The Meme Coin Market Plunged 4% in 24 Hours as Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE) Posted Losses

The meme coin sector's market capitalization plunged more than 4% in the last 24 hours as leaders Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE) all posted

Meme Coin Market Cap Drops Over 4% as Leading Coins Post Losses in Flash Crypto Crash

The meme coin sector’s market capitalization plunged more than 4% in the last 24 hours as leaders Dogecoin (CRYPTO: DOGE), Shiba Inu (CRYPTO: SHIB), Pepe (CRYPTO: PEPE) all posted losses amid a flash crypto crash.

What Happened: Meme coins followed the broader crypto market lower on Monday evening after a brief recovery earlier in the day.

DOGE, the largest meme coin, lost 2% to trade at $0.1414 as of 2:40 p.m. EST, pushing its weekly performance down by more than 10%.

SHIB, the second-largest meme coin, also saw losses. SHIB was trading at $0.00002313, down 3% in the last 24 hours and down 12% for the week.

Other top meme coins also saw declines. PEPE was trading at $0.0276, down 2% in the last 24 hours and down 7% for the week. WIF was trading at $0.00103, down 4% in the last 24 hours and down 18% for the week. FLOKI was trading at $0.0002806, down 7% in the last 24 hours and down 14% for the week.

SHIB, PEPE, WIF and FLOKI also saw their weekly performances nudged deeper into the red as the meme coin market continued its longer-term negative trend. WIF bled the most throughout the past seven days after its price dropped more than 18% during this period.

Several smaller meme coins bucked the down trend. Byte (CRYPTO: BYTE) emerged as the top-performer, rising 70% to $0.0006357. Other gainers included Jesus Coin (CRYPTO: JESUS) and Hoppy (CRYPTO: HOPPY), which both gained 8%.

Why It Matters: Smaller tokens outperforming the meme coin leaders could be indicative of traders and investors seeking shelter from the bearish storm in cryptos that are not as actively traded and as affected by major market movements.

Newly-launched presales that have not yet listed on exchanges and are subsequently not susceptible to the market’s volatility could also pull investors in.

Some of the analyst favorites at the moment include PlayDoge (CRYPTO: PLAY), a play-to-earn Dogecoin derivative that’s raised $3.7 million in less than two weeks.

Other hot presales include WienerAI (CRYPTO: WAI), which has raised almost $5.4 million and Sealana (CRYPTO: SEAL) on Solana, which is offering investors a last chance to buy after surging past $4 million.

Now Read: Elon Musk Says Dogecoin Is The People’s Crypto: Here’s How Much You’d Have If You Invested $1,000 A Year Ago