Memecoins, a lighthearted and often fun sector of the crypto world, have long entertained the crypto community.
From Dogecoin (DOGE) to Shiba Inu (SHIB) and even the famous Pepe Coin (PEPE), these assets have sparked excitement and curiosity among crypto enthusiasts.
However, currently the memecoin market is experiencing a significant shift, with the overall value of these tokens shrinking.
Data analysis shows a significant decline in their market capitalization, resulting in losses of more than US$3 billion since the start of 2023.
SHIB and DOGE Prices Compactly Shrink
Watcher News reports, DOGE has remained as the tenth largest cryptocurrency by market capitalization. As of early 2023, DOGE boasts a market capitalization of US$10.83 billion.
However, since then, that figure has shrunk to US$8.47 billion, marking a significant decline.
Despite this decline, DOGE still maintained its dominance in the memecoin sector, contributing 61.09 percent to the overall value.
Over the past week, DOGE experienced a decrease in value of 2.8 percent and during the month it showed a decrease of 4.4 percent.
Shiba Inu, commonly called SHIB, also saw its value drop by 2.9 percent over the past week, and a drop of 5.4 percent over the month.
On Sunday (15/10/2023), SHIB's market capitalization was at US$4.17 billion, down from US$5.34 billion at the beginning of this year. Strikingly, SHIB accounts for 30 percent of the US$13.7 billion memecoin ecosystem.
PEPE, another famous memecoin, has experienced fluctuations since its creation. At one point, its value even surpassed the US$1 billion mark in market capitalization, only to quickly lose value.
However, recent developments have brought optimism within the PEPE community. According to data from LunarCrush, this memecoin's Galaxy Score is only behind Bitcoin (BTC), indicating the potential for a bullish rally in the near future.
Even though the memecoin market is currently experiencing a downturn, it is important to remember that cryptocurrencies, especially memecoins, are known for their volatility.
The crypto landscape can change quickly and these meme tokens have demonstrated resilience and the ability to recover in the past.
