Memecoins Plunge Dramatically from All-Time Highs

The memecoin sector saw a sharp downturn on Monday, with its total market value decreasing by over 5% in just 24 hours.

This drop is part of a broader trend, with the top ten meme coins having lost about 65% of their value on average from their peaks over the past year.

Both Dogecoin (DOGE) and Shiba Inu (SHIB), the two most prominent meme coins, have experienced significant declines recently. In the past week alone, DOGE and SHIB have decreased by 13% and 12%, respectively, pushing the combined market cap of meme coins down to $38 billion.

Dogecoin, despite being the largest meme coin by market cap, has seen its value fall significantly. Over the last three months, DOGE has dropped by 40%, and it fell another 5% in the last day. Currently priced at about $0.094, it has a 52-week high of $0.226 and a low of $0.057, marking a 57% decline from its highest point in the past year. It remains 87% below its all-time peak of $0.73 from May 8, 2021.

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Shiba Inu, the second-largest meme coin, has also faced substantial losses, despite community efforts to drive a market rally. It is trading at around $0.00001335, with a market cap of $7.8 billion. Shiba Inu has recorded a 52-week high of $0.0000453 and a low of $0.0000066, reflecting a more than 70% decrease from its yearly peak. It is down approximately 85% from its all-time high of $0.000086, which occurred on October 28, 2021.

Newer meme coins like PEPE and WIF are also struggling. Both have experienced declines exceeding 50% in the past three months. PEPE’s price has fallen from a 52-week high of $0.000017 to a low of $0.0000006071, currently trading around $0.00000072—a drop of 58% from its peak.

Dogwifhat (WIF) has seen a dramatic fall as well, from a high of $4.84 and a low of $0.0677 to an average price of $1.41, representing a nearly 71% decrease from its yearly high. However, despite these losses, WIF has garnered significant interest from large investors, with one whale recently purchasing approximately 9.57 million WIF, worth about $13.59 million, from Binance and Bybit in the past few days.

Alexander Stefanov