Meme Coins Suffer as Cryptocurrency Market Dips
In the midst of a general decline in the cryptocurrency market, meme coins have faced significant losses in the past week. Both Dogecoin and Shiba Inu saw their value drop by 13.9% and 15.6%, respectively, over the last seven days. Even presidential meme coins like TRUMP and BODEN weren't spared, experiencing substantial double-digit losses.
Meme Coin Economy Falters Below $50 Billion
This year, meme coin crypto assets have captured considerable attention, approaching the peak value they reached in 2021. Currently, the total value of the meme coin crypto economy stands just below $50 billion, specifically at $49.93 billion.
Ten distinct meme coins suffered losses ranging from 40.7% to 74.8%. Notably, among these ten were presidential meme coins such as BEER, MOTHER, GME, ANDY, and PUPS. For instance, maga (TRUMP) plummeted by 49.7% this week, while doland Tremp (TREMP) experienced a 44.3% decrease. Jeo boden (BODEN), just outside the top ten meme coin losers, also saw a decline of 40.7% against the U.S. dollar.
Over the past week, Catwifhat (CWIF) fell by 35.8%, and super trump (STRUMP) witnessed a 34% decline in value. The leading meme coins, DOGE and SHIB, faced losses of 13.9% and 15.6%, respectively, this week. Additionally, Bonk (BONK) declined by 18.8%, pepe (PEPE) decreased by 7.7%, and floki (FLOKI) experienced a 17% drop over the last seven days. The Runes meme coin, known as DOG•GO•TO•THE•MOON (DOG), suffered a loss of 25% this week.
As meme coins struggle amidst a sea of declining values, the broader cryptocurrency market grapples with volatility. This recent slump in meme coin valuations raises concerns about their long-term sustainability. Is this merely a market correction, or does it indicate a potential peak for speculative assets like meme coins? As losses accumulate, the crypto community and investors may soon need to reconsider the whimsical appeal of meme coins.
What are your thoughts on the recent struggles of meme coins? Feel free to share your opinions on this matter in the comments section below.