Their value is pushed by onlline communities, and driven mostly driven by hype, internet virality, entertainment value and pop culture relevance. Many have unlimited supply caps and are often extremely volatile—a single celebrity tweet can drive their prices up, or make them come crashing down.
This volatility, combined with their playful branding, has attracted a younger, more risk-tolerant investor base. For some, they’re a fun way to participate in crypto; for others, a speculative gamble with high upside—and equally high risk.
Also read: A beginner’s guide to cryptocurrency: what is Shiba Inu coin, Dogecoin and more
How is the value of a memecoin determined? The market capitalisation, or market cap, of a cryptocurrency is computed by multiplying the current price by the circulating supply, and it reflects what the market is willing to pay for the coins in circulation at a given moment. There are several meme coins that are in the billion-dollar category in terms of market cap.
Here are the top memecoins, ranked by market capitalisation.
1. Dogecoin (DOGE)
Above The Doge meme is based on the photo of Kabosu, a Shiba Inu adopted in 2008 by Atsuko Sato, a kindergarten teacher in Japan (Photo: Asanagi via Wikimedia Commons)
The Doge meme is based on the photo of Kabosu, a Shiba Inu adopted in 2008 by Atsuko Sato, a kindergarten teacher in Japan (Photo: Asanagi via Wikimedia Commons)
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Blockchain: Dogechain
Market cap: US$35.9 billion
Price: US$0.2406
True to its nature, the first memecoin was intended as a joke. Launched in 2013 as a parody of Bitcoin, Dogecoin (DOGE) was inspired by the viral “Doge” meme featuring a Shiba Inu named Kabosu. Dogecoin gained legitimacy over time—especially after high-profile endorsements from Elon Musk. When Dogecoin started climbing in value, several copycats followed suit.
Supported by a strong and active community, Dogecoin now serves practical functions, such as tipping content creators on Reddit and X (formerly Twitter), and supporting charitable causes.
2. Shiba Inu (SHIB)
Blockchain: Ethereum
Market cap: US$8.94 billion
Price: US$0.00001519
Inspired by Dogecoin, Shiba Inu launched in 2020 as the self-styled “Dogecoin killer”. Its creator remains anonymous, and its token supply maxes out at one quadrillion.
3. Pepe (PEPE)
Above Pepe the Frog is an internet meme and comic character created by American comics artist Matt Furie (Photo: Wikimedia Commons, Studio Incendo)
Pepe the Frog is an internet meme and comic character created by American comics artist Matt Furie (Photo: Wikimedia Commons, Studio Incendo)
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Blockchain: Ethereum
Market cap: US$6.05 billion
Price: US$0.0000144
Based on Matt Furie’s “Pepe the Frog” meme, this 2023 launch quickly became a speculative darling in the memecoin community. Pepe is known for its high price volatility, with its value largely driven by social media hype and crypto market trends.
4. Official Trump (TRUMP)
Above The Official Trump meme coin was launched in January 2025 (Photo: Wikimedia Commons, Sunkicrypt)
The Official Trump meme coin was launched in January 2025 (Photo: Wikimedia Commons, Sunkicrypt)
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Blockchain: Solana
Market cap: US$2.90 billion
Price: US$14.52
Official Trump (TRUMP) is a memecoin linked to US President Donald J Trump. Launched in January 2025 by Donald Trump on Truth Social, this politically sensitive memecoin saw an immediate spike in value, followed by a sharp drop; it now trades at -54.76 per cent below its seven-day all-time high of US$0.01575, with a maximum limit of one billion coins.
5. Bonk (BONK)
Blockchain: Solana
Market cap: US$1.68 billion
Price: US$0.00002185
Marketed as the “people’s dog coin,” Bonk was introduced in 2022 and placed itself as a community-driven alternative to Dogecoin and Shiba Inu. As the first major Solana-based memecoin, half its 88.81 trillion token supply was airdropped to the Solana community.
6. Fartcoin (FARTCOIN)
Blockchain: Solana
Market cap: US$1.49 billion
Price: US$1.49
Created in October 2024, Fartcoin embraces flatulence humour and rewards its community for sharing fart-themed content, with top contributors given additional tokens.
7. Dogwifhat (WIF)
Blockchain: Solana
Market cap: US$1.15 billion
Price: US$1.15
Dogwifhat (WIF) is another humorous dog-theme meme coin that uses the branding of a dog wearing a hat. Created in December 2023, it is a Solana based meme coin with a maximum token supply of almost one billion.
All values are current as of May 22, 2025, based on figures from crypto data aggregator CoinGecko.com.
