Meme Token Carnage — DOGE, SHIB Prices Sink Lower, Dogecoin Down 82% Since Last Year – Market Updates Bitcoin News – Bitcoin News
by Jamie Redman
Today’s top meme coins have lost 4.8% in value against the U.S. dollar, as the crypto market carnage has wreaked havoc across the entire digital currency economy. While dogecoin had a phenomenal year in 2021, over the past 12 months, dogecoin lost 82.8% against the USD.
Meme coin assets are down this week following the rest of the crypto economy’s downward spiral. Statistics show that dogecoin (DOGE) has shed 14% in value during the past month and 30 day stats show shiba inu (SHIB) is down 24%.
In the last day alone, the $28.3 billion worth of meme tokens lost 4.8% in value. DOGE lost 1.7% over the last seven days and this week SHIB has dropped by 6.8%. DOGE is also down 82.8% from the crypto asset’s all-time high on May 8, 2021, which was exactly a year ago today.
At that time, DOGE reached an ATH of around $0.731 per unit. Six months ago, SHIB tapped an ATH at $0.00008616 per unit and today it’s down 78% since that price point. Both DOGE and SHIB make up most of the $28.3 billion meme token market capitalization by representing 95% with a combined market valuation of around $26.9 billion today.
While most of the meme coin economy has shed significant value in recent times, a relatively unknown meme token called litedoge (LDOGE) has gained 400% this week. Poodl token (POODL) is up 34.2% and dogefi (DOGEFI) is up 27.3% during the past seven days. However, jejudoge (JEJUDOGE) has lost 44.6% this week, lets go brandon (LETSGO) is down 43.3%, and shiba fantom has shed 28.9% in value against the USD.
Meme tokens were all the rage last year, but interest seems to be dwindling fast. After hitting a Google Trends (GT) score of 100 last May, this year during the same weekly timeframe, the search phrase “dogecoin” has scored a three. SHIB hit a 100 in October and GT data shows the search term “SHIB” has scored a four this week, according to worldwide statistics.
What do you think about the meme coin market carnage and the lack of interest in SHIB and dogecoin these days? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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