Meme coins, known for their high volatility and risk in the cryptocurrency market, have faced a decline today after gaining traction over the past two days. Both WIF and PEPE, which saw a surge recently, along with top meme coins like DOGE and Shiba Inu (SHIB), have experienced significant drops. The extent of these declines raises concerns among investors.
How Serious is the DOGE Decline?
DOGE, the leading meme coin by volume, has lost its positive momentum. Analyzing the recent trends, DOGE has dropped 3.69% in the last 24 hours, trading at $0.1226. This decline has caused worry among investors. Additionally, DOGE’s 7-day price perspective turned negative, falling to $0.80.
The market volume for DOGE rose above $18 billion yesterday but later receded to $17.7 billion. Its 24-hour trading volume significantly decreased from $784 million to $515 million, indicating reduced market interest.
Why is Shiba Inu Dropping?
Shiba Inu (SHIB), once dubbed the ‘DOGE killer,’ has also been affected by the recent decline. SHIB’s price fell to $0.00001717 following a 3.97% drop in the last 24 hours. Over the past week, SHIB’s price has decreased by 6.50%. The market volume for SHIB dropped to $10.11 billion, while trading volume decreased from $372.6 million to $208 million.
Key Insights for Investors
Investors can draw the following insights from recent market trends:
- High volatility in meme coins necessitates careful monitoring of market movements.
- A drop in trading volume can indicate reduced investor interest and potential future declines.
- Comparison of short-term and long-term price trends is essential to gauge overall market health.
PEPE, which led the market last month, has surrendered some of its recent gains. PEPE’s price fell to $0.0000126, down 4.88% in the last 24 hours. Despite this, PEPE maintains a positive weekly outlook with a rise of over 10%. Its market volume remains stable at $5.3 billion, though trading volume dropped significantly from $1 billion to $718 million.
WIF, part of the Solana network, saw one of the most notable declines today. After experiencing increases of 19% and 12% over the past two days, WIF fell by 5% but still trades at $2.02. Its market volume remains above $2 billion, with trading volume around $462 million.