As an experienced analyst, I’ve closely followed the cryptocurrency market for years, and I’ve seen my fair share of trends come and go. The recent decline in the value of meme coins like DOGE, SHIB, and PEPE is a stark reminder of the volatility that comes with investing in this space.
In the last 24 hours, DOGE, the humorous dog-themed cryptocurrency that mimics Bitcoin (BTC), has witnessed a decline of more than 5% in value. Meanwhile, SHIB, another canine-themed digital currency, has suffered a greater loss with a drop of approximately 6%. Additionally, PEPE, the memecoin inspired by the popular internet frog character, has also experienced a significant setback, decreasing by around 11% from Sunday to early Monday morning.
Continued Decline
Since last week, these cryptocurrencies have been trending downwards. Specifically, Dogecoin‘s price has dropped by more than 11%, based on CoinMarketCap’s statistics. At present, the “meme currency champion” is valued around $0.11. This is significantly lower than its peak value of $0.73.
SHIB and PEPE are once again testing their old lows as large investors move towards safer assets, causing a significant drop in their prices. As of June 23, the price of SHIB has dropped by more than 16% over the past week, currently sitting at approximately $0.00001702. PEPE experienced an 11% correction during this period as well.
On June 17, 2024, SHIB dropped below the significant support mark of $0.00002 for the initial time since early March, a move that analysts had anticipated could boost the token’s upcoming surge.
During the same timeframe, Santiment, a leading blockchain research platform, proposed to astute investors that the waning enthusiasm towards meme coins might present a profitable purchasing chance for those with a long-term perspective and who have been holding back from entering the market.
The public’s sentiment towards XRP, Dogecoin, and Shiba Inu has noticeably decreased following their price declines. For those investors who have been holding out for the crowd to lose interest in these major altcoins, this could be an opportune moment as fear of missing out (FOMO) reaches a potential 2024 low.
— Santiment (@santimentfeed) June 17, 2024
Market Positions
In spite of a decrease in value, Dogecoin remains among the top 10 largest cryptocurrencies by market capitalization.
The meme coin based on dog themes is currently the ninth most valuable cryptocurrency, boasting a market capitalization exceeding $17 billion. This surpasses Cardano‘s ADA, which holds the tenth spot with a market value above $13 billion.
In contrast, Shibuyu Coin (SHIB) holds the 12th position among cryptocurrencies, boasting a market value of approximately $10 billion.
Maintaining their spots in the market, Doge and Shib, stand out among meme assets, as others in this category have experienced substantial drops, causing them to fall off their earlier rankings.
Dogwifhat (WIF), a crypto project modeled after dogs and built on the Solana blockchain, experienced a significant drop in value. On Monday alone, WIF’s value decreased by around 15%. Over the past week, this decline amounted to approximately 38%. Consequently, WIF was knocked off the list of the top 50 cryptocurrencies by market capitalization. At present, CoinMarketCap ranks WIF at number 52 with a market value of $1.5 billion.
As a curious researcher, I’m eager to delve deeper into the world of meme coins. For a thorough understanding, check out our in-depth guides on Dogecoin (DOGE), Shiba Inu (SHIB), and PEPE, along with other trending meme coins.
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2024-06-24 11:19