Meme Cryptocurrencies Face Steep Declines: Dogecoin, Shiba Inu, and PEPE Suffer Major Setbacks in Market Value
Dogecoin (DOGE), a leading cryptocurrency inspired by memes, experienced a significant downturn, losing over 12% of its value in the last 24 hours.
The price of DOGE, a favorite of tech mogul Elon Musk, has decreased by more than 23% over the past week and by 40% within the last month.
Currently, DOGE’s market price hovers around $0.1245. This marks an 83% decline from its peak value of $0.737, recorded on May 8, 2021.
Despite this setback, the trading volume of Dogecoin surged by 75% in the last day, reaching $1.7 billion, with its market capitalization now at $18 billion.
Shiba Inu (SHIB), another popular meme cryptocurrency, also faced challenges, with its price dropping by 12% in the same 24-hour period.This recent fall adds to a 22% decrease over the past week.
Nevertheless, Shiba Inu has seen a significant 134% rise over the last 90 days, reflecting sustained investor interest despite shifting market sentiments.
Shiba Inu is currently priced at $0.000021, with a 24-hour trading volume that increased by 50% to $833 million. SHIB’s market cap stands at approximately $12.3 billion.
A newer meme coin, PEPE, has also felt the market’s volatility.
After a remarkable 560% rise in the last 90 days, PEPE has seen a 22% decrease over the past week, with an additional 16% drop in the last 24 hours.
PEPE’s current trading price is $0.000006, and its trading volume over the last day rose by 28% to $980 million.
Despite recent declines, PEPE remains the third-largest meme cryptocurrency, boasting a market cap of $2.58 billion.
These fluctuations in the meme cryptocurrency sector underscore the inherent volatility and the shifting dynamics influenced by both investor sentiment and broader market trends.
