During the recent cryptocurrency market bloodbath, Dogecoin and Shiba Inu saw huge price drops. Meme coins lost all of their gains and plummeted from all-time highs. In the midst of very critical conditions, the global crypto market made a small comeback. Over the last day, the overall crypto valuation increased by 3.44 percent.
In the previous 24 hours, the value of meme crypto tokens has climbed by 2.3 percent. It is now worth $18.4 billion. However, the total 24-hour trade volume has plummeted by 17.6% to $988 million. During the bear market, popular meme coins like Dogecoin and Shiba Inu appear to be losing their appeal.
Will the Meme Tokens Rise Again?
Doge, the most popular meme token, has dropped over 40% since the start of 2022. It is currently trading at an average price of $0.086, down 88 percent from its all-time high of $0.73. However, it still has a market capitalization of more than $10 billion.
Dogecoin has made no indication of its future intentions. For the time being, the price of Doge is only rising due to Elon Musk’s Tweets and mentions. Musk’s anticipation of buying Twitter was the last time the coin experienced a price increase.
Shiba Inu, the second most popular meme token and most searched crypto in 2021, has also dropped by nearly 57 percent in the last three months. The SHIB team has announced a number of projects aimed at increasing the token’s utility. However, it hasn’t been sufficient for the token. The greatest whales holding the SHIB token have decreased in size as the price has increased.
Shiba Inu tokens are now valued at roughly $522 million to the ETH Whales. According to a recent analysis by Finder, a blockchain data business, 73 percent of respondents in a survey favored selling SHIB tokens.
At the time of writing, Shiba Inu is trading at $0.00001159 and is down by 2 percent in the last 24 hours.
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Source: https://coinpedia.org/altcoin/no-possibility-of-meme-coin-rally-in-2022/