As a seasoned researcher with years of experience in the tumultuous world of cryptocurrencies, I must admit that the recent market pullback has left me feeling like a shipwreck survivor clinging to a makeshift raft amidst the relentless waves of volatility. The past 24 hours have been particularly brutal, with even the meme coins, once the lifeblood of this digital Wild West, plummeting in value.
TL;DR
- Numerous major cryptocurrencies and meme coins suffered significant losses following a decline of the entire market in the past several hours.
Dogecoin (DOGE) and Shiba Inu (SHIB) are among the affected, and the SHIB burning mechanism has recently stalled its progress.
The Pullback
Over the past day, the value of cryptocurrencies has seen a significant drop, undoing many of the gains made the previous week. At present, the total market cap of cryptocurrencies is under $2.2 trillion. Notably, Bitcoin (BTC) has fallen below $60,000 and Ethereum (ETH) has failed to hold the $2,500 resistance level.
The state of affairs in the meme coin sector remains grim, as multiple tokens have dropped more than 10% on a daily basis. Notable victims include Dogwhati (WIF) and Bonk Inu (BONK), which both saw a decrease of 10%.
The most popular meme coin based on frogs, PEPE, has seen a decline of almost 10%, with its competitor, Brett (BRETT), dropping by around 7%.
Among the top 20 meme coins, Popcat (POPCAT) is the one showing an uptick. Over the last 24 hours, it has risen by 3%, and impressively, it has surged by 60% in just a week.
At present, the token with a cat theme is trading approximately $0.71 (as per CoinGecko’s data), boasting a market capitalization of over $700 million. This token leads its group, with Cat in a Dogs World (MEW) and Mog Coin (MOG) coming in as the second and third largest respectively.
What About the Leaders?
The most popular meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB), are also experiencing a decrease, but it’s not as dramatic. As of now, Dogecoin is hovering slightly below $0.10, marking a 6.5% drop in its daily value. Despite this decline, it continues to rank among the top 10 cryptocurrencies with a market capitalization of approximately $14.5 billion.
The coin that calls itself the “Dogecoin killer,” SHIB, has experienced a similar drop and currently holds a value of around 0.00001377 at this point in time.
The drop in its price aligns with the subpar functionality of Shibarium, the layer-2 scaling solution. Over the past week, both active accounts and daily transactions processed through the protocol have significantly decreased, suggesting a decline in user interaction and network activity.
The Shiba Inu’s burning mechanism, unfortunately, hasn’t made a positive impact recently. Over the last 24 hours, the burn rate has dropped drastically to zero, as no tokens have been eliminated by the team during this period.
The purpose of this mechanism is to significantly decrease the current amount of SHIB in circulation, thereby making it less common and possibly increasing its worth over time if demand remains steady or increases.
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2024-08-28 11:12