According to CoinGecko data, Shiba Inu (SHIB) and Dogecoin (DOGE) are among the worst performers in the crypto market right now. SHIB has dropped by 3.5%, while DOGE is down 2.5%.
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In contrast, Bitcoin (BTC) has decreased by only 0.9% in the same period. Other major cryptocurrencies, like XRP, are showing positive gains.With leading meme coins underperforming, the question remains: Can Dogecoin make a comeback?
Meme Coin Sector Sees Widespread Losses
The meme coin sector is experiencing a broad downturn, with several key players facing significant losses. Dogwifhat (WIF) has dropped by 6%, and all meme coins with a market cap over $1 billion have seen declines in the past 24 hours.
Bonk (BONK) and Brett (BRETT) have also fallen by more than 5%, while Pepe (PEPE) and Floki Inu (FLOKI) are down 3.1% and 4.9%, respectively.
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In contrast, Mog Coin (MOG) stands out as the only well-established meme cryptocurrency to show a slight increase of 1.7%.
Meme Coin Sector Faces Challenges: Blue-Chip vs. Celebrity Tokens
While blue-chip meme coins are currently underperforming, they still fare better than celebrity-themed tokens. After experiencing significant price surges in June and gaining widespread media attention, most celebrity-inspired tokens have now plummeted by over 90%. Notably, Iggy Azalea’s MOTHER token has dropped more than 70%.
The celebrity meme coin sector has also been marred by fraudulent activities, with bad actors impersonating well-known figures like 50 Cent.
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Analyst Predicts Dogecoin Rally Following Consolidation
Earlier this week, cryptocurrency analyst Ali noted that Dogecoin often experiences a rally after a period of consolidation. He indicated that he was buying more DOGE, suggesting he expects a similar pattern to unfold this time.
Over the past two weeks, DOGE has risen by as much as 14%. Despite this recent gain, the leading meme coin remains down 82.2% from its all-time high achieved during the 2021 bull run
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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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