Meme Coins Ended Up Performing the Worst in the Running Week
By now, it is clear that the entire cryptocurrency industry is facing one of the worst times in the history of cryptocurrency. However, the currencies that are performing the worst among the rest are none other than meme coins.
The meme coins have been finding it really difficult to bring back the old rallies and growth that they were observing a few weeks back. Similar to Bitcoin (BTC), Dogecoin (DOGE) appears to be the BTC of meme coins. As the price of DOGE continued taking a dip, so followed the entire meme coin industry.
Since the downfall began for the meme coins, the investors who once cherished investing big bucks in these coins are now bleeding. So far, the meme coins they have in their wallets are worth nothing as compared to their investment figures.
All meme coin investors are concerned and unhappy about the current situation that is being faced with cryptocurrencies. Due to the downfall of the meme coins, many investors that had recently earned the status of millionaires have again fallen back to below a million-dollar figure.
The entire meme coin industry is concerned and is discontent about the entire price drop situation. As per data from crypto-data analyzing firms, the meme tokens have experienced a 17% price jerk in the last 24-hours. In terms of the last 7-day data, the meme coins are still observing a 30% price drop.
The above stats make them the worst cryptocurrencies in the entire crypto-verse in terms of performance. At present the meme coins’ combined market capitalization is at $32.5 billion. This brings meme coins to the sixth spot in terms of segregation by category.
There are currently 46 tokens in the entire meme coin group. Out of all the meme coins, the majority of the tokens that have gained positive figures in their price in the last 24-hours are dog-themed tokens. However, in the last 7-days, the same tokens have experienced double-digit losses to their prices.
As of now, the top meme coin is none other than Dogecoin (DOGE) that rose to fame at the beginning of 2021. The majority of the reputation that DOGE earned was due to the intervention of Elon Musk as a supporter of DOGE.
However, Musk was not able to keep the engine of DOGE running for a long period of time. At the time of writing, DOGE is trading at $0.218 and it has experienced a 10% increase in a day. On the other hand, its price has dropped 32% in the last 7 days.
Then the second meme coin is Shiba Inu (SHIB) which trades at $0.00000682 and has experienced a 4% increase in the last 24-hours. As for the last 7-days, its price has dropped by 24%.