DOGE and SHIB Among Top Laggards as Crypto Market Remains in Red

Meme Coins Lagging in Crypto Market

According to CoinGecko, Shiba Inu (SHIB) and Dogecoin (DOGE), prominent meme coins, are underperforming among the leading cryptocurrencies. SHIB and DOGE have declined by 3.5% and 2.5%, respectively, within the past 24 hours.

In comparison, Bitcoin (BTC) has experienced a modest decline of 0.9% during the same period. Other major cryptocurrencies, including XRP, are currently showing positive gains.

Meme Coin Losses

The entire meme coin sector has suffered losses, with Dogwifhat (WIF) experiencing a significant drop of 6%. All meme coins with a market cap exceeding $1 billion have recorded losses in the past 24 hours.

Bonk (BONK), Brett (BRETT), Pepe (PEPE), and Floki Inu (FLOKI) have all declined by more than 5%. Mog Coin (MOG) is the lone exception, posting a modest price increase of 1.7%.

Celebrity Meme Coin Decline

Celebrity-themed meme coins have fared worse than the established meme coins. After experiencing a price surge in June, most celebrity token prices have crashed by over 90%. Iggy Azalea's MOTHER token has lost more than 70% of its value.

DOGE Price Momentum

Earlier this week, cryptocurrency analyst Ali predicted that Dogecoin might experience a rally following a period of consolidation. The analyst expressed optimism in the coin's future performance.

DOGE has gained up to 14% over the past two weeks. However, the leading meme coin still remains significantly below its record high achieved during the 2021 bull run.