Meme Coins Market Cools Off After Intense Activity, DOGE Settles With a Modest Decline

Meme coins have been one of the most popular narratives in the first two quarters of 2024. However, there has been a significant cooling off in their market after the intense activity of the “spring.”

Meme coins have been a hot topic in the crypto market this year, with some seeing significant gains and others facing a sell-off. Here's a closer look at the recent performance of some key meme coins, according to data from CoinGecko.

Dogecoin (DOGE), the original meme coin, has seen a modest decline of 2.6% over the past month. The coin's price has been hovering around $0.08, showing a period of consolidation after a strong rally earlier this year.

Shiba Inu (SHIB), the second-largest meme coin, has seen a steeper decline of 8% over the past month. The coin's price has dropped to around $0.000011, following a period of strong gains and increased attention from retail investors.

PEPE coin, a meme coin inspired by the popular frog meme, has also seen a decline of about 8% within the same timeframe. The coin's price has been trading around $0.0006, showing a period of consolidation after a strong rally following its launch.

These trends indicate a period of consolidation or decreased interest in speculative meme coin investments, as per IntoTheBlock. The crypto analytic platform also speculated whether the market will witness another wave of explosive price movements in the meme coin sector.

In other news, celebrity-backed meme coins on the Layer 1 blockchain have seen a drastic decline of 94% within the first month after their launch. Around 50% of these tokens have lost 99% of their value from their peak prices, highlighting the speculative nature of this asset class, especially those that depend on celebrity endorsements for investment.

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