Meme Coin Market Cap Loses 3.5%, Top 2 Leaders Dogecoin, Shiba Inu Shed Billions
While crypto-asset markets have shed billions during the last week, the top meme tokens coins by market capitalization have seen deeper losses than most coins. The top two meme digital assets dogecoin and shiba inu have seen double-digit losses during the last seven days. The top meme tokens coins by market capitalization today are worth $60.7 billion losing 3.5% in value over the last 24 hours.
Dogecoin and Shiba Inu Lose Double-Digits Last Week
During the course of the year, meme-based crypto assets were all the rage and many of them have gained significant value in 2021.
The top two meme-based cryptocurrencies dogecoin (DOGE) and shiba inu (SHIB) were once top ten contenders in terms of market capitalization. However, today, after suffering some losses both dogecoin and shiba inu have dropped out of the top ten standings.
Dogecoin (DOGE) is the largest meme-based crypto asset in terms of overall valuation. DOGE is also the 11th largest market cap out of 10,975 coins in existence today. The crypto asset has a market valuation of around $28.9 billion as dogecoin has shed 16.7% in value during the last week.
Dogecoin trade volume has slid as well to $995 million DOGE swaps during the last 24 hours. DOGE is swapping for $0.220 per unit at the time of writing and is over 69% lower than its all-time high (ATH).
DOGE captured an ATH of around $0.731 on May 8, 2021, around seven months ago. Despite the losses dogecoin still commands a 12-month return of around 6,200%.
Shiba inu (SHIB) today is the 12th largest market capitalization and the second largest in terms of meme-based coins. SHIB has lost 18.1% during the last week and has a market valuation of around $23.8 billion. SHIB is down more than 3% today and is swapping for $0.00004395 per unit.
The shiba inu price today is over 48% lower than the crypto asset’s ATH on October 28, at $0.00008616. At the time of writing there is $1.7 billion worth of global SHIB trade volume during the last 24 hours.
Despite being down in recent times, 30-day stats show SHIB is still up 57%. Moreover, SHIB’s 12-month return is also far larger than DOGE’s with a 62,589,642% increase.
Not all meme coins have been under this week as a slew of lesser-known meme-based crypto assets have seen double-digit gains.
Jomon shiba (JSHIBA), shih tzu (SHIH), shibance token (WOOF), the doge NFT (DOG), and dogebonk (DOBO) have jumped 11% to 84.4% during the last week. DOBO’s 84% gains made the meme currency the top-performing meme-based asset during the last week.
What do you think about the top meme coins and the meme-based crypto-economy losing value in recent times? Let us know what you think about this subject in the comments section below.