Cryptocurrencies known for their high volatility, such as meme coins, continue to expand their market presence. However, despite a recent uptick in Bitcoin (BTC), meme coins are encountering challenges. This article delves into the current performance of some well-known meme coins.
How is Shiba Coin Performing?
Once dubbed the “DOGE killer” and frequently featuring in the top 10 by market cap, Shiba Inu (SHIB) experienced a meteoric rise in 2021, followed by a precipitous decline that shook investor confidence. Presently, SHIB ranks second to Dogecoin (DOGE) by market cap, but its recent performance is lackluster. Over the past 24 hours, SHIB’s value has decreased by 2.46%, landing at $0.00001702.
Despite a slight 0.60% dip over the past week, efforts to bolster SHIB’s price, including token burns, have yet to significantly impact its large supply. As a result, investor anxiety persists regarding SHIB’s potential to achieve new all-time highs.
What’s Happening with PEPE Coin?
Despite capturing headlines earlier in June and hitting multiple all-time highs, PEPE appears to be facing headwinds. Over the last 24 hours, the coin has plummeted by 6%, trading at $0.00001138. Although PEPE’s market cap stands below $5 billion at $4.7 billion, its 24-hour trading volume has surged to $470 million, indicating renewed interest.
Another notable meme coin, FLOKI, has also seen declines recently. FLOKI’s price fell by 3.7% in the last 24 hours, trading at $0.0001687. Despite recent investments and token burns, its market cap is $1.6 billion, and its 24-hour trading volume rose by 19% to $186 million. FLOKI, which has posted over a 500% gain in the past year, remains closely watched for future performance in bullish market conditions.
User-Usable Inferences
– SHIB’s large supply remains a critical issue despite token burns.
– PEPE’s increased trading volume suggests rising interest despite the price drop.
– FLOKI’s gains and recent investments hint at potential for future growth in a bullish market.
Investors should closely monitor these factors when considering meme coin investments.