Memecoins
Dogecoin, Shiba Inu and PEPE face a brutal correction
10:15 a.m. ▪ 3 min reading ▪ by Fénelon L.
Meme-inspired cryptocurrencies, once booming, are currently going through a rough patch. Dogecoin, Shiba Inu and PEPE, key players in this segment, have seen their market value drop significantly in recent weeks.
DOGE falling despite increasing trading volume
About two weeks after the Halving, the cryptocurrency market is struggling to rebound. Bitcoin is undergoing a correction that is impacting the entire market, including memecoins which until now were experiencing a prosperous period, similar to a bull run.
Dogecoin (DOGE), one of the leading meme-inspired cryptocurrencies, has lost more than 12% of its value in the past 24 hours. This decline is part of a broader downward trendwith a drop of 23% over the week and 40% over the month.
Currently, DOGE is trading around $0.1245, far from its all-time high of $0.737 reached in May 2021. Despite these disappointing numbers, Dogecoin trading volume surged 75% in one day, reaching 1 .7 billion dollars, with a market capitalization of $18 billion.
Shiba Inu and PEPE follow the downward trend
Shiba Inu (SHIB), another popular memecoin, also lost 12% in 24 hours and 22% over the week. Its current price of $0.000021 is still up 134% over 90 days, indicating continued investor interest. SHIB’s trading volume increased 50% to $833 million, with a market cap of $12.3 billion.
PEPE, a newer memecoin, is not immune to the crisis despite a 560% increase over 90 days. Its price fell 22% over a week and another 16% in 24 hours, reaching $0.000006. Its trading volume, however, increased by 28% to $980 million.
Although Dogecoin, Shiba Inu and PEPE suffered significant losses, investor interest, reflected by increased trading volumes, remains present. Investors should remain vigilant of the volatility and risks inherent in these assets, while closely monitoring market sentiment and broader market trends. crypto industry.
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Fenelon L.
Passionate about Bitcoin, I like to explore the intricacies of blockchain and cryptos and I share my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I firmly believe that Bitcoin is the tool that can make this possible.
DISCLAIMER
The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.