Meme coins gained immense popularity over the past year alone. They also soared in value and captured the attention of several market enthusiasts. When it came to market capitalization, the leading meme coins were the well-known SHIB (Shiba Inu) and DOGE (dogecoin), and these also managed to secure spots in the top-ten list.
To the dismay of many participants, both coins suffered significant losses in the recent crash of valuation in the market. They also lost their secure spots in the top-ten chart.
DOGE, being the bigger and more valuable of the two, dropped down 16.7% in value in just a week’s time. It now has a market valuation of $28.8 billion. In shocking news to fans, it has dropped 69% in value since its all-time-high standing of $0.731. As of now, per unit is available for $0.220.
Following in the footsteps is SHIB, which is the second-best performing meme coin in the crypto-asset market today. Over the crypto losses of the past week, SHIB lost 18.1% and has a market valuation of close to $23.8 billion. It is currently being swapped for around $0.00004395 for each unit. This is close to 48% less than the all-time-high of $0.00008616.
Despite these statistics, SHIB is estimated to have better 12-month returns of 62,589,642%, which is much better faring than DOGEs.
Even though these two meme coins have ruled the market so far, the past week saw some much less-popular meme coins gaining immense traction – reaching double-digit gains as well.
We may just have to wait and see when the market volatility will subside to make a thorough conclusion about the futures of these meme coins.