Memecoins
Shiba Inu (SHIB) Slumps 10% as Meme Coins Plunge
Alex Dovbnya
SHIB, PEPE, BONK and WIF are among the worst performing cryptocurrencies
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The meme coin industry is completely in the throes of double-digit losses, according to data provided by CoinGecko.
Shiba Inu (SHIB), the second largest coin by market capitalization, is down around 11% in the last 24 hours.
Bonk (BONK), FLOKI (FLOKI) and dogwifhat (WIF) also suffered massive losses. WIF has fallen by up to 14% in the last 24 hours.
Meme coins, seen as high-risk speculative assets, are reacting to Bitcoin weakness. The largest cryptocurrency fell back below the $66,000 level after failing to gain a foothold above the $67,000 level and dragging the entire cryptocurrency market down.
Every meme coin with a market cap above $200 million is in the red. Notably, Cat in a Dog’s World (MEW) is the only exception after adding 2.4%.
For now, XRP remains the only top 100 cryptocurrency in the green after an unexpected decoupling from Bitcoin on Monday.
Don’t expect another altcoin season
Financial analyst Murad Mahmudov recently of opinion that another altcoin season was unlikely to occur due to the fact that excess US household savings have now dried up after peaking in 2021. Coincidentally, many altcoins are still far from their 2021 highs, even though Bitcoin hit a new all-time high earlier. This year. Dogecoin and Shiba Inu, the biggest meme coins, are down 83.3% and 79%, respectively.
The analyst also noted that altcoins are suffering from a “lack of supply” due to the ease of generating new cryptocurrencies in 2024.
Celebrity coins managed to relaunch the speculative frenzy of last month, but it seems that their success was very short-lived.
About the Author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to this booming industry, from price analysis to blockchain disruption. Alex has authored over 1,000 articles for U.Today, CryptoComes and other fintech media. He is particularly interested in regulatory trends across the world that are shaping the future of digital assets. He can be contacted at alex.dovbnya@u.today.