The bear market has taken a toll on the cryptocurrency world, and memecoins are feeling the impact. Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe Coin (PEPE), some of the best-performing meme assets of the year, are retesting their previous lows.
Over the past day, DOGE, a popular dog-themed meme coin created to poke fun at Bitcoin (BTC), has seen its value drop by over 5%, while SHIB, another dog-themed crypto, has dropped by 6%. On the other hand, the price of PEPE, a memecoin based on the internet-famous frog character, has experienced a similar downturn, falling by 11% between Sunday and early Monday morning.
Continued Decline
These cryptocurrencies have been on a downward trajectory since last week, with DOGE price falling by over 11%, according to data from CoinMarketCap. The “king of the meme land” is currently trading around $0.11, a far cry from its all-time high of $0.73.
Both SHIB and PEPE are also retesting their previous lows as large investors retreat to safer assets. As of June 23, SHIB price has seen a seven-day decline of over 16%, currently trading around $0.00001702, while PEPE faced an 11% correction.
On June 17, SHIB broke the key support level of $0.00002, which analysts believed would be instrumental in the token’s potential rally, for the first time since early March 2024.
That same week, blockchain research platform Santiment suggested that the decreased interest in meme coins could be a buying opportunity for “patient traders” who have been on the sidelines waiting for a buy-in opportunity.
📉 Crowd sentiment has dropped significantly for XRP, Dogecoin, and Shiba Inu after their respective price drops. Patient traders who have been waiting for the crowd to give up on these large cap altcoins may finally have their buy opportunity with FOMO at a 2024 low. pic.twitter.com/Pf65huJJnd
— Santiment (@santimentfeed) June 17, 2024
Market Positions
Despite the decline, DOGE is still maintaining its position on the list of the top 10 largest cryptocurrencies by market capitalization.
The dog-themed meme coin and people’s favorite is currently sitting at the ninth position with a market cap of over $17 billion, surpassing Cardano’s ADA, which is ranked tenth with a market value of over $13 billion.
SHIB, on the other hand, is currently the 12th largest crypto with a market capitalization of around $10 billion.
While DOGE and SHIB continue to maintain their previous positions in the market, other assets in the meme sector have suffered significant declines that led to their removal from their previous rankings.
For example, Dogwifhat (WIF), another dog-inspired crypto based on the Solana blockchain, saw its value decline by approximately 15% on Monday and by 38% over the past week. The token’s market capitalization also fell by 9% within 12 hours, resulting in WIF’s removal from the list of the top 50 cryptocurrencies by market capitalization. Currently, the token is seated at the 52nd position on CoinMarketCap with a valuation of $1.5 billion.
Interested to learn more about these meme coins? Explore our comprehensive guides on DOGE, Shiba Inu, PEPE as well as other popular meme coins.
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