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Memecoins Plunge Dramatically from All-Time Highs

Memecoins Plunge Dramatically from All-Time Highs

Cryptodnes2024/09/02 13:06
By:Cryptodnes

The memecoin sector saw a sharp downturn on Monday, with its total market value decreasing by over 5% in just 24 hours.

This drop is part of a broader trend, with the top ten meme coins having lost about 65% of their value on average from their peaks over the past year.

Both Dogecoin ( DOGE ) and Shiba Inu ( SHIB ), the two most prominent meme coins, have experienced significant declines recently. In the past week alone, DOGE and SHIB have decreased by 13% and 12%, respectively, pushing the combined market cap of meme coins down to $38 billion.

Dogecoin, despite being the largest meme coin by market cap, has seen its value fall significantly. Over the last three months, DOGE has dropped by 40%, and it fell another 5% in the last day. Currently priced at about $0.094, it has a 52-week high of $0.226 and a low of $0.057, marking a 57% decline from its highest point in the past year. It remains 87% below its all-time peak of $0.73 from May 8, 2021.

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Shiba Inu, the second-largest meme coin, has also faced substantial losses, despite community efforts to drive a market rally. It is trading at around $0.00001335, with a market cap of $7.8 billion. Shiba Inu has recorded a 52-week high of $0.0000453 and a low of $0.0000066, reflecting a more than 70% decrease from its yearly peak. It is down approximately 85% from its all-time high of $0.000086, which occurred on October 28, 2021.

Newer meme coins like PEPE and WIF are also struggling. Both have experienced declines exceeding 50% in the past three months. PEPE’s price has fallen from a 52-week high of $0.000017 to a low of $0.0000006071, currently trading around $0.00000072—a drop of 58% from its peak.

Dogwifhat (WIF) has seen a dramatic fall as well, from a high of $4.84 and a low of $0.0677 to an average price of $1.41, representing a nearly 71% decrease from its yearly high. However, despite these losses, WIF has garnered significant interest from large investors, with one whale recently purchasing approximately 9.57 million WIF, worth about $13.59 million, from Binance and Bybit in the past few days.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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