Friday, December 9, 2022
 

Meme Coins Underperform During Crypto Winter Against Blue Chips

  • Dogecoin (DOGE), the most popular meme coin, is down by 90.2% from its ATH.
  • Shiba Inu, on the other hand, is down by 85% from its ATH.
  • Meme coins continue to be a risky investment for cryptocurrency enthusiasts.

The whole cryptocurrency market struggled to thaw the effects of the crypto winter, with cryptocurrencies known as meme coins performing far worse than other altcoins.

Dogecoin (DOGE), the most popular meme coin, is down by 90.2% from its all-time high (ATH) of over $0.73 on May 7 last year. Despite this, DOGE continues to enjoy its position as one of the favored tokens in the cryptocurrency space, especially among Gen Z investors.

According to estimates by cryptocurrency market tracker CoinGecko, DOGE is up by 8.2% in the last seven days, trading at $0.07.

Meanwhile, Shiba Inu (SHIB), which has a market capitalization of over $7.3 billion, is still the second largest meme currency in the market. Based on its market capitalization, SHIB sits at 14th place on CoinGecko’s list. SHIB trades at $0.00001244 and is up by 5.1% in the past week.

Along with DOGE, SHIB has lost around 85% of its value from its all-time high of $0.000086, which it hit on October 27, 2021. The 2nd largest meme coin has contributed to the loss of billions of dollars in investor capital.

Despite holders’ continued investments in such meme coins, most of the members of the community deem this type of cryptocurrency a risky investment.

  • Dogecoin (DOGE), the most popular meme coin, is down by 90.2% from its ATH.
  • Shiba Inu, on the other hand, is down by 85% from its ATH.
  • Meme coins continue to be a risky investment for cryptocurrency enthusiasts.

The whole cryptocurrency market struggled to thaw the effects of the crypto winter, with cryptocurrencies known as meme coins performing far worse than other altcoins.

Dogecoin (DOGE), the most popular meme coin, is down by 90.2% from its all-time high (ATH) of over $0.73 on May 7 last year. Despite this, DOGE continues to enjoy its position as one of the favored tokens in the cryptocurrency space, especially among Gen Z investors.

According to estimates by cryptocurrency market tracker CoinGecko, DOGE is up by 8.2% in the last seven days, trading at $0.07.

Meanwhile, Shiba Inu (SHIB), which has a market capitalization of over $7.3 billion, is still the second largest meme currency in the market. Based on its market capitalization, SHIB sits at 14th place on CoinGecko’s list. SHIB trades at $0.00001244 and is up by 5.1% in the past week.

Along with DOGE, SHIB has lost around 85% of its value from its all-time high of $0.000086, which it hit on October 27, 2021. The 2nd largest meme coin has contributed to the loss of billions of dollars in investor capital.

Despite holders’ continued investments in such meme coins, most of the members of the community deem this type of cryptocurrency a risky investment.

 

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