Shiba Inu and Dogecoin, two leading cryptocurrencies in the memecoin sector, have recently experienced significant declines. CoinGecko data reveals that Shiba Inu plunged 3.5%, while Dogecoin dropped 2.5%. This contrasts with Bitcoin’s 0.9% decline during the same period, as other major cryptocurrencies like XRP continue to trade positively.
Memecoin Sector Performance
The broader memecoin market is also facing downward trends, with Dogwifhat (WIF) experiencing a notable 6% drop. Every memecoin boasting a market cap of over $1 billion has recorded substantial losses in the last 24 hours. Bonk (BONK) and Brett (BRETT) both fell by more than 5%, while Pepe (PEPE) and Floki Inu (FLOKI) declined by 3.1% and 4.9%, respectively.
Mog Coin (MOG) stands out as the exception, achieving a modest price increase of 1.7%, making it the only notable memecoin project to gain amid the sector’s poor performance. Despite the struggles of these top-tier projects, their condition remains better compared to celebrity-themed tokens.
How Are Celebrity Tokens Faring?
Celebrity-themed tokens, which surged in popularity in June, have since plummeted by over 90%. Iggy Azalea’s MOTHER token alone saw a 70% drop. This period also witnessed bad actors impersonating celebrities like 50 Cent, leading to significant investor disinterest in the market.
Key Takeaways for Investors
- Shiba Inu and Dogecoin have recently seen declines of 3.5% and 2.5%, respectively.
- Other notable memecoins like Dogwifhat and Bonk have also faced significant losses.
- Mog Coin is the only memecoin with a positive gain, rising by 1.7%.
- Celebrity-themed tokens have plummeted by over 90%, with investor interest waning.
These trends underscore the volatile nature of the memecoin and celebrity-token markets, urging investors to stay informed and cautious.
Despite some upward movement for Dogecoin earlier this week, largely driven by crypto analyst Ali’s bullish predictions, the cryptocurrency remains 82.2% below its 2021 peak. The influence of Elon Musk on Dogecoin appears to be diminishing, affecting its overall popularity.