BTC Rise Does Not Help Meme Coins

Bitcoin's Rise Fails to Buoy Meme Coins

Despite the recent surge in Bitcoin (BTC), meme coins are facing hurdles in their market expansion. This article examines the current performance of several popular meme coins.

Shiba Inu's Performance

Shiba Inu (SHIB), once hailed as the "DOGE killer" and ranked among the top 10 by market capitalization, soared in 2021. However, a subsequent decline eroded investor confidence. Currently, SHIB remains second to Dogecoin (DOGE) by market cap, but its performance has been lackluster. Over the past 24 hours, SHIB has declined by 2.46% to $0.00001702.

Despite token burns aimed at reducing supply, SHIB's large supply continues to weigh on its price. As a result, investor apprehension lingers regarding SHIB's ability to reach previous highs.

PEPE Coin's Challenges

PEPE, which made headlines earlier in the year and recorded several all-time highs, appears to be experiencing a downturn. Over the last 24 hours, the coin has plummeted by 6% to $0.00001138. While PEPE's market capitalization remains below $5 billion at $4.7 billion, its 24-hour trading volume has surged to $470 million, signaling renewed interest.

FLOKI's Decline

Another meme coin, FLOKI, has also suffered recent losses. FLOKI's price fell by 3.7% in the past 24 hours to $0.0001687. Despite recent investments and token burns, FLOKI's market cap stands at $1.6 billion. However, its 24-hour trading volume has increased by 19% to $186 million. FLOKI, which has gained over 500% in the past year, remains a topic of interest for its potential growth in a favorable market environment.

Key Takeaways

• SHIB's large supply remains a critical issue despite token burns.
• PEPE's increased trading volume suggests rising interest, despite the price decline.
• FLOKI's gains and recent investments hint at potential for future growth in a bullish market.

Investors should consider these factors when evaluating potential meme coin investments.