According to U.Today, Shiba Inu (SHIB) and Dogecoin (DOGE) are among the top underperformers in the cryptocurrency market. Data from CoinGecko reveals that SHIB and DOGE have declined by 3.5% and 2.5%, respectively. In comparison, Bitcoin (BTC) has only dropped by 0.9% over the same period. Other major cryptocurrencies, such as XRP, are currently showing positive performance.
The entire meme coin sector is experiencing a downturn, with dogwifhat (WIF) plunging by as much as 6%. Every meme coin with a market cap over $1 billion has recorded losses in the past 24 hours. Bonk (BONK) and Brett (BRETT) have also slipped by more than 5%, while Pepe (PEPE) and Floki Inu (FLOKI) are down 3.1% and 4.9%, respectively. Mog Coin (MOG) is the only well-established meme cryptocurrency that has managed to record a modest price increase of 1.7%.
Despite the current underperformance of blue-chip meme coins, they are still faring better than celebrity-themed tokens. After experiencing significant price surges in June and attracting considerable attention, most celebrity-themed tokens have crashed by more than 90%. Iggy Azalea's MOTHER token, for instance, is down more than 70%. The niche crypto sector has also been affected by bad actors impersonating celebrities such as 50 Cent.
Earlier this week, cryptocurrency analyst Ali noted that Dogecoin tends to rally after a period of consolidation. The analyst mentioned that he was buying more DOGE, suggesting that he expects a similar rally to occur this time. DOGE has increased by as much as 14% over the past two weeks. However, it remains down 82.2% from its record high achieved during the 2021 bull run.
