The meme coin Dogecoin has been through a rough patch and is taking a heavy blow.
We all know that the most famous digital currency Bitcoin has fallen sharply. But the meme coins are also having a hard time. The top meme coins have fallen significantly against the US dollar by market capitalization. Top meme asset Dogecoin has lost 23.9% in the past seven days, while the value of Shiba Inu has fallen 31.1% this week.
Heavy blow for Dogecoin
Now might be a good time to get in. This is because Dogecoin is down 80% since its all-time high. Last Monday, the top meme coins by market cap lost 3.1%. Currently, the myriad of meme tokens account for $36 billion of the $1.7 trillion crypto economy. Dogecoin (DOGE) has lost 23.9% in the past week and about 27.6% in the past month. To date, Dogecoin is still up 1.486% against the US dollar since this time last year.
Decline
The market value of Dogecoin of about $17.8 billion, is 1.05% of the total capitalization of the crypto economy. Shiba Inu also fell significantly. The combined market caps of both DOGE and SHIB equal $29.5 billion or 81.94% of the $36 billion meme coin economy.
A lot has changed when it comes to meme coins in the past year. This is because Dogecoin’s market cap was once larger than the entire meme token economy today. The wide variety of DOGE and SHIB clones may also have influenced these two coins as people tried to find the next digital coin. Today, there are more than two dozen meme coins with the term “doge” and another two dozen with the term “shib” in the token name.
Also interesting!
-
You can only buy these Tesla products with Dogecoin -
Tesla accepts Dogecoin, price skyrockets -
Shiba Inu coin is the new Dogecoin -
These altcoins would have made you a lot of money in 2021
.
