Meme Coin Market Update: Dogecoin and Shiba Inu Prices Decline, While Others Continue to Surge
Dogecoin and Shiba Inu, two popular meme coins, have experienced recent declines in value. Dogecoin is down 2.36% and Shiba Inu is down 2.77% in the last 24 hours. Dogecoin has seen a modest increase of 11.47% in the past month, but it is still down over 90% from its all-time high in May 2021. On the other hand, Bitcoin and Ethereum, two leading cryptocurrencies, have also experienced losses but to a lesser extent.
According to data from LunarCrush, Dogecoin’s social mentions are at their lowest since January 2021. This suggests that attention is shifting from Dogecoin to other meme coins that are newer and more engaging. Despite this decline, Dogecoin still holds a market cap of $9.6 billion, ranking ninth among all cryptocurrencies.
Shiba Inu has also experienced a drop in value, currently down 91% from its all-time high in October 2021. Despite the introduction of a new layer two scaling solution called Shibarium, the price of Shiba Inu has not recovered. While Bitcoin, Ethereum, and Dogecoin have seen gains over the past year, Shiba Inu remains down by 28%.
Although large-cap meme coins have seen a lack of interest in the past two years, some next-generation meme coins have thrived. Wall Street Memes, a presale meme coin project, has raised over $15 million and gained attention from influential figures such as Elon Musk. Another meme coin, ChimpZee, combines the virality of meme coins with the utility of decentralized finance (DeFi) while also supporting climate change initiatives.
Wall Street Memes aims to help everyday investors profit from meme coins and has garnered excitement in the community. ChimpZee, on the other hand, incorporates a Play-to-Earn game, a Trade-to-Earn NFT marketplace, and a Shop-to-Earn merchandise store in its ecosystem to contribute to environmental protection efforts. Both projects are currently in their presale phase and offer discounted prices for early investors.
Overall, while some popular meme coins are experiencing declines, newer meme coins are gaining attention and showcasing potential for growth.