Shiba Inu and Dogecoin Face Declines
Release: 2024/07/29 02:04 Reading: 380
Shiba Inu and Dogecoin Experience Declines
Shiba Inu and Dogecoin, prominent cryptocurrencies in the memecoin sector, have recently faced significant declines. According to CoinGecko, Shiba Inu has plummeted by 3.5%, while Dogecoin has dropped by 2.5%. This contrasts with Bitcoin's 0.9% decline during the same period.
Memecoin Market Performance
The broader memecoin market is also experiencing downward trends. Dogwifhat (WIF) has suffered a notable 6% drop. Major memecoins with market caps exceeding $1 billion have recorded substantial losses in the last 24 hours. Bonk (BONK), Brett (BRETT), Pepe (PEPE), and Floki Inu (FLOKI) have all declined.
Mog Coin: An Exception
Mog Coin (MOG) stands out as an exception, achieving a modest price increase of 1.7%. This makes it the only notable memecoin project to gain during this downturn.
Celebrity Tokens Underperform
Celebrity-themed tokens, which surged in popularity last June, have since plummeted by over 90%. Iggy Azalea's MOTHER token alone has seen a 70% drop. Incidents of impersonation by bad actors targeting celebrities have also contributed to waning interest in this market.
Key Takeaway
- Shiba Inu and Dogecoin have recently declined by 3.5% and 2.5%, respectively.
- Other significant memecoins have also faced losses, including Dogwifhat and Bonk.
- Mog Coin is the only memecoin with a positive gain of 1.7%.
- Celebrity-themed tokens have plummeted by over 90%, with diminishing investor interest.
These trends highlight the volatility of the memecoin and celebrity-token markets. Investors are advised to remain informed and cautious. Despite earlier upward movements for Dogecoin based on bullish predictions, the cryptocurrency remains significantly below its 2021 peak.
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