Analysis of Recent Decline in Meme Coins

Meme coins, known for their high volatility and risk in the cryptocurrency market, have encountered a decline after gaining popularity over the past two days. Notable meme coins like WIF and PEPE, along with top meme coins such as DOGE and Shiba Inu (SHIB), have witnessed significant drops, raising concerns among investors.

DOGE Decline Severity

DOGE, the leading meme coin in terms of volume, has lost its positive momentum. Analysis of recent trends reveals a 3.69% drop in DOGE's price in the last 24 hours, reaching $0.1226. This decline has caused worry among investors. Additionally, DOGE's price perspective over the week turned negative, falling to $0.80.

The market volume for DOGE exceeded $18 billion yesterday but decreased to $17.7 billion later. The 24-hour trading volume significantly dropped from $784 million to $515 million, indicating reduced market interest.

Reasons Behind Shiba Inu's Drop

Shiba Inu (SHIB), once labeled the 'DOGE killer,' has also been impacted by the recent decline. SHIB's price fell to $0.00001717 after a 3.97% drop in the past 24 hours. Over the week, SHIB's price decreased by 6.50%. The market volume for SHIB decreased to $10.11 billion, while trading volume dropped from $372.6 million to $208 million.

Key Insights for Investors

Investors can extract the following insights from recent market trends:

• Meme coins' high volatility requires vigilant monitoring of market movements.
• A decline in trading volume indicates reduced investor interest and potential future declines.
• Comparing short-term and long-term price trends is crucial for assessing the overall market health.

PEPE, which led the market the previous month, has relinquished some of its recent gains. PEPE's price dropped to $0.0000126, marking a 4.88% decline in the last 24 hours. Despite this, PEPE maintains a positive weekly outlook with an increase of over 10%. Its market volume remains stable at $5.3 billion, although trading volume saw a significant decrease from $1 billion to $718 million.

WIF, a component of the Solana network, experienced one of the most prominent declines today. Following increases of 19% and 12% in the last two days, WIF fell by 5% but continues to trade at $2.02. Its market volume remains above $2 billion, with trading volume around $462 million.

The original article was first featured on BH NEWS: Cryptocurrency Investors See Meme Coin Drops