Meme Coin Market Decline: DOGE, SHIB, and WIF Take a Hit
The majority of Monday’s modest sell-off has been felt by the top meme coins by market capitalization, while XRP and Hedera have continued to surprise everyone. After reaching a 24-hour high above $0.45, Dogecoin (DOGE) dropped 8% on the day to $0.41. According to CoinGecko’s statistics from yesterday, other coins with a dog theme, such as Shibu Inu (SHIB) and Dogwifhat (WIF), are also down 5.4% and 7.4%, respectively, despite the current bullish enthusiasm.
The market activity last month, which drove meme coins based in Solana, such as Just a Chill Guy (CHILLGUY), to all-time highs, was followed by this incredible run. The token, which was introduced on November 15, was inspired by a popular meme figure made by artist Phillip Banks in 2023. However, some have not been as fortunate as CHILLGUY, which has pushed 12.09% higher on the day. However, as traders look to profit off fervent speculations into the new year, others think the industry has more space to expand.
The success of meme coins has demonstrated the power of social media and its natural affiliation with crypto,
Petr Kozyakov, co-founder and CEO
XRP and Hedera Lead Crypto Gains: Explosive Growth in Just 30 Days
Two stand out despite Monday’s activity, even as meme coins and the market as a whole take a break. The cryptocurrency that powers Ripple’s payments ecosystem, XRP, has been soaring, rising more than 437.26% in the last 30 days and another 102.34% this week to $2.70. The asset has gained another 15.84% on the day, driven by several post-election events, such as renewed regulatory optimism and the potential for financial products centered around XRP.
At the same time, Hedera (HBAR) has surged above $0.38 to levels not seen in three years. With a gain of 701.55% over the last 30 days and an additional 43.05% increase on the day, the asset has even outpaced XRP.
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