Dogecoin, Shiba Inu, Pepe Still on Fence despite Market Recovery

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As a seasoned crypto investor with a background in meme coins, I have witnessed the ups and downs of these digital assets firsthand. While it’s encouraging to see Bitcoin and other cryptocurrencies showing signs of recovery, I can’t help but feel hesitant about the future of Dogecoin, Shiba Inu, and Pepe.

Over the past day, the crypto market has exhibited signs of recuperation, causing a surge in prices for several digital currencies like Bitcoin (BTC). Nevertheless, the meme coin sector has yet to follow suit, as Dogecoin, Shiba Inu, and Pepe have remained stagnant.

Dogecoin: Once a Favorite, Now Hesitant

Originally introduced as a humorous concept in 2013, Dogecoin (DOGE) has since garnered significant following and recognition. A key factor contributing to its rise in popularity are the endorsements from notable figures such as Elon Musk and various celebrities. The light-hearted and unpretentious nature of Dogecoin attracted a large number of new investors.

Starting on July 10, DOGE experienced a decline of approximately 10% within the past week, currently priced at about $0.11. This is a decrease from its peak prices in June 2024, which reached $0.14. In the last day alone, trading volume for DOGE has decreased by nearly 4%, now totaling around $575 million.

Regarding market dominance, DOGE holds the number one position among meme coins in the cryptocurrency sector, boasting a substantial market capitalization of approximately $16 billion. On a global scale, it ranks as the ninth largest digital currency by this metric.

Shiba Inu: The ‘Dogecoin Killer’ Stalls

As a researcher studying the cryptocurrency market, I’ve noticed that Shiba Inu (SHIB), which is frequently referred to as the “Dogecoin Killer,” experienced a significant surge in value during the previous year. This growth was fueled by an enthusiastic community and clever marketing strategies. However, unlike other digital currencies, SHIB has not demonstrated the same degree of recovery in the past 24 hours.

In the last 24 hours, the value of the meme coin has dropped by only 1%, but it has decreased by almost 30% since June. At present, SHIB is priced at approximately $0.00001677 and boasts a trading volume of around $282 million in the last day, representing a significant decrease of over 40%.

In spite of a decrease in value, the meme coin holds the number two spot among digital assets, boasting a market cap of around $10 billion.

SHIB has slipped out of the top 10 spots among the largest cryptocurrencies and now holds the 13th position on a global scale.

Pepe: A Newcomer Facing Challenges

As a researcher studying the cryptocurrency market, I’ve noticed that Pepe coin (PEPE), which was inspired by the well-known internet meme “Pepe the Frog,” hasn’t been performing well in the current market conditions. Despite aiming to cash in on the meme coin craze, its recent performance has fallen short compared to other digital assets within the past 24 hours.

PEPE endures significant losses in the market downturn, shedding over 13% of its worth in just a week and around 25% within a month. Its market capitalization now stands at $3.9 billion, while nearly 38% of its daily trading volume has disappeared.

As a researcher examining the meme coin market, I’ve observed that the decrease in the value of these three specific tokens has had a ripple effect on the entire sector. Based on CoinMarketCap data, the current valuation of the meme coin market stands at approximately $43.21 billion.

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2024-07-10 11:38