Dogecoin, Shiba Inu, Pepe Still on Fence despite Market Recovery

UTC by Chimamanda U. Martha · 3 min read
Dogecoin, Shiba Inu, Pepe Still on Fence despite Market Recovery
Photo: Depositphotos

The decline of these three tokens has also affected the entire meme coin market. The meme sector is currently valued at around $43.21 billion.

In the last 24 hours, the crypto market has shown signs of recovery, with many digital assets such as Bitcoin (BTC) experiencing significant price increases.  However, the meme coin sector has not mirrored this upward trend, with three of its popular tokens, Dogecoin, Shiba Inu, and Pepe, still on the fence.

Dogecoin: Once a Favorite, Now Hesitant

Dogecoin (DOGE), originally created as a joke in 2013, gained immense popularity over the years, partly due to endorsements from celebrities and popular personalities like Elon Musk. Its fun and approachable image attracted many new investors.

However, as of July 10, DOGE has shed up to 10% of its value in the past week, currently trading around $0.11, down from its previous highs of $0.14 in June 2024. In the last 24 hours, its trading volume has fallen nearly 4%, now sitting around $575 million.

In terms of market share, DOGE is still the leading meme coin in the crypto industry, topping the chart with $16 billion in market cap. In global rankings, the meme coin is the ninth-largest digital asset in the world.

Shiba Inu: The ‘Dogecoin Killer’ Stalls

Shiba Inu (SHIB), often dubbed the “Dogecoin Killer”, saw a rapid rise in value last year, driven by a passionate community and strategic marketing. Despite these efforts, SHIB has not seen the same level of recovery as other cryptocurrencies in the last 24 hours.

The meme coin has fallen just 1% in the past day and nearly 30% since June. Currently, SHIB is valued at around $0.00001677 with a 24-hour trading volume of $282 million, showing over a 40% decline.

Despite this decline, the meme coin is still maintaining its position as the second-largest digital asset in the sector with a market capitalization of approximately $10 billion.

In terms of global rankings, SHIB has been driven out of the top 10 list of largest cryptocurrencies and is currently in the 13th position.

Pepe: A Newcomer Facing Challenges

Pepe coin (PEPE), a newcomer in the meme coin sector, has also struggled in the current market. Named after the popular internet meme “Pepe the Frog”, this digital asset aimed to capitalize on the meme coin trend. However, its performance has been lackluster compared to other digital assets in the past 24 hours.

PEPE is still suffering the brutal brunt of the market winter, losing more than 13% of its value in a week and approximately 25% in a month. Its market cap has fallen to $3.9 billion, with 38% of its daily trading volume vanishing into thin air.

The decline of these three tokens has also affected the entire meme coin market. According to data from CoinMarketCap, the meme sector is currently valued at around $43.21 billion.

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