Comparison Between Blue-chip Coins And Meme Coins In This Bearish Sentiment

by | Aug 28, 2022 | BNB, Market, Market News, News | 0 comments

The original cryptocurrency, Bitcoin started the crypto trend notably in 2009. During that time, traders and investors got access to over 20,000 unique tokens. The increasing crypto trend has been dominating the virtual market after the evolution of Bitcoin. The blue-chip tokens are now less in interest in comparison to the new meme coins. In 2021, investors started to show interest in meme coins despite their high volatile tendency.

The global crypto market reached its high market cap in November last year. It reached a $3 trillion market cap. Later, the market converted into a bearish market. Still, it has a bearish trend.

BTC and ETH’s Performance :

The competition between BTC, ETH, altcoins, stablecoins, and meme coins is in a high phase in this condition. Now, the question is how the blue-chip coin is performing in comparison to the meme coins available in the market.

Over the prolonged years, BTC and ETH are the top two coins that have grabbed their position. A massive portion of the total market cap is covered by these two top tokens. Nearly 60% of the total market cap is contributed by BTC and ETH. Though, both coins’ performance has decreased amid this crypto-winter. But the large and long-term investors still believe in the potential of both cryptos comparing their performance during pre-COVID situations. The investors are expecting that BTC and ETH will again rise in their high and be stable in the future.

Tether, USDC, and BNB’s Condition :

After BTC and ETH, another three important currencies sit in their position. Tether (USDT), USD Coin (USDC), and Binance (BNB) grabbed their spots after the crypto crash. Tether (USDT) is USD Coins (USDC) are the stablecoins and BNB is the native token of the popular blockchain, Binance.

The stablecoins are just after these pegged coins mentioned above. The massive adoption of stablecoins leads this pegged token top of the list. These star coins are especially known for their non-volatile or stable rates in comparison to BTC or ETH. But these stablecoins even crashed during the troubled situation of crypto sectors. Though, it also have seen an increasing market cap when the top tokens like ETC and BTH were falling.

Also, BNB has gone through its volatile phase. But later, it performed better than BTC and ETH. This crypto has exceeded a $50 billion market cap. Additionally, its development and large upcoming projects are interesting factors for the increasing rate. Further, BNB is part of Binance’s other platforms such as Binance Smart Chain, Binance Academy, Binance Chain, and Trust Wallet.

The Meme Coin’s Trend :

Social media memes are the root of the invention of meme coins. In 2021, meme coins started to spread in the global crypto market. Notably, the largest meme coin with the widest market cap is Dogecoin (DOGE). This coin got inspired by its present competitor coin Shiba Inu. One cute dog’s image of Shiba Inu was circulating on social media for fun. This Doggy face coin was popularised through the push of high-worth investors along with Elon Musk.

On 7th May 2021, Doge reached an ATH of $0.73. It decreased the value up to 90% during that time.

Shiba Inu is one of the renowned competitors of Dogecoin. Shiba Inu comes just after the DOGE in the list. it has a $6.8 billion market cap. While DOGE is contributing to its $9.5 billion market cap.

After these two top meme coins, the next three meme coins are Dogelon Mars (ELON), Baby DogeCoin (BabyDoge), and Samoyed Coin (SAMO). All these have a lesser market cap than the two top meme coins mentioned above.