According to data provided by CoinGecko, Shiba Inu and Dogecoin are among the leading cryptocurrencies that have lagged behind in terms of gains. The two popular memecoins experienced declines of 3.5% and 2.5% respectively. In comparison, Bitcoin fell by 0.9% during the same period, while other major cryptocurrencies like XRP continue to trade in the green.
Current State of the Memecoin Sector
The entire memecoin sector is currently in the red, with dogwifhat (WIF) experiencing a drop of up to 6%. Each memecoin with a market cap of over $1 billion has recorded significant losses in the last 24 hours. Bonk (BONK) and Brett (BRETT) also fell by more than 5%. Pepe (PEPE) and Floki Inu (FLOKI) are down by 3.1% and 4.9% respectively.
Mog Coin (MOG) managed to achieve a modest price increase, rising by 1.7%, becoming the only popular memecoin project to do so. Despite the poor performance of top-tier memecoin projects, they are still in better shape compared to celebrity-themed tokens.
After seeing their prices rise and making headlines in June, most celebrity-themed tokens have fallen by more than 90% as expected. Iggy Azalea’s MOTHER token dropped by more than 70%. During this period, the crypto sector was also attacked by bad actors impersonating celebrities like 50 Cent, causing many investors to lose interest in the market.
What’s Happening on the DOGE Front?
Earlier this week, popular crypto analyst Ali noted that Dogecoin is in an upward trend after a consolidation period. The analyst mentioned that he bought more DOGE and predicted the same scenario would occur again.
DOGE has risen by up to 14% in the last two weeks. However, the leading memecoin project is still trading 82.2% below its record high achieved during the 2021 bull run. The project, particularly associated with Elon Musk, continues to lose popularity as the famous individual’s posts lose their impact.
