Memecoins
Dogecoin, Shiba Inu and PEPE face brutal correction
10.15am ▪ 3 minute read ▪ by Fenelon L.
Meme-inspired cryptocurrencies, once booming, are currently having a tough time. Dogecoin, Shiba Inu and PEPE, key players in this segment, have seen their market value decline significantly in recent weeks.
DOGE declining despite increased trading volume
About two weeks after the Halving, the cryptocurrency market is struggling to recover. Bitcoin is undergoing a correction that impacts the entire market, including memecoin which until now were experiencing a flourishing period, similar to a bull run.
Dogecoin (DOGE), a leading meme-inspired cryptocurrency, has lost more than 12% of its value in the past 24 hours. This decline is part of a broader downtrendwith a drop of 23% on the week and 40% on the month.
Currently, DOGE is trading around $0.1245, a far cry from its all-time high of $0.737 reached in May 2021. Despite these disappointing figures, Dogecoin trading volume increased by 75% in one day, reaching 1.7 billion dollars, with a market capitalization of $18 billion.
Shiba Inu and PEPE follow the downward trend
Shiba Inu (SHIB), another popular memecoin, also lost 12% in 24 hours and 22% for the week. Its current price of $0.000021 is still up 134% in 90 days, indicating continued investor interest. SHIB’s trading volume increased 50% to reach $833 million, with a market capitalization of $12.3 billion.
PEPE, a newer memecoin, is not immune to collapse despite a 560% increase in 90 days. Its price fell 22% in a week and a further 16% in 24 hours, reaching $0.000006. Its trading volume, however, increased 28% to reach $980 million.
Although Dogecoin, Shiba Inu, and PEPE have suffered significant losses, investor interest, reflected in increased trading volumes, remains present. Investors should remain vigilant about the volatility and inherent risks of these assets, closely monitoring market sentiment and broader trends in the crypto sector.
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Fenelon L.
Passionate about Bitcoin, I want to explore the meanings of blockchain and cryptocurrencies and participate in my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I firmly believe that Bitcoin is the tool that can make this possible.
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be relied upon as investment advice. Do your research before making any investment decisions.