Price Decline and Market Volatility
The crypto market is experiencing a downturn, with meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and others taking a hit. The recent escalation of tensions in the Middle East has rattled investors, leading to a drop in meme coin prices.
Meme Coin Volatility
Meme coins are known for their extreme volatility, with rapid rises and crashes. Their value is often driven by hype, speculation, and social media buzz rather than real-world use or adoption.
Recent Losses
In the past 24 hours, the meme coin market has fallen by 12%. DOGE has dropped by 12%, SHIB by 14%, and Dogwifhat (WIF) by 11%.
DOGE’s Struggles
DOGE, the original meme coin, has lost 18% in the past seven days. Its weekly active trader count has also declined, and it has been overtaken by DOG and DEGEN.
Other Meme Coins
SHIB and WIF, two of DOGE’s competitors, have also suffered losses. PEPE, FLOKI, and BONK have also seen significant declines.
Short-Term Outlook
Market fundamentals suggest a continued selloff in the short term. Investors are selling risky assets during geopolitical crises. However, the volatility of cryptocurrencies means that meme coins could rebound quickly.
