Leading memecoins Dogecoin, Shiba Inu, and PEPE have experienced a significant price crash following a global memecoin market slump. This development came barely 24 hours after the asset category saw a rally. The sharp rise and fall of these assets underscores their highly volatile nature and is a reminder to investors always to tread cautiously.
Over the last day, the prices of the aforementioned tokens have slumped by 4%, 6%, and 12% respectively. In hindsight, Shiba Inu and PEPE have performed well within the last 7 days. In the case of SHIB, the token saw a surge about 24 hours ago that made it flip Cardano (ADA) to enter the top 10 largest cryptocurrencies by market cap list. However, at the time of writing, the current dip has pushed it back to the 11th position.
For PEPE, the frog-faced memecoin surpassed expectations after it rose to its all-time high of $0.00001717 on May 27, which means that its current price is down by 22.6% from that high.
However, the case of Dogecoin (DOGE) seems to differ. The token has seen a significant drop in demand over the last week. According to CoinMarketCap data, DOGE has declined by 3.5% in the last 7 days. What is more, additional data from IntoTheBlock shows that the total number of daily addresses involved in DOGE transactions has crashed by 18% within the recorded time.
Source: CoinMarketCap
Furthermore, the data reveals that demand from new investors, as portrayed in the number of new addresses created to trade DOGE, has also decreased by a significant 21% during the last week. Consequently, its trading volume has dropped by 11.79% signifying reduced activities surrounding the token.
Broader Memecoin Market Reaction
Meanwhile, the broader memecoin market is also experiencing a bloodbath as the majority of tokens are trading in the red zone. Dogwifhat (WIF) for example, has dipped by 11.33% over the last 24 hours to trade at $3.45. WIF has traded between the lows and highs of $3.37 and $3.93 within the recorded time.
Floki (FLOKI), a Shiba Inu-inspired memecoin, has also dropped by 14.17% over the last day to trade at $0.000246. Additionally, FLOKI has traded between the lows and highs of $0.0002408 and $0.0002859 in the last 24 hours.
Bonk (BONK) has lost 18.05% of its value and currently trading at $0.00003354. The trending MAGA (TRUMP) token has declined by 10.49% to trade at $12.94. While some might panic at the current state of the memecoin market, other investors see it as an opportunity to buy the dip. While investing, it is important to remember that memecoins are hype-related assets and can rise and fall quickly.
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