Memecoins
Shiba Inu (SHIB) Plunges 10% as Meme Coins Plunge
According to data provided by., the meme coin industry is absolutely being hit with double-digit losses CoinGecko.
Shiba Inu (SHIB), the second-largest meme coin by market capitalization, has fallen about 11% in the past 24 hours.
Bonk (BONK), FLOKI (FLOKI) and dogwifhat (WIF) also suffered huge losses. WIF has decreased by up to 14% in the last 24 hours.
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Meme coins, perceived as high-risk speculative assets, are reacting to Bitcoin’s weakness. The largest cryptocurrency slipped back below the $66,000 level after failing to gain ground above the $67,000 level and dragging the entire cryptocurrency market lower.
Every meme coin with a market cap above $200 million is in the red. Notably, Cat in Dog World (MEW) is the only exception after adding 2.4%.
At the moment, XRP remains the only cryptocurrency in the top 100 in the green after the unexpected decoupling from Bitcoin on Monday.
Don’t expect another altcoin season
Financial analyst Murad Mahmudov recently he thought that another altcoin season was unlikely to occur due to the fact that excess savings of American households have now dried up after peaking in 2021. Coincidentally, many altcoins are still far from 2021 peaks despite Bitcoin reached a new all-time high earlier this year. Dogecoin and Shiba Inu, the largest meme coins, are down 83.3% and 79% respectively.
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The analyst also noted that altcoins suffer from “lack of supply” due to the ease with which they can generate new cryptocurrencies in 2024.
Celebrity meme coins have managed to do this brighten last month’s speculative frenzy, but it appears their success was short-lived.