Top meme coins crash 63% from their one-year peak
Release: 2024/09/02 17:14 Reading: 518
Meme Coin Market Slumps: Top Coins Crash by 65%
On Monday, the meme coin market witnessed a significant sell-off, with its total capitalization experiencing a decline of over 5%. This ongoing downtrend has exacerbated a prolonged market decline.
Data indicates that the top ten meme coins have plummeted by an average of 65% from their peak levels over the past year.
Dogecoin and Shiba Inu Tumble
Major meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have faced a similar downturn in the last seven days. DOGE and SHIB prices have dropped by 13% and 12%, respectively, pushing the combined market cap down to $38 billion.
Dogecoin's Steep Decline
Dogecoin, the most popular and largest meme coin, has maintained its position among the top ten cryptocurrencies. However, its 40% decline in the last 90 days signifies waning interest. DOGE has slipped a further 5% in the past 24 hours.
At press time, DOGE trades at an average price of $0.094. It has recorded a 52-week high of $0.226 and a 52-week low of $0.057, representing a 57% drop from its peak over the last year. Notably, DOGE remains down by 87% from its all-time high (ATH) of $0.73, reached on May 8, 2021.
Shiba Inu's Losses
Shiba Inu, the second-largest meme coin, has incurred similar but higher losses, despite community efforts to ignite a bullish rally. Priced at an average of $0.00001335, it has a market cap of $7.8 billion.
Over the past year, SHIB has recorded a 52-week high of $0.0000453 and a 52-week low of $0.0000066, reflecting a price drop of over 70% from its peak. It is down by 85% from its ATH of $0.000086, reached on October 28, 2021.
Emerging Coins Struggle
PEPE and WIF, emerging meme coins, have also suffered from the market downturn. Both have declined by more than 50% in the last 90 days. PEPE trades at $0.00000072, a 58% drop from its one-year peak, while WIF is priced at $1.41, representing a 71% decline.
Whale Accumulation
Despite the downtrend, whales are accumulating WIF. Lookonchain has reported the purchase of 9.57 million WIF (worth approximately $13.59 million) from Binance and Bybit by a whale over the last four days.
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