Meme Coin Market Cap Loses 3.5%, Top 2 Leaders Dogecoin, Shiba Inu Lose Billions – Market Updates

While crypto asset markets have lost billions over the last week, the top meme token coins by market cap have seen bigger losses than most coins. The two main digital meme assets, Dogecoin and Shiba Inu, have posted double-digit losses over the past seven days. The top meme token coins by market cap are worth $60.7 billion today and have lost 3.5% of their value in the last 24 hours.

Dogecoin and Shiba Inu lose double digits last week

Over the year, meme-based crypto assets have been on everyone's lips and many of them have increased significantly in value in 2021.

The two top meme-based cryptocurrencies Dogecoin (DOGE) and Shiba Inu (SHIB) were once the top ten contenders in terms of market capitalization. However, after a few losses today, both Dogecoin and Shiba Inu fell out of the top ten ratings.

Dogecoin (DOGE) is the largest meme-based crypto asset in terms of overall valuation. DOGE is also the 11th largest market cap out of 10,975 coins in existence today. The crypto asset has a market valuation of around $28.9 billion as Dogecoin has lost 16.7% of its value in the last week.

Dogecoin trading volume has also dropped to $995 million in DOGE swaps in the last 24 hours. DOGE is trading at $0.220 per unit at the time of writing and is over 69% below its all-time high (ATH).

DOGE reached an ATH of around $0.731 on May 8, 2021, about seven months ago. Despite the losses, Dogecoin still achieves a 12-month return of around 6,200%.

Shiba Inu (SHIB) is now the 12th largest by market cap and the second largest in terms of meme-based coins. SHIB has lost 18.1% in the last week and has a market valuation of around $23.8 billion. SHIB is down over 3% today and is trading at $0.0004395 per unit.

Today's Shiba Inu price is over 48% below the crypto asset's October 28th ATH of $0.00008616. At the time of writing, there is $1.7 billion worth of global SHIB trading volume in the last 24 hours.

Despite the recent decline, the 30-day stats show that SHIB is still up 57%. Additionally, SHIB’s 12-month return is also far higher than DOGE, with an increase of 62,589,642%.

Not all meme coins were doomed this week, as a number of lesser-known meme-based crypto assets posted double-digit gains.

Jomon Shiba (JSHIBA), Shih Tzu (SHIH), Shibance Token (WOOF), the Doge NFT (DOG) and Dogebonk (DOBO) are up 11% to 84.4% in the last week. DOBO’s 84% ​​gains made the meme currency the best-performing meme-based asset in the last week.

What do you think about the top meme coins and the meme-based crypto economy that has lost value recently? Let us know your thoughts on this topic in the comments below.

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