- Top 10 meme coins declined by an average of 63.73%, showcasing market vulnerability.
- Dogecoin remains stable with 57.93%, which is above average compared to most similar businesses.
- The meme coins are the worst off, especially with POPCAT which experienced a 43.77% drop.
The meme coin market has seen a significant decrease, with the top 10 coins down 63.73% from their peak. This decline is due to market volatility and investors’ hesitance to invest in these assets because of the high risk.
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Lookonchain data shows that the value of these coins has reduced drastically, indicating the fluctuating nature of the cryptocurrency market.
Major Losses Across the Board
Dogecoin (DOGE) which is a well known memecoin has dropped by 57.93% to the current value of $0.0953. But compared to other meme coins – Dogecoin is still in a better position than many of them. Shiba Inu (SHIB) , another popular meme coin,fared even worse, with a much deeper decline. SHIB’s price lowered by 70.86% from an ATH of $0.000045 to $0.000013. Such a sharp drop indicates that meme coins have issues with stabilization in the long run.
Other meme coins have also followed similar trends, significantly declining their values. Pepe (PEPE) fell by 58.2% to $0.000007235 from a high of $0.0001718. Dogwifhat (WIF) fared even worse, with the token crashing by 70.93% from $4. 85 to $1.41. Like other meme coins, Bonk (BONK) and Floki (FLOKI) also experienced significant losses of 64.63% and 65.97% respectively.
Changes and Severe Losses
BRETT, another meme coin, dropped closer to 62.59% from its high of $0.1939 to $0.07281. However, the most significant decline was witnessed by Popcat (POPCAT), with a 43.77% decline from $0.9976 to $0.5560. Even the lowest decline shows that Popcat’s experience indicates a challenging year for meme coins. Both BOME and MEW suffered major losses with 79.48% and 62.99% declines, respectively, thus showing the struggles these cryptocurrencies go through.
The desperate decline in the value of meme coins in the last one year shows the volatile nature of the crypto market.Investors in these digital assets should exercise caution and consider the risks associated with meme coins.
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