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The top memecoin by market cap has fallen sharply against the U.S. dollar as the digital asset market has depreciated significantly over the past two weeks. Top meme asset Dogecoin is down 23.9% over the past seven days, while shiba inu has lost 31.1% in value this week.
Dogecoin Down 80% Since All-Time High, Shiba Inu Down 75% Since High
On Monday, January 24, 2022, the top meme token by market cap lost 3.1% over the past day. The myriad of meme tokens currently account for $36 billion in the $1.7 trillion crypto economy. Dogecoin (DOGE) It was down 23.9% last week and about 27.6% last month. Year to date, Dogecoin is still up 1,486% against the dollar since this time last year.
Dogecoin’s market cap is around $17.8 billion, or 1.05% of the total crypto economy’s market cap. The 24-hour price range for the crypto asset is between $0.143480 and $0.126030 per DOGE.Second largest crypto asset Shiba Inu (SHIB) It is down 30.6% in the past seven days and down 42.1% last month.
SHIB has a market valuation of about $11.7 billion, or 0.68% of the entire crypto-economy on January 24. The 24-hour price range for SHIB is between $0.00002282 and $0.00001894 per unit.The total market value of both Governor and SHIB That’s 81.94% of the $29.5 billion or $36 billion meme coin economy.
Dogecoin and shiba inu aren’t the only meme coins seeing significant weekly percentage drops.baby Dogecoin (BABYDOGE) Down 32.5% in the past week Spell Token (SPELL) Down 52.9% over the past 7 days.However, a relatively unknown token called Boxer dog (BOXER) It managed to climb 108.6% this week.
BOXER Below is the old version HOTDOGE, up 11.1% this week. Vitoge, luni and smugdoge also rose 3% to 4.8% in the last week. Jomon shiba, cat token and meta doge were the biggest losers this week, down 58% to 58.9% against the dollar.
As far as meme coins are concerned, a lot has changed in the last year as Dogecoin’s market cap used to outstrip the entire meme coin economy today. As people try to find the next Dogecoin king, a wide variety of DOGE and SHIB clones may have influenced both coins as well. There are more than two dozen meme coins with the word “doge” in it today, and two dozen more token names with the word “shib” in it.
What do you think of the massive devaluation of the memecoin economy over the past 7 days? Let us know what you think about this topic in the comments section below.
Image Source: Shutterstock, Pixabay, Wiki Commons
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