The decline of these three tokens also affected the entire meme coin market, which currently has a market value of approximately $43.21 billion.
The crypto market has shown signs of recovery over the past 24 hours, with many digital assets such as Bitcoin (BTC) seeing significant price increases. However, the memecoin space has not mirrored this upward trend, with three of its popular tokens, Dogecoin, Shiba Inu, and Pepe, remaining on the sidelines.
Dogecoin: Once the favorite, now undecided
Originally created as a joke in 2013, Dogecoin has gained popularity over the years, in part due to endorsements from celebrities and well-known figures such as Elon Musk. Its fun and approachable image has attracted many new investors.
However, as of July 10, DOGE’s value has fallen 10% over the past week and is currently trading at around $0.11, down from a high of $0.14 in June 2024. Its trading volume has fallen nearly 4% over the past 24 hours and is currently around $575 million.
In terms of market share, Dogecoin remains the leading meme coin in the crypto industry, topping the list with a market cap of $16 billion. In global rankings, Dogecoin is the ninth-largest digital asset in the world.
Shiba Inu: The “Dogecoin Killer” Stalls
Often referred to as the “Dogecoin killer,” SHIB has seen a rapid rise in value over the last year, fueled by a passionate community and strategic marketing. Despite these efforts, SHIB has not seen the same degree of recovery as other cryptocurrencies over the past 24 hours.
The meme coin is down just 1% in the past day and is down nearly 30% since June. Currently, SHIB is valued at around $0.00001677 with a 24-hour trading volume of $282 million, a drop of more than 40%.
Despite the decline, the meme coin still maintains its position as the second-largest digital asset in the space, with a market cap of around $10 billion.
In terms of global rankings, SHIB has been squeezed out of the top ten cryptocurrencies list and is currently ranked 13th.
Pepe: Newcomers face challenges
Pepecoin (PEPE), a newcomer to the meme coin space, is also struggling in the current market. Named after the popular internet meme “Pepe the Frog,” the digital asset aims to capitalize on the meme coin trend. However, it has underperformed compared to other digital assets over the past 24 hours.
PEPE is still suffering from the brutal impact of the market winter, with its market value shrinking by more than 13% in a week and about 25% in a month. Its market value has fallen to US$3.9 billion, and 38% of its daily trading volume has been wiped out.
The declines in these three tokens also affected the entire meme coin market, which currently has a market cap of approximately $43.21 billion, according to CoinMarketCap.
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