DOGE and SHIB Lag Behind as Crypto Market Drops
Release: 2024/07/28 18:43 Reading: 761
According to CoinGecko data, Shiba Inu (SHIB) and Dogecoin (DOGE) have underperformed in the crypto market. SHIB has dropped by 3.5%, while DOGE has declined by 2.5%.
In contrast, Bitcoin (BTC) has decreased by only 0.9% in the same period. Other major cryptocurrencies, such as XRP, have shown positive gains.
With leading meme coins underperforming, the question remains: Can Dogecoin make a comeback?
Meme Coin Sector Faces Losses
The meme coin sector is experiencing a broad downturn, with several key players facing significant losses. Dogwifhat (WIF) has dropped by 6%, and all meme coins with a market cap over $1 billion have seen declines in the past 24 hours.
Bonk (BONK) and Brett (BRETT) have also fallen by more than 5%, while Pepe (PEPE) and Floki Inu (FLOKI) are down 3.1% and 4.9%, respectively.
Mog Coin (MOG) is the only well-established meme cryptocurrency to show a slight increase of 1.7%.
Blue-Chip vs. Celebrity Tokens
While blue-chip meme coins are currently underperforming, they still fare better than celebrity-themed tokens. Most celebrity-inspired tokens have plummeted by over 90% after experiencing significant price surges in June and gaining widespread media attention. Notable examples include Iggy Azalea's MOTHER token, which has dropped more than 70%.
The celebrity meme coin sector has also been marred by fraudulent activities.
Analysts Predict Dogecoin Rally
Cryptocurrency analyst Ali has predicted that Dogecoin may experience a rally after a period of consolidation. He has indicated that he is investing in DOGE, suggesting he expects a similar pattern to unfold this time.
Over the past two weeks, DOGE has risen by as much as 14%. Despite this recent gain, the leading meme coin remains down 82.2% from its all-time high achieved during the 2021 bull run.
Important Note: This article is only meant to provide information and should not be taken as financial advice.
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