Cryptocurrency News

Meme Coin Market Cap Falls by 3.5%

The last week saw the cryptocurrency market shed billions of dollars in value, but it appears that the top meme coins have suffered more significantly. The market capitalization of the top meme tokens coins saw deeper losses than other cryptocurrencies. During the last seven days, the two leading meme coins are known as Dogecoin and Shiba Inu saw losses in double-digits. They lost almost 3.5% of their value within 24 hours and this brought the market capitalization of the top two meme coins to be about $60.7 billion. During the course of this year, these meme-based crypto assets have become the talk of the town and they have experienced significant gains in their value in 2021. 

Dogecoin (DOGE) and Shiba Inu (SHIB) are known as the top two meme coins in the crypto space and were on the list of the top ten contenders in terms of market cap. However, the two coins have suffered from some heavy losses and this has prompted both of them to drop out of the top ten list, which is undoubtedly a major blow for them. In terms of overall valuation, Dogecoin (DOGE) is the biggest meme-based crypto asset. Today, there are a total of 10,975 coins in existence and DOGE is now at the 11th spot in terms of market capitalization. 

The market value of the meme token is almost $28.9 billion, as last week saw the token shed about 16.7% of its total market value. There has also been a fall in Dogecoin’s trading volume, as it declined to $995 million DOGE swaps within 24 hours. At the time of writing, the meme token was swapping for a value of $0.220 per unit. This means that the coin is about 69% lower than its all-time high (ATH) value. On May 8th, 2021, Dogecoin had managed to reach its ATH that was almost $0.731. 

Nonetheless, it is important to note that despite the fall in value, dogecoin is still offering returns of around 6,200% to its investors. When it comes to Shiba Inu, it is the 12th largest crypto in terms of market cap and is considered the second-largest in the meme-based tokens list. In the last week, SHIB saw its value suffer a loss of 18.1% and its market valuation has come to $23.8 billion. At the time of writing, SHIB had declined by 3% for the day and was swapping for a value of $0.00004395 per unit. 

This makes the price of the meme token about 48% lower than its ATH value that it had reached back on October 28th. It was around $0.00008616. At the time of writing, the SHIB trading volume had been around $1.7 billion in the last 24 hours. Even though it has been down recently, statistics indicate that SHIB is still higher by almost 57%. Furthermore, the 12-month returns that the meme coin has given are also significantly larger than that of its competitor Dogecoin, as it has seen an increase of 62,589,642%. But, it is worth noting that some lesser-known meme coins have also experienced double-digit gains in the week. 

Show More

Leave a Reply

Your email address will not be published. Required fields are marked *

Skip to content