May 2023 Coingecko Meme Coin Study: US, UK, India Big Drivers of Meme Token Trend

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2023 “meme coin fever” is spreading around the world as these coin projects have either maintained or gained in popularity, according to a new survey and report by Coingecko. The rise of meme coin interest and meme coin prices for projects such as Love Hate Inu and PEPE show that crypto investors are still passionate about meme based tokens. The meme token niche is valued at $18.25 billion. The study also concluded that much of the meme coin frenzy emanates from the US, UK and India.

New Report: Meme Coin Frenzy Goes Global

On May 3, 2023, crypto market aggregator unveiled a report detailing the leading ten countries propelling the meme token trend. As of this writing, the meme coin economy boasts a value of $18.25 billion, with dogecoin (DOGE), shiba inu (SHIB), and pepe (PEPE) as the top three meme coins. This week, PEPE has emerged as the frontrunner in terms of seven-day gains, skyrocketing 216% against the U.S. dollar.

Top 10 Countries Leading 2023 Meme Coin Frenzy
Top 5 Countries Leading 2023 Meme Coin Frenzy As Per Report

The Coingecko analysis establishes that the U.S. spearheads the meme coin movement accounting for 23.6% of interest in 2023. Researcher Lim Yu Qian explains that two million views stem from top meme coin pages in the United States. In America, shiba inu (SHIB) is the most sought-after meme coin, followed by pepe (PEPE), bonk (BONK), and volt inu (VOLT).

India holds second place in contributing to the meme coin frenzy with 20.3% of interest. SHIB also earns its position as India’s most popular meme token followed by baby doge coin (BABYDOGE). In the Philippines, floki inu (FLOKI) tops their list of preferred tokens while Nigeria’s favorites are floki and arbdoge ai. According to Coingecko’s report, lesser-known meme coins also gain traction in both countries.

“People are by far most interested in shiba inu, which drove 46.7% of interest among the top meme coins in 2023,” the analysis notes. “Baby doge coin generated 12.3% of meme coin interest, followe by more recent meme coins pepe (9.4%), floki (8.6%) and bonk (8.2%).”

The research indicates that PEPE dominates the Canadian market with 26.9% of attention, while dogecoin (DOGE) claims the top spot in Morocco. As for methodology, the study utilized the total page views for the highest-ranking 15 meme coins by market capitalization in May 2023.

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