Cryptocurrency Market Experiences Significant Decline

Cryptocurrency Market Witnesses Notable Downturn

The wider cryptocurrency market has been in a state of decline, with Bitcoin's price fall that began on Monday reaching a low point today, dropping below $61,000. This decline has had an impact on meme coins as well.

Dogecoin: A Relative Stronghold

While Dogecoin, the leading meme coin, is experiencing a decline, it remains relatively strong compared to its peers. However, the volatility of Bitcoin's price has also affected DOGE's outlook. As of the time of writing, DOGE had experienced a price change of -3.34% within the last 24 hours, resulting in a decrease to $0.1092. Over the past seven days, its price has fallen by 18.36%.

Shiba Inu: Steep Drop

In contrast, SHIB, the second-largest meme coin by volume after DOGE, has suffered a more significant decline. Its price has fallen by 6.04% in the last 24 hours, reaching $0.00001418. This has raised concerns among SHIB investors.

Despite the ambitious goal of reaching a $0.01 price point through coin burns, a majority of the total SHIB supply remains in circulation, making this target appear distant for now.

PEPE and WIF: Notable Declines

The market's third and fourth largest meme coins, PEPE and WIF, have also experienced substantial declines. PEPE's price has fallen by 10.97% to $0.000008783, while WIF's has dropped by 11.86% to $1.62. Speculation in the market suggests that WIF may fall below $1.