Cryptocurrencies Show Mixed Performance Despite BTC Rise

Fluctuating Performance in Meme Coin Market

Despite a recent rally in Bitcoin (BTC), meme coins have exhibited a mixed performance.

Shiba Inu (SHIB)

Once a top-10 cryptocurrency by market capitalization, SHIB experienced a significant surge in 2021 followed by a sharp decline. This has eroded market confidence in meme coins, despite SHIB's rise to second place behind Dogecoin (DOGE) in terms of market cap. In the past 24 hours, SHIB has lost 2.46%, trading at $0.00001702.

While SHIB's 7-day performance indicates a slight recovery (0.60% decline), concerns persist over its large supply. Token burns intended to boost its price have yet to have a significant impact.

PEPE Coin (PEPE)

After making headlines earlier this year, PEPE has faced challenges. Its price has dropped by 6% in the past 24 hours, trading at $0.00001138. Although its market cap remains below $5 billion at $4.7 billion, its 24-hour trading volume has surged to $470 million, suggesting growing interest.

Floki Inu (FLOKI)

Another established meme coin, FLOKI, has also seen a decline. Its price has fallen by 3.7% in the past 24 hours, trading at $0.0001687. FLOKI has been in the spotlight due to investments and token burns. Its market cap stands at $1.6 billion, while its 24-hour trading volume has increased by 19% to $186 million.

FLOKI's performance and potential for new all-time highs in a bull market remain closely monitored.