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Shiba Inu (SHIB) drops 10% as Meme coins fall
Alex Dovbnya
SHIB, PEPE, BONK and WIF are among the worst performing cryptocurrencies
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The meme coin sector is absolutely being hit by double-digit losses, according to data provided by CoinGecko.
Shiba Inu (SHIB), the second largest meme coin by market cap, is down around 11% in the last 24 hours.
Bonk (BONK), FLOKI (FLOKI) and dogwifhat (WIF) also suffered massive losses. WIF has fallen by up to 14% in the last 24 hours.
Meme coins, which are perceived as high-risk speculative assets, are reacting to Bitcoin’s weakness. The largest cryptocurrency fell below the $66,000 level after failing to position itself above the $67,000 level and dragging the entire cryptocurrency market down.
Every meme coin with a market cap of more than $200 million is in the red. Notably, Cat World in Dog World (MEW) is the only exception after adding 2.4%.
As of now, XRP remains the only top 100 cryptocurrency in the green after unexpectedly decoupling from Bitcoin on Monday.
Don’t expect another altcoin season
Financial analyst Murad Mahmudov recently opined that another altcoin season was unlikely to happen due to the fact that excess American household savings have now dried up after peaking in 2021. Coincidentally, many altcoins are still far from their 2021 highs despite Bitcoin reaching a new record high history earlier this year. Dogecoin and Shiba Inu, the biggest meme coins, fell 83.3% and 79% respectively.
The analyst also noted that altcoins are suffering from “a supply gut” due to the ease of generating new cryptocurrencies in 2024.
Celebrity meme coins got it revive the speculative frenzy of last month, but it appears that its success was very short-lived.
About the author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the booming industry – from price analysis to Blockchain disruption. Alex has authored over 1,000 stories for U.Today, CryptoComes, and other fintech media outlets. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets. He can be reached at alex.dovbnya@u.today.