Crypto ranking platform CoinGecko has revealed the result of its recent study on meme coins based on their price returns.
The study looked at meme coin price returns over time, based on CoinGecko data, with the hypothetical date of purchase taken as the start of data availability, while that for selling to realize profits was taken to be the all-time high price as of May 4, 2023.
Initial investment needed to reach $1M with each meme coin:#SHIB - $12#DOGE - $820#FLOKI - $4,508#ELON - $20,839#BONK - $26,668#BABYDOGE - $28,297#4TOKEN - $57,613#PEPE - $158,312#WOJAK - $175,330#AIDOGE - $190,586— CoinGecko (@coingecko) May 5, 2023
Shiba Inu was the most successful meme coin in terms of price gains, with an 8,424,202.3% increase at its peak compared to its starting price on Aug. 1, 2020.
On the other hand, Dogecoin has been the most successful meme coin in the long run, being a pioneer in the category since 2013.
Shiba Inu's growth is evident, as it currently ranks among the top three meme cryptocurrencies. CoinGecko says it tracks 179 meme coins, and currently, three have made it into the top 100 cryptocurrencies by market capitalization, namely Dogecoin, Shiba Inu and Pepe.
As reported in an earlier CoinGecko survey, Shiba Inu was by far the meme coin that people were most interested in, accounting for 46.7% of interest among the top meme currencies in 2023.
Shiba Inu (SHIB) also ranks as the most popular meme coin in the United States, garnering 60.7% of the nation's interest in meme coins so far this year. Shiba Inu is also a popular option in India.
It remains to be seen if SHIB's popularity will generate fresh demand, which might have a positive impact on its pricing.
At the time of writing, SHIB was down 1.43% in the last 24 hours at $0.0000099. The crypto asset is well down, up to 88% down from its all-time high of $0.000086 attained in October 2021.
In separate news, crypto lending service CoinRabbit has shared a new update for the Shiba Inu community. It says that due to the popularity of BONE loans among its users, it now has a special page for BONE holders, making it easier to access BONE loans.