

Meme Coins Jump to Billion-Dollar Valuations in Record Time, Leaving Corporate America Behind
A study by cryptocurrency analytics firm Social Capital Markets revealed that some Nasdaq-listed companies took an average of 25-35 years to reach billion-dollar valuations
A new class of cryptocurrencies, inspired by internet memes and online communities, is surging to billion-dollar valuations at a breakneck speed, leaving behind the typical corporate America timeline in the process.
A study by cryptocurrency analytics firm Social Capital Markets reveals that some Nasdaq-listed companies took an average of 25 to 35 years to reach billion-dollar valuations. In contrast, meme coin projects like Shiba Inu (SHIB) and Pepe (PEPE) achieved a similar milestone in less than a year.
Shiba Inu, for example, attained a valuation of approximately $10.8 billion within a year of its launch. In comparison, Nice Ltd. (NICE), a technology company founded in 1986, took 35 years to reach a comparable market capitalization.
Dogecoin (DOGE), the largest meme coin by market valuation, reached a $17 billion valuation in eight years with a team of only 12 members. Meanwhile, Nutanix Inc. (NTNX), a cloud computing company with a headcount of 6,000, took 15 years to achieve a similar valuation.
Pepe, the third-largest meme coin, took six months to reach a $4.5 billion market cap. In contrast, TransMedics Group Inc. (TMDX), a medical technology company founded in 1998, took 25 years to reach the same market cap.
Benzinga's Take: While the astronomical rise of meme coins, fueled by viral online culture and celebrity backing, is a well-known phenomenon, it's crucial to recognize that many of these coins still lack strong fundamentals.
As a result, while they can reach multibillion-dollar valuations in a short period, they can also fall just as quickly.
Dogecoin's price action during the 2021 bull run is a case in point. The token's valuation soared from $9 billion to a peak of $84 billion in less than a month, a staggering 833% increase. However, the market value fell by half to $42 billion in the following three weeks.
Similarly, PEPE, which describes itself as "completely useless" with no intrinsic value or expectation of financial return, reached an all-time high valuation of $7 billion in May. However, the coin is down 38% from the peak at the last check.
Price Action: At the time of writing, Dogecoin was trading at $0.1234, up 3.93% in the last 24 hours, according to data from Benzinga Pro. Shiba Inu was trading at $0.00001823, following a marginal increase of 0.61%.
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