Shiba Inu and Dogecoin Experience Declines

Shiba Inu and Dogecoin Experience Losses

According to CoinGecko data, Shiba Inu and Dogecoin have underperformed major cryptocurrencies recently. Shiba Inu and Dogecoin declined by 3.5% and 2.5%, respectively, while Bitcoin dropped by only 0.9%.

State of the Memecoin Sector

The broader memecoin sector has been sluggish, with Dogwifhat (WIF) losing up to 6%. All major memecoins with market caps exceeding $1 billion have posted losses. Bonk (BONK), Brett (BRETT), Pepe (PEPE), and Floki Inu (FLOKI) have all declined by over 3%.

Mog Coin (MOG) bucked the trend, gaining 1.7%. However, top-tier memecoins outperformed celebrity-themed tokens.

Celebrity-Themed Tokens Struggle

After gaining attention in June, most celebrity-themed tokens have lost over 90% of their value. Iggy Azalea's MOTHER token has shed over 70%. Impersonation scams targeting celebrities have also reduced investor confidence.

Dogecoin's Outlook

Crypto analyst Ali recently suggested that Dogecoin is in an uptrend after a consolidation period. DOGE has risen by 14% in the past two weeks, but remains 82.2% below its 2021 all-time high. Elon Musk's influence on the project has diminished.