Memecoins are beating tech firms at their own game. Here's how

Memecoins have surged in popularity over the past few years, showing no signs of slowing down. For those unfamiliar, memecoins are the type of cryptocurrency that draws inspiration from internet memes, viral trends, and pop-culture references. By tapping into these relatable and often humorous themes, creators of memecoins aim to attract attention and drive trading activity in the crypto market.

While the concept may seem frivolous, the reality is that what began as a joke — such as Dogecoin — has become a serious contender in the crypto space, consistently ranking among the top 10 cryptocurrencies by market capitalization. Whether one loves or hates them, the presence of memecoins in the crypto world is undeniable.

Recently, Social Capital Markets, a public-benefit corporation promoting a “just and sustainable economy,” released a report highlighting the growth of memecoins. According to the report, the growth rates of certain memecoins have even outpaced those of Nasdaq-listed tech companies. Here’s a closer look at the findings:

Dogecoin (DOGE)

Among the most popular memecoins is Dogecoin, which was created as a joke in 2013 by software engineers Billy Markus and Jackson Palmer. Dogecoin features the likeness of the Shiba Inu dog breed, which is popularized in the Doge meme. What initially began as a joke transformed into one of the world’s most valuable cryptocurrencies.

This memecoin shot to overnight fame after the GameStop saga in 2021, gaining even more momentum when Tesla CEO Elon Musk endorsed it in every way possible. The latest report from Social Capital Markets compares the success of Dogecoin to that of Nasdaq-listed cloud computing company Nutanix Inc. According to the report, Dogecoin’s market capitalization of $17 billion — achieved in just eight years by a small team of around 12 members — rivals Nutanix’s $17.14 billion, which took 15 years and a workforce of 6,000 to reach a similar valuation.

Currently, Dogecoin is trading at $0.13, an over 25% growth in a week.

Shiba Inu (SHIB)

Shiba Inu is Dogecoin’s main rival and another popular memecoin that has a position among the major cryptocurrencies. If you’d invested in Shiba Inu (SHIB) in November 2020 for $1, you would have earned a mind-boggling return of 33543837.7% today, according to CoinGecko.

The report by Social Capital Markets highlights that Shiba Inu reached a market capitalization of $10.8 billion in just one year, a feat that took enterprise software company NICE Ltd. 35 years to achieve. Founded in 1986, NICE Ltd. has spent decades building its value, while Shiba Inu rapidly grew in the crypto market within a fraction of the time.

Currently, Shiba Inu is trading at $0.00001891, an over 27% growth in a week.

Pepe Coin (PEPE)

The rapid growth of Dogecoin and Shiba Inu has also propelled other memecoins, such as Pepe—a frog-themed cryptocurrency that now ranks among the top 30 by market capitalization. The latest report reveals that Pepe Coin achieved a market capitalization of $4.5 billion in just six months, surpassing TransMedics Group, Inc., a commercial-stage medical technology company that took 25 years to reach a comparable valuation.

Currently, Pepe Coin is trading at $0.00001064, an over 8% growth in a week.

dogwifhat (WIF)

The recent surge in the Solana-based memecoin Dogwifhat (WIF) can be largely attributed to increased activity from cryptocurrency whales, signaling a resurgence of investor confidence in the token’s potential.

According to the report by Social Capital Markets, despite the Dogwifhat project being supported by only around five individuals, it has impressively achieved a market capitalization of $2.7 billion. This valuation is comparable to that of ePlus Inc., an American IT assets selling and financing company that employs over 1,500 people.

Currently, dogwifhat is trading at $2.67, down over 3% in a week.

Popcat (POPCAT)

Amid the rise of meme culture in the crypto space, Popcat, a Solana-based cryptocurrency, has gained significant traction, reflecting broader market trends. The token has displayed a strong bullish trend, driven by heightened investor interest and increased market activity.

The report revealed that Popcat achieved an impressive market capitalization of $1.3 billion within just one year, all while being supported by a small team of only 3 to 5 members. This rapid ascent makes Popcat’s scale comparable to ePlus Inc., which took 30 years to reach a similar valuation, employing hundreds of staff along the way.

Currently, Popcat is trading at $1.40, an over 6% growth in a week.