Crypto: Storm over memecoins, DOGE, SHIB and PEPE in free fall

Meme-inspired cryptos, once booming, are currently going through a tough time. Dogecoin, Shiba Inu and PEPE, the main players in this segment, have seen their market value drop significantly in recent weeks.

DOGE down despite increasing trading volume

About two weeks after the Halving, the crypto market is struggling to revive. Bitcoin is undergoing a correction which has repercussions on the entire market, including memecoins which until then were experiencing a prosperous period, comparable to a bull run.

Dogecoin (DOGE), one of the leading meme-inspired cryptos, has lost more than 12% of its value in the last 24 hours. This decline is part of a broader downtrendwith a fall of 23% over the week and 40% over the month.

Currently, DOGE is trading around $0.1245, far from its historic peak of $0.737 reached in May 2021. Despite these bleak figures, Dogecoin trading volume jumped 75% in one day, reaching 1.7 billion dollars, for a market capitalization of 18 billion dollars.

Shiba Inu and PEPE follow the bearish trend

Shiba Inu (SHIB), another popular memecoin, also lost 12% in 24 hours and 22% over the week. Its current price of $0.000021, however, remains up 134% over 90 days, a sign of continued investor interest. SHIB trading volume increased by 50% to $833 million, with a capitalization of $12.3 billion.

PEPE, a more recent memecoin, did not escape the fall despite a 560% surge over 90 days. Its price lost 22% in one week and an additional 16% in 24 hours, reaching $0.000006. Its trading volume nevertheless increased by 28% to reach $980 million.

Although Dogecoin, Shiba Inu and PEPE suffered significant losses, investor interest, reflected by increasing trading volumes, remains present. Investors should remain vigilant to the volatility and risks inherent in these assets, while closely monitoring evolving market sentiment and broader crypto sector trends.