Shiba Inu and Dogecoin Experience Declines
Release: 2024/07/29 02:01 Reading: 660
Shiba Inu and Dogecoin Lag Amidst Market Decline
CoinGecko data reveals that Shiba Inu and Dogecoin have underperformed the broader cryptocurrency market. Shiba Inu and Dogecoin declined by 3.5% and 2.5%, respectively. In contrast, Bitcoin experienced a 0.9% decline, while XRP and other major cryptocurrencies remain in the positive territory.
Memecoin Sector Falters
The memecoin sector has collectively plummeted, with dogwifhat (WIF) witnessing a 6% drop. All memecoins with market capitalizations exceeding $1 billion have incurred substantial losses in the past 24 hours. Bonk (BONK), Brett (BRETT), Pepe (PEPE), and Floki Inu (FLOKI) have also declined by more than 3%.
Mog Coin (MOG) remains the sole exception, with a modest 1.7% price increase. Notably, the performance of these memecoins surpasses that of celebrity-themed tokens. Despite the surge in June, most celebrity tokens have declined by over 90%. Iggy Azalea's MOTHER token has plummeted by more than 70%. Celebrity impersonators have also contributed to the decline in investor sentiment.
Dogecoin's Trajectory
Crypto analyst Ali has observed an upward trend for Dogecoin following a period of consolidation. He anticipates a repeat of this pattern, having acquired additional DOGE himself.
Over the past two weeks, DOGE has appreciated by 14%. However, it remains 82.2% below its all-time high reached during the 2021 bull market. The project's association with Elon Musk continues to wane as his posts have diminished in their market-moving impact.
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