DOGE and SHIB Among Top Laggards as Crypto Market Remains in Red

As per the data provided by CoinGecko, Shiba Inu (SHIB) and Dogecoin (DOGE) are currently among the top laggards in the cryptocurrency market. These two meme coins have seen a decline of 3.5% and 2.5% respectively. In comparison, Bitcoin (BTC) is down by 0.9% during the same period, while some other major cryptocurrencies like XRP are currently showing positive trends.

Meme coins facing challenges

The entire meme coin sector is experiencing a downturn, with dogwifhat (WIF) plummeting by as much as 6%. Every meme coin with a market capitalization exceeding $1 billion has registered losses in the past 24 hours. Bonk (BONK) and Brett (BRETT) have also experienced declines of over 5%, while Pepe (PEPE) and Floki Inu (FLOKI) are down by 3.1% and 4.9% respectively. Interestingly, Mog Coin (MOG) stands out as the only well-established meme cryptocurrency that has shown a modest price increase of 1.7%.

Celebrity meme coins losing their shine

While blue-chip meme coins are currently underperforming, they are still faring better than celebrity-themed tokens. Celebrity meme coins that surged in June have now seen their prices crash by over 90%. Iggy Azalea’s MOTHER token, for instance, is down by more than 70%. The crypto sector linked to celebrities has also been affected by instances of bad actors impersonating celebrities like 50 Cent.

DOGE’s potential for a comeback

A cryptocurrency analyst named Ali recently mentioned that Dogecoin tends to rally following a period of consolidation. He indicated that he was increasing his DOGE holdings, suggesting that a similar scenario might unfold again. Despite DOGE experiencing a 14% increase over the past two weeks, the leading meme coin is still down by 82.2% from its all-time high achieved during the 2021 bull run.

Given these dynamics in the meme coin market, investors and enthusiasts are closely watching to see if DOGE can indeed stage a comeback and whether other meme coins will also see a reversal in their current downward trends.

About the author:

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with vast experience in covering various aspects of the crypto industry. Having authored over 1,000 stories for U.Today, CryptoComes, and other fintech media outlets, Alex is particularly interested in regulatory developments globally that are influencing the future of digital assets. For further inquiries, Alex can be reached at [email protected].