As digital asset markets have shed significant value during the last two weeks, the top meme coins by market capitalization have dropped considerably against the U.S. dollar. The top meme asset dogecoin has lost 23.9% over the last seven days, while shiba inu’s value was reduced by 31.1% this week.
Dogecoin down 80% from all-time high, Shiba Inu down 75% from all-time high
On Monday, January 24, 2022, the top meme coins by market capitalization lost 3.1% in the last day. Currently, the myriad meme tokens now represent $36 billion of the $1.7 trillion crypto economy. Dogecoin (DOGE) lost 23.9% in the past week and around 27.6% in the past month. To date, dogecoin is still up 1,486% against the US dollar since this time last year.
Dogecoin’s market valuation of around $17.8 billion, is 1.05% of the crypto economy’s overall capitalization. The crypto asset’s 24-hour price range has been between $0.143480 to $0.126030 per DOGE. The second-largest crypto-asset shiba inu (SHIB) is down 30.6% over the last seven days and 42.1% during the last month.
SHIB’s market valuation of approximately $11.7 billion represents 0.68% of the entire crypto-economy as of January 24. The 24-hour price range of SHIB is between $0.00002282 and $0.00001894 per unit. The combined market capitalizations of DOGE and SHIB equals $29.5 billion or 81.94% of the same coin economy of $36 billion.
Dogecoin and shiba inu are not the only meme coins that saw significant weekly dumps percentage-wise. Baby doge coin (BABYDOGE) shed 32.5% this past week and spell token (SPELL) lost 52.9% over the last seven days. However, a relatively unknown token called boxer inu (BOXER) managed to climb 108.6% this week.
Beneath BOXER was the older version of hotdoge (HOTDOGE), which gained 11.1% during the week. Vitoge, luni and smugdoge also gained between 3% and 4.8% over the past week. Jomon shiba, cat token and meta doge lost the most this week, losing between 58% and 58.9% in value against the US dollar.
A lot has changed in the last year as far as meme coins are concerned as dogecoin’s market cap was once larger than today’s entire meme token economy. The large variety of DOGE and SHIB clones may have also affected these two coins as people attempted to find the next dogecoin king. Today there are over two dozen meme coins with the term “doge” involved and another two dozen with the term “shib” involved in the token’s name.
