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Institutional money pushes memecoin market cap to a three-year low

Combined DOGE and SHIB market value is about $13.3 billion, down roughly 2% in July and near the lowest level in three years, even as bitcoin rose.

Reported · Written up by our desk · Market Structure

CoinDesk reports that crypto’s institutionalization is reshaping the memecoin trade, with DOGE and shiba inu seeing a sharp pullback as more capital concentrates in major digital assets. The combined market capitalization of DOGE and SHIB has fallen to $13.27 billion, the lowest level in three years, and is down about 2% for the month of July.

Even with bitcoin strengthening, the memecoin complex has lost relative ground. CoinDesk notes that the ratio of the top two memecoins’ combined value to bitcoin’s market capitalization has slipped to 1.02%, the lowest on record, compared with about 7% during memecoin mania at the 2021 peak.

The shift reflects changing capital flows in the broader market, with U.S. spot bitcoin ETFs introduced in 2024 helping accelerate institutional participation. CoinDesk also points to competition from other emerging areas tied to traditional finance, including real-world assets, alongside a higher-rate environment that reduces the appeal of easy-money speculation.

For near-term positioning, CoinDesk cites options-market signals that traders are expecting bitcoin to rise to at least $72,000. The outlet also notes that the memecoins’ aggregate value is about $13.3 billion, the lowest level since September 2023, and that the pair is down 2.3%.

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