Meme Coin Bloodbath Continues As DOGE, SHIB, And PEPE All Plunge

Updated: 02 August 2024

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The meme coin bloodbath continued as the sector’s market capitalization plunged over 5% in the past day, with market titans Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE) all suffering losses.

The DOGE price tumbled more than over 3% in the last 24 hours to trade at $0.1162 as of 3:50 a.m. EST, while dog-themed rival SHIB dropped by an identical amount. PEPE plummeted 5%, taking its weekly loss to 15%.

Top 5 Meme Coins Hit In Latest Meme Coin Bloodbath

Top 5 meme coins by market cap (Source: CoinGecko)

WIF Suffers The Most With A 27% Weekly Plunge

PEPE”s dismal weekly performance was, however, overshadowed by Dogwifhat (WIF), which has plunged more than 27% over the same timeframe. This comes after it also registered the biggest 24-hour loss of the top 5 meme coins, with its price falling over 6%.

Nine of the other top 10 biggest meme coins also fell victim to the continued selloff. Mog Coin (MOG) dived 16% in the last 24 hours, while Book of Meme (BOME) and Brett (BRETT) plummeted 9% and 5%, respectively. Investors also decreased exposure to FLOKI and Bonk (BONK).

Only POPCAT (POPCAT) emerged unscathed among the top 10 meme coins, posting a gravity-defying 6% gain.

Meme Coin Presales Defy Gravity

With meme coins continuing to bleed, investors might turn to presale tokens, which have huge upside potential while providing shelter from market turbulence before they are listed.

Pepe Unchained (PEPU) and WienerAI (WAI) are among meme coin ICOs that continue to accumulate funds at a rapid pace, despite the meme coin market bloodbath.

PEPU now stands at more than $6.8 million in funds raised while WAI has stormed past $9 million as it offers a last chance to buy before its listing on August 5