MemeCore’s FDV sits several turns above its circulating cap, leaving heavy unlock overhang, while Shiba Inu trades closer to full dilution after years of burns.
Summary
- MemeCore runs a much higher fully-diluted valuation (FDV) multiple than Shiba Inu, meaning far more future token supply is still waiting to hit the market.
- Shiba Inu is already closer to its maximum supply in circulation, so its dilution overhang is lower, even though its absolute market cap has historically been larger.
- In simple terms: MemeCore has the “hotter” short‑term upside, but carries substantially greater dilution and unlock risk than SHIB.
As of recent data, MemeCore’s circulating market capitalization is in roughly the $2.8–$4.3 billion range after its latest run, enough to overtake Shiba Inu at various points and briefly become the second‑largest meme coin behind Dogecoin. CoinStats notes that MemeCore climbed into the #24–25 slot among all cryptocurrencies, while CryptoPotato and Phemex have both reported episodes where its market cap pushed past $4 billion on 40–50% weekly moves.
By contrast, Shiba Inu’s market cap sat around $8.13 billion in November 2025, making it the clear number two meme coin for most of the last cycle and still a top‑tier asset by total value. Binance research and other dashboards have repeatedly framed SHIB as the “bigger in total value” meme token, even in periods when newer entrants like MemeCore are closing the gap with explosive short‑term rallies.
Dilution mechanics and FDV
Where the two really diverge is dilution. MEXC’s breakdown of MemeCore’s tokenomics shows about 1.74–1.75 billion M in circulation out of a 5.34–5.35 billion total supply and a 10 billion max supply, meaning only roughly 17–33% of eventual tokens are live.
At recent prices, that puts MemeCore’s FDV in the $8–13 billion range, a 200–205% premium to its current market cap and a 3–6x FDV‑to‑circulating‑cap ratio that CoinStats explicitly flags as a “significant dilution risk.” MEXC calculates that each additional 1% of total supply entering the market at current prices effectively represents around $79–130 million in potential sell pressure, and notes that past memecoins with similar overhangs often saw 30–45% drawdowns within 60–90 days of big unlocks.
Shiba Inu, by contrast, has already pushed the overwhelming majority of its supply into circulation.
CoinLaw’s 2025 memecoin report puts SHIB’s market cap at $8.13 billion with no comparable 200%+ FDV premium; instead, SHIB trades much closer to its fully diluted value because there is relatively little new supply left to unlock versus MemeCore.
In practice, that means SHIB behaves more like a “mature” meme coin where price is driven by flows and burn mechanics, while MemeCore is still in the high‑beta, high‑dilution phase where unlock schedules and FDV overhang are as important as raw demand. If you are trading the pair, you are essentially choosing between a more stable, lower‑dilution large cap (SHIB) and a newer, more reflexive asset (MemeCore) whose upside is offset by a very real risk that future supply dumps will cap long‑term returns unless demand scales even faster.
