Meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have faced a significant downturn. The crypto world has witnessed a sharp decline in asset prices over the past 24 hours.
Drop in Meme Coins
Dogecoin (DOGE) and Shiba Inu (SHIB) have lost over 6% in value, while Pepe (PEPE) has dropped almost 11%. This significant decline followed months of growth. According to CoinMarketCap data, all meme coins have dropped by double-digit percentages over the last seven days.
Wider Market Crash
The meme coin crash occurred amid a broader market downturn. Bitcoin (BTC) hit the $100,000 level, and Ether (ETH) is trading at $3,600. Over the past 24 hours, more than $681.11 million in long positions were liquidated, indicating high market volatility.
Meme Coins Market: Prospects
Despite the overall negative movement, meme coins remain an important part of the digital economy with a total market cap of $117.4 billion. In the last 24 hours, the trading volume of meme coins reached $24.8 billion, demonstrating strong interest in this segment even amidst market instability.
The current fall in meme coin prices may be seen as an opportunity to buy strong cryptocurrencies in this segment. Interest in them remains high despite the market's downturn.
