Dogecoin (DOGE) and Top Meme Coins Plunge in Value Amidst Market Volatility
Dogecoin (DOGE) has undergone a notable decline of 2.39% in the last 24 hours, resulting in a price of $0.1209. This decline aligns with a broader weekly trend where DOGE has experienced a loss of approximately 2.91% in value. Despite a slight 0.33% drop in the last hour, Dogecoin continues to maintain a robust market capitalization of over $17.5 billion with a reduced trading volume of $283 million.
Market Trends of Shiba Inu
Shiba Inu (SHIB), often viewed as a competitor to Dogecoin, has also witnessed a downturn. Over the last 24 hours, SHIB’s price has declined by 2.62%, settling at $0.00001669. The meme coin’s week-long decline has reached 8.20%, leading to a reduction in its market capitalization to $9.834 billion while its trading volume dropped significantly to $113 million, a decline of over 50%.
Read Also: Shiba Inu: Whale Movements Spark Speculation Despite Flat Price
Significant Plummet in PEPE Coin
PEPE, another prominent meme coin, has experienced a complete reversal of its recent gains. Over the past day, PEPE’s value plummeted by 5.93% to $0.00001101. Its weekly performance also reflects a negative trend with a 6.69% decline. The coin’s market cap has decreased to $4.632 billion, and its trading volume has dropped to $336 million.
Market Dynamics of WIF
WIF, a Solana-based meme coin, which initially saw substantial gains earlier in the week, is now facing a decline. The coin observed a 3% dip to $2.02 after previously experiencing daily gains of 19% and 12%. Nonetheless, WIF’s overall weekly performance remains positive with a 13.68% increase. Its market capitalization stands at over $2 billion, and it maintains a relatively high trading volume of over $300 million, surpassing both DOGE and SHIB in transaction frequency.
Conclusion
In conclusion, the recent downturns in meme coins such as DOGE, SHIB, PEPE, and WIF illustrate the significant volatility and risk inherent in these digital assets. The substantial declines in values underscore the necessity for investors to conduct comprehensive market analysis and implement prudent investment strategies.
Read Also: Worldcoin (WLD) Price Poised for Recovery, Analyst Predicts
Follow us on Twitter, Facebook, Telegram, and Google News
Meet Daniel Abang: Crypto guru, content creator, and analyst. With a deep understanding of blockchain, he simplifies complex concepts, guiding audiences through the ever-changing crypto landscape. Trusted for his insightful analysis, Daniel is the go-to source for staying informed and empowered in the world of cryptocurrency.
