Bitcoin‘s price experienced a significant drop today, which has shifted investor attention towards meme coins, despite Ethereum-based ETFs failing to uplift the market. Additionally, Mt. Gox creditor payments have added to the downward pressure. Amidst Bitcoin’s downturn, meme coins also faced declines but remained a focal point for many traders.
What is Happening to DOGE?
Dogecoin (DOGE), a leading meme coin, saw its monthly gains erode with a 7.63% drop in the past 24 hours, bringing its price to $0.1302. Nevertheless, DOGE’s weekly performance still shows a 3.41% increase. Its market cap stands at $18.9 billion, though trading volume has significantly dropped by 43%, now at $1 billion. DOGE remains 86% below its all-time high of $0.7376, and investors continue to anticipate a return to these peak levels.
Why Is SHIB Falling in Value?
Shiba Inu (SHIB) also faced a downward trend today, with its price dropping by 4% within 24 hours to $0.00001708. Over the past week, SHIB has decreased by 12.45%, partly due to hacking incidents. Its market cap is at $10 billion, ranking it 13th, while its trading volume stands at $326 million. In the SHIB/TRY pair, the price is 0.0005644 TL.
PEPE’s Market Behavior
PEPE has shown resilience, with only a minor 0.88% drop in the last 24 hours, pricing it at $0.00001215. PEPE has performed strongly in recent months, even achieving all-time highs during bearish market conditions. Despite a subsequent pullback to $0.00001718, PEPE’s robust stance suggests potential for future price surges. Its market cap remains above $5 billion, with a trading volume of $1 billion.
Meme Coin Takeaways
– Dogecoin shows potential for recovery despite current declines.
– Shiba Inu faces challenges due to security breaches, impacting investor confidence.
– PEPE’s strong performance suggests it could lead future market rallies.
The market’s current state indicates a significant shift in focus toward meme coins as Bitcoin’s price continues to fall. Investors are closely monitoring these assets, hoping for a recovery or potential gains in the near future.