Crypto: Storm on memecoins, DOGE, SHIB, and PEPE in free fall

Meme-inspired cryptocurrencies, once booming, are currently going through a tough period. Dogecoin, Shiba Inu, and PEPE, key players in this segment, have seen their market value drop significantly in recent weeks.

DOGE on the Decline Despite Increased Trading Volume

About two weeks after the Halving, the crypto market is struggling to rebound. Bitcoin is undergoing a correction that has repercussions across the entire market, including memecoins which until now were enjoying a prosperous period, akin to a bull run.

Dogecoin (DOGE), one of the leading meme-inspired cryptocurrencies, has lost over 12% of its value in the last 24 hours. This decline is part of a broader downward trend, with 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 figures, Dogecoin’s trading volume has jumped 75% in a day, reaching $1.7 billion, with a market capitalization of $18 billion.

Shiba Inu and PEPE Follow the Downward Trend

Shiba Inu (SHIB), another popular memecoin, has 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 a continuing interest from investors. SHIB’s transaction volume has increased by 50% to reach $833 million, with a market capitalization of $12.3 billion.

PEPE, a more recent memecoin, is not immune to the slump despite a 560% surge over 90 days. Its price has fallen 22% over a week and an additional 16% in 24 hours, reaching $0.000006. Its trading volume, however, has increased by 28% to reach $980 million.

Although Dogecoin, Shiba Inu, and PEPE have suffered significant losses, investor interest, reflected by increased trade volumes, remains present. Investors must remain vigilant to the volatility and inherent risks of these assets, while closely monitoring market sentiment and broader trends in the crypto sector.