In the world of cryptocurrency, meme coins stand out as the wild cards of the market. They show both the playful and speculative sides of digital assets.
Meme Coin Price Analysis
As we approach the end of 2024, Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) show the big ups and downs that define this area.
Santiment shared a report about the current state of several meme coins, including Dogecoin DOGE, SHIB, and PEPE.
Dogecoinâs Tough August
Dogecoin, the first meme coin that came from a viral internet joke, still grabs the attention of traders and fans. Even though people see it as legendary, DOGE had a tough August dropping 8.6% by the end of the month.
Right now, itâs the 8th largest crypto by market cap, but its performance shows a big difference between short-term and long-term gains. Short-term traders have made a small profit of +1.7%, while long-term holders are losing a lot, with returns down by -20.8% over the past year.
Retail traders, who own less than 1 million DOGE, have kept their portion of the supply at 11.8% indicating no big changes in how much theyâre buying. The buzz in mid-August about Tronâs SunPump platform didnât change DOGEâs price much, and right now, people feel pretty neutral about it.
The low number of DOGE talks compared to all crypto chats (1.28%) and the balanced feelings people have about it hint that the price might stay steady or even go up soon.
CoinMarketCap says Dogecoin dropped by 1.8% in the last day. Right now, Dogecoin costs $0.1001 and has a total market value of over $14.7 billion.
Shiba Inu Price Sees No Respite
Shiba Inu, often viewed as similar to Dogecoin because of its meme-driven appeal, has found it hard to catch on in 2024. Ranked #13 by market cap, SHIB has seen its 30-day returns drop by -1.1%, while its long-term returns have plunged by -31.7%. This poor performance shows the challenges SHIB faces as it vies for attention in a packed market.
Retail traders are showing clear signs of FUD (fear, uncertainty, and doubt). The share of supply held by wallets with less than 1 billion SHIB has hit its lowest point since November 2022.
Data from Santiment shows that fewer everyday buyers are interested in Shiba Inu now. People are talking less about it online, and the mood is negative. As small investors sell off, SHIBâs future success might depend on the whole market getting better and people feeling more confident about investing.
CoinMarketCap reports that SHIBâs price dropped 1% in the last day. Right now, Shiba Inu costs $0.00001336 and has a total market value of over $7.87 billion.
PEPE Price Holds Tight
Pepecoin, one of the newest meme coin to hit the market, has seen its fair share of ups and downs.
Even though PEPE has seen its market cap grow by 50% in the last five months, its returns for the past 30 days have dropped by -0.8%. That said, its long-term returns still show a gain of +23.8%. This suggests that while Pepe has expanded, traders looking for quick profits are struggling.
Small-scale investors have been buying up Pepe when prices dip. We can see this because accounts with less than 1 million PEPE now own a bigger piece of the pie.
But this trend of buying more when everyoneâs feeling down could mean smaller investors are too sure of themselves. People are talking less about Pepe, and the mood is pretty negative. This might lead to some ups and downs in price soon.
CoinMarketCap reports PEPE dropped 1.67% over the last day. Right now, Pepe costs $0.057252 and boasts a market cap of over $3.05 billion.
