The total crypto market cap lost billions during the last week, but meme tokens coins lost more than most. Shiba Inu (SHIB) and Dogecoin (DOGE), the two meme coins with the highest market cap, saw double-digit losses this past week.
The top meme coins by market cap are currently worth $60.7 billion and have lost 3.5% over the last 24 hours, Bitcoin News reports.
Are we seeing the end of meme tokens?
Meme tokens were extremely popular throughout 2021 and many of them appreciated significantly this year. Until recently, Dogecoin and Shiba Inu were in the top ten of coins by market capitalization.
Shiba has dropped down to 12th position permanently, it seems, with 13th-ranked CRO, Crypto.com’s native token, hot on its tracks. Avalanche and Dogecoin are alternating 10th and 11th position. The ultimate dominator remains to be seen.
How the biggest players measure up
In terms of overall valuation, Dogecoin (DOGE) is the biggest meme-based crypto asset. It has a market cap of just under $30 billion, but it has lost almost 6% in value during the last 7 days. It is trading for $0.2262 at the time of writing. However, its return per annum is still around 6,200% despite the losses.
Shiba Inu, the second-biggest meme coins, is faring somewhat worse. SHIB lost 13.46% during the last 7 days and has a market cap of around $23.36 billion at the time of writing. It is down by almost 6% today and is changing hands for $0.00004244.
Its current price is almost 50% of what it was about a month ago. However, data for the past month show SHIB is still up 57%. What’s more, its y/y return is even more impressive than DOGE’s: an increase of 62,589,642%!
Trending meme coins
As you can see, the top meme coins are not faring as badly as it may seem before you put things in perspective. In addition, DOGE and SHIB gave rise to a host of lesser-known meme coins, which have seen their prices skyrocket.
These include Jomon shiba (JSHIBA), Shibance token (WOOF), Shih tzu (SHIH), the Doge NFT (DOG), and Dogebonk (DOBO), which have gained from 11% to 85% over the last 7 days. DOBO has been making progressive gains, up 22.86% today.