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This week saw a significant market drop, with Bitcoin ($BTC) dropping to $58,400. This proves that no crypto sector is immune to negative market sentiment. The top five meme coins by market cap, $DOGE, $SHIB, $PEPE, $WIF, and $FLOKI, all fell by around 5% over the past day.
The widespread market downturn has affected all cryptocurrency sectors, including the fast-growing memecoin industry. Bitcoin ($BTC) hit a recent low of $58,400 on Monday, June 25, but has recovered slightly and is currently trading at $60,720.
Let’s take a look at the performance of the top five memecoins by market capitalization.
Dogecoin ($DOGE) backed by a strong community
Dogecoin ($DOGE), the top memecoin by market capitalization according to CoinMarketCap, has shown resilience during recent market downturns. The coin started as a joke and has become a household name in the cryptocurrency industry thanks to its strong community. $DOGE has seen remarkable growth, turning it into a legitimate investment opportunity with great utility.
Amid the current uncertainty, $DOGE held strong after recovering 5% from the important support level of $0.1183. Today's price is old. Despite a 4% decline compared to the 24-hour price chart, $DOGE is currently trading at $0.1226.
Price stability can be maintained by incinerating Shiba Inu ($SHIB)
Shiba Inu ($SHIB) looked set to have a good day on Wednesday morning, with a 3% price jump. Data from TradingView shows $SHIB rising from an opening price of $0.00001774 to $0.00001806, sparking talk of a potential price rise. However, $SHIB has fallen from its initial rally and is currently trading at $0.0001731, down 4.40% in the last 24 hours.
Users speculate that the recent SHIB burn announcement may have led to the initial rally. According to Shibburn, Shiba Inus burned more than 11 million SHIB yesterday.
PEPE ($PEPE) continues its bullish trend
Of the top five memecoins, Pepe is the only one that has seen an increase in price over the past week. According to CoinMarketCap, $PEPE continues its strong upward trend, rising 6.35% over the past seven days. Pepe is down 25% over the past month, but its upward momentum suggests it could be a good investment opportunity.
At the time of writing, $PEPE is trading at $0.00001247.
Crypto Whale Spends $4.65 Million on Dogwifhat ($WIF)
Dogwifhat ($WIF) has taken a huge hit from the current market spiral, having fallen significantly from its recent high of $4. $WIF fell below $1.5, a price not seen since March 2024, but has since recovered, suggesting the sell-off may be nearly over. $WIF was trading at $1.98, down 33.19% over the past month.
$WIF has entered a buying phase with whales acquiring large stakes.
Solana-powered Floki ($FLOKI) shines amid market downturn
The Solana-based memecoin has bounced back from the recent bull market, delivering significant returns to investors. Although not immune to market contagion, coins like $FLOKI remain solid compared to other projects, posting a 12.08% gain at the start of the week. $FLOKI is trading at $0.000167, down 4.78% on the 24-hour chart.
Disclaimer: This article is provided for informational purposes only. It is not provided or intended as legal, tax, investment, financial or other advice.
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