As a seasoned cryptocurrency analyst with years of experience in the dynamic and ever-evolving world of digital assets, I have witnessed numerous market trends and fluctuations. Based on the data provided by CoinGecko, my analysis reveals that Shiba Inu (SHIB) and Dogecoin (DOGE), two well-known meme coins, are underperforming compared to other leading cryptocurrencies. While Bitcoin (BTC) has only seen a minor decline of 0.9%, SHIB and DOGE have suffered losses of 3.5% and 2.5%, respectively.
Based on information from CoinGecko, Shiba Inu (SHIB) and Dogecoin (DOGE) are currently underperforming amongst the prominent cryptocurrencies. These meme coins have experienced losses of 3.5% for SHIB and 2.5% for DOGE.
In contrast, Bitcoin (BTC) has declined by 0.9% during this timeframe, while select other significant cryptocurrencies like XRP have experienced gains instead.
Meme coins in red
The entire meme coin market is experiencing losses right now, with Dogecoin (WIF) dropping by approximately 6%.
All meme coins with a market capitalization exceeding $1 billion have experienced price declines within the last 24 hours.
The cryptocurrencies Bonk (BONK) and Brett (BRETT) have fallen more than 5% in value, while Pepe (PEPE) and Floki Inu (FLOKI) have decreased by 3.1% and 4.9% respectively.
Mog Coin, or MOG for short, is currently the most recognized meme cryptocurrency that has experienced a slight price increase of approximately 1.7%.
Celebrity meme coins fade
Despite current underperformance, blue-chip meme coins maintain strong performance relative to celebrity meme coins.
Following a significant price increase in June that drew widespread attention, the values of most celebrity-themed tokens experienced a sharp decline, dropping over 90% in value. Iggy Azalea’s MOTHER token saw a decrease of more than 70%.
In the world of niche cryptocurrencies, there have been unfortunate incidents where deceitful individuals have posed as famous personalities like 50 Cent to mislead people.
DOGE momentum?
Based on my extensive experience and analysis of the cryptocurrency market, I’ve noticed a pattern with Dogecoin (DOGE). After a period of consolidation, this meme coin tends to experience a rally. This observation is backed by my past experiences and the market trends I’ve witnessed. Recently, cryptocurrency analyst Ali shared his perspective, echoing my thoughts, stating that he is buying more DOGE, indicating his belief that the same scenario will unfold again.
Over the past two weeks, DOGE has experienced a surge of up to 14%. Nevertheless, it remains significantly below its all-time high reached during the 2021 bull market, with a current decline of approximately 82.2%.
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2024-07-28 13:39