Shiba Inu (SHIB) Collapses 10% as Meme Coins Plunge

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As a financial analyst with a background in studying market trends and cryptocurrency behavior, I’ve seen my fair share of bull markets and bear markets. The current state of the meme coin sector is particularly disheartening, with double-digit losses across the board. Shiba Inu (SHIB), Bonk (BONK), FLOKI (FLOKI), and dogwifhat (WIF) are just a few examples of the meme coins that have taken a hit.

According to CoinGecko’s data, the meme coin market is experiencing significant declines, with losses in the double digits.

The meme coin Shiba Inu, represented by the ticker symbol SHIB, has experienced a decrease of approximately 11% in value within the last 24 hours.

I’ve analyzed the recent market performance, and I can report that Bonk, FLOKI, and WIF have all experienced substantial declines. Specifically, WIF has suffered a setback of up to 14% in just the last 24 hours.

Meme coins, considered risky investment options, respond to Bitcoin‘s downturn. Bitcoin, the leading cryptocurrency, has retreated below $66,000 following its inability to break past $67,000, causing a ripple effect throughout the crypto market.

Mem coins with market caps exceeding $200 million are all experiencing price decreases, with the exception being MEW (Cat in a Dog’s World), which has gained approximately 2.4% instead.

Currently, XRP is the sole top 100 cryptocurrency that’s experiencing gains, having unexpectedly parted ways with Bitcoin’s price trend on Monday.

Don’t expect another altcoin season 

As a financial analyst, I’ve been observing the market trends closely, and I believe another altcoin season might be unlikely to materialize this year. The explanation lies in the fact that American households have already depleted their excess savings that peaked in 2021. Simultaneously, many altcoins still remain significantly below their previous highs reached in 2021, despite Bitcoin hitting a new all-time high recently. For instance, Dogecoin and Shiba Inu, the most popular meme coins, have plummeted by 83.3% and 79%, respectively.

As a researcher studying the cryptocurrency market in 2024, I’ve observed an intriguing issue with altcoins. Due to the ease of creating new cryptocurrencies, these digital assets are experiencing what could be described as a “supply glut,” which is having a significant impact on their value and market position.

Last month, meme coins associated with celebrities rekindled the buzz of frenzied speculation. However, it appears that their triumph was fleeting.

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2024-06-18 11:02