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%.
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.
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.
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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This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
