Crypto Volatility Hits Meme Coin Market as Dogecoin, PEPE and Shiba Inu Tumble

UTC by Chimamanda U. Martha · 2 min read
Crypto Volatility Hits Meme Coin Market as Dogecoin, PEPE and Shiba Inu Tumble
Photo: Depositphotos

Among the trio, PEPE, the frog-faced memecoin, took the highest hit. The meme coin suffered 12% decline on Thursday and is currently seated as the 26th biggest digital asset globally with a market cap of over $6 billion.

The cryptocurrency market is currently experiencing a bloodbath, with Bitcoin and Ethereum dropping below their 24-hour prices of $68,000 and $3,900, respectively. The meme coin sector was not spared from this crash as it dropped  4.11% on Thursday. Its trading volume also plummeted by 19.65%.

During this period, top digital assets in the sector, such as Dogecoin (DOGE), Shiba Inu (SHIB), and PEPE (PEPE), have also seen significant drops. These digital assets collectively fell by 22% after rallying in the past few days.

A Shift in Momentum

In contrast with the current market woes, DOGE, PEPE, and SHIB experienced massive gains at the start of the week. SHIB even dethroned Cardano (ADA) to enter the list of the top 10 largest cryptocurrencies in the world on Wednesday before the momentum changed to the current downturn.

SHIB lost 6% of its previous value but it still maintains its position among the top 10 largest players in the industry by market capitalization.

DOGE on the other hand dropped 4%, losing its market capitalization of $24.16 billion it recorded the previous day to $23.31 billion. The token also lost 7.32% of its trading volume.

The king of memes also seems to be losing its dominance to newer entrants.

According to data from IntoTheBlock, the total number of daily addresses interacting with DOGE this month has dwindled by 18% compared to April. However, despite this setback, DOGE still remains the king of the meme category, similar to how Bitcoin is dominating the entire crypto market.

With DOGE dominating the meme coin market, other digital assets like SHIB and PEPE are closely trailing behind, taking the second and third positions respectively on CoinMarketCap. The trio has the largest market value in the meme segment.

PEPE Takes the Hardest Hit

Among the trio, PEPE, the frog-faced memecoin, took the highest hit. The meme coin suffered 12% decline on Thursday and is currently seated as the 26th biggest digital asset globally with a market cap of over $6 billion.

PEPE surprised investors on Tuesday when it reached an all-time high of $0.00001717 for the first since its launch. However, the token has since dropped and is currently down 22.6% from the latest peak price.

Meanwhile, the rise and fall of these digital assets underscore the high volatility of the crypto market, irrespective of the sector.

Investors are, however, reminded to trade with caution, as the memecoin sector is usually more volatile than the rest of the market.

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