The cryptocurrency market is experiencing a cautious bounce back, with major players like Bitcoin (BTC) showing positive signs. However, the meme coin sector seems to be lagging behind this trend. Three of the most popular meme coins, Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), are yet to see significant price increases despite a broader market recovery.
Dogecoin: From Meme to Market Mover, Now Moving Sideways
Dogecoin, the original meme coin created in 2013, enjoyed a meteoric rise fueled by celebrity endorsements and its lighthearted image. However, DOGE has lost around 10% of its value in the past week, currently trading at $0.11. Its trading volume has also dipped nearly 4% in the last 24 hours. Despite this recent slump, DOGE maintains its dominance in the meme coin sector with a market cap of $16 billion, ranking ninth globally.
Shiba Inu: The ‘Dogecoin Killer’ Gets Stalled
Shiba Inu, often referred to as the “Dogecoin Killer” due to its initial rapid growth, has failed to capitalize on the current market recovery. While it has only dropped 1% in the last day, SHIB is still down nearly 30% since June. Its trading volume has also shrunk by over 40%. Despite these setbacks, SHIB holds the position of the second-largest meme coin with a market cap of $10 billion, but it has fallen out of the top 10 global cryptocurrency rankings.
Pepe: A Newcomer Faces Growing Pains
Pepe, the meme coin inspired by the popular internet frog meme, is the newest entrant in the sector and is facing its own set of challenges. PEPE has lost over 13% of its value in the past week and a significant 25% in the last month. Its market cap has shrunk to $3.9 billion, and its daily trading volume has dwindled by 38%.
Also Read: Dogecoin Price on Edge! Can DOGE Break Free From 85% Drop or Fall Below $0.10 Support?
The lackluster performance of these three major meme coins has impacted the entire meme coin market, which currently sits at a valuation of around $43.21 billion according to CoinMarketCap data.
It remains to be seen if these meme coins can catch up with the broader market recovery or if this slowdown signals a deeper issue within the meme coin sector.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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