Top Meme Coins By Market Cap Lose Billions, DOGE Down 80% From All-Time High

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While the digital asset markets have lost a lot of value over the past couple of weeks, the top meme coins by market capitalization have fallen significantly against the US dollar. Dogecoin, the meme’s main asset, has lost 23.9% in the past seven days, while the value of shiba inu has been 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.

DOGE/USD daily chart.

Dogecoin’s market valuation of approximately $17.8 billion represents 1.05% of the overall capitalization of the crypto-economy. The 24-hour price range of the crypto asset sits between $0.143480 and $0.126030 by DOGE. The second-largest crypto-asset shiba inu (SHIB) is down 30.6% in the past seven days and 42.1% in the past 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.

SHIB/USD daily chart.

Dogecoin and shiba inu aren’t the only meme coins that have seen significant weekly dumps by percentage. The Baby Doge coin (BABYDOGE) lost 32.5% in the past week and the spell token (SPELL) lost 52.9% in the past 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 over the past year when it comes to meme coins, as dogecoin’s market capitalization was once larger than the entire current meme token economy. The wide variety of DOGE and SHIB clones may also have affected these two coins as people tried to find the next dogecoin king. Today, there are over two dozen meme coins with the term “doge” implied and two dozen more with the term “shib” implied in the name of the token.

Tags in this story Baby Doge Coin, BABYDOGE, boxer, boxer inu, CAT Token, Coins, Doge, DOGE and SHIB clones, dogecoin, Jomon shiba, luni, Market Update, Markets, meme, meme assets, Meme Coins, Meme Tokens, meta doge, Price, shib, shiba inu, smugdoge, Spell Token, Vitoge

What do you think of the significant decline in value of the coin economy meme over the past seven days? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the news manager for Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 5,000 articles for Bitcoin.com News about disruptive protocols emerging today.

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