Some popular meme coins are facing crypto volatility now as PEPE, Dogecoin, and Shiba Inu all fall in price.
The cryptocurrency market is undergoing a catastrophic downturn as the 24-hour prices of Bitcoin and Ethereum fall below $68,000 and $3,900, respectively. The meme coin industry was not exempt from this downturn, as its value fell 4.11 percent on Thursday. Additionally, its trading volume fell by 19.65%.
Prominent digital assets within the industry, including Dogecoin (DOGE), Shiba Inu (SHIB), and PEPE (PEPE), have experienced substantial declines throughout this time frame. The value of these digital assets decreased by 22% as a group following a recent upswing.
An alteration in the direction of momentum
Doge, PEPE, and SHIB, in stark contrast to the current market troubles, amassed enormous gains at the beginning of the week. Before the decline, SHIB even dethroned Cardano (ADA) to enter the list of the top 10 largest cryptocurrencies in the world on Wednesday.
Despite experiencing a decline of 6% in its previous value, SHIB continues to hold its position as one of the ten most prominent participants in the industry in terms of market capitalization.
In contrast, DOGE experienced a decline of 4%, resulting in a reduction of its market capitalization from $24.16 billion to $23.31 billion from the previous day. Additionally, 7.32% of the token’s trading volume was erased.
Additionally, newer entrants are surpassing the monarch of memes.
In comparison to April, the total number of daily addresses interacting with DOGE has decreased by 18% this month, according to data from IntoTheBlock. Notwithstanding this setback, DOGE continues to reign supreme in the meme category, analogous to how Bitcoin currently controls the entirety of the cryptocurrency market.
DOGE currently holds the dominant position in the meme coin market, while other digital assets such as SHIB and PEPE are nearby, ranking second and third on CoinMarketCap, respectively. The market value of the triumvirate is the highest within the meme segment.
PEPE Suffers the Most Adversity
PEPE, the frog-faced memecoin, received the most damage from the triumvirate. With a market capitalization of over $6 billion, the meme coin is presently ranked as the 26th largest digital asset worldwide, having declined by 12% on Thursday.
Tuesday marked the first time since its inception that PEPE reached an all-time high of $0.00001717, much to the astonishment of investors. Since then, however, the token’s value has declined, falling 22.6% from its most recent apogee.
Concurrently, these digital assets’ ascent and decline highlight the cryptocurrency market’s extreme volatility, regardless of sector.
However, investors are advised to exercise caution when trading memecoins, as the sector is typically more volatile than the market as a whole.
