SHIB and WIF Among Worst-Performing Meme Coins

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As an analyst with over two decades of experience in the financial markets, I have seen numerous bubbles and busts, from the dot-com boom to the 2008 global financial crisis. The current state of meme coins such as Dogwifhat (WIF) and Shiba Inu (SHIB) reminds me of those periods, albeit on a smaller scale.

Based on figures reported by Lookonchain, the digital currencies Dogewhats (WIF) and Shiba Inu (SHIB) have been struggling significantly among meme coins. Specifically, these two cryptocurrencies have experienced a decline of approximately 70.93% and 70.86%, respectively, from their highest points over the past year.

This year, the newcomer meme coin built on Solana, known as WIF, attracted significant attention due to a massive surge that elevated its price to a peak of $4.83 on March 31st. However, since then, WIF has experienced a substantial decline of over 70.5%.

While some experts might express concern over recent market corrections, as a analyst myself, I remain unfazed. As reported by U.Today, Murad Mahmudov, a former Goldman Sachs analyst, has forecasted that WIF could be among the top performers in the SOL sector by 2025. This prediction comes despite a temporary loss of bullish momentum for this cryptocurrency. Interestingly, Cryptonary, a renowned cryptocurrency research firm, has predicted a base case value of $10 for this red-hot meme cryptocurrency.

Recently, the cost of SHIB reached an all-time high of $0.0000456 on March 5, but subsequently lost most of those significant gains. This well-known “Dogecoin challenger” has dropped as much as 84.6% from its previous record high, which it achieved approximately three years ago.

From bad to worse 

Across all popular meme-based cryptocurrencies, the overall performance has fallen short significantly. Notably, Dogecoin (WIF) and Shiba Inu (SHIB) have been the exceptions rather than the norms.

dogecoin (DOGE), currently the leading meme coin in terms of market capitalization, has dropped a significant 57.93% from its highest point over the past year. Similarly, pepe (PEPE), another well-known cryptocurrency within this category, has also experienced a substantial drop exceeding 58%.

For comparison, Bitcoin is down 21.7% from its all-time high that was achieved in March. 

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2024-09-02 10:00