Crypto News– Just a week ago, Pepe (PEPE) and Shiba Inu (SHIB) were leading the market with bullish sentiment, but the tide has now turned, making them the market’s prominent bears.
Meme Tokens PEPE and SHIB See Over 20% Decline Throughout the Week
Over the past seven days, both meme coins have seen a significant drop in value, witnessing losses of more than 20%, as reported by CoinGecko. Leading the decline is PEPE, which has experienced a substantial 22% decrease, currently being traded at $0.00000111. SHIB, a contender to Dogecoin, has endured an almost equally severe intra-week decline of 21.6%, with its current trading price at $0.00000818 as of Monday morning.
A mere fortnight ago, PEPE experienced a robust rally that added $150 million to its market capitalization, propelling it to the 71st position among the largest cryptocurrencies by market cap. Unfortunately, these gains have been virtually erased in the past week, causing it to slide to the 84th spot, according to CoinGecko.
Notably, major players in the market, including Bitcoin (BTC) and Ethereum (ETH), have also suffered substantial drops in value over the past week due to the news of Chinese property giant Evergrande filing for Chapter 15 bankruptcy in a Manhattan court. This development likely led many investors to offload riskier assets like cryptocurrencies and tech stocks.
SHIB’s lackluster price performance could be attributed to a disappointing Shibarium launch. Shibarium represents the Shiba Inu network’s layer-2 blockchain on the Ethereum platform. Reports circulated on crypto Twitter recently that around $1.7 million worth of Ethereum sent to Shibarium was irrecoverable.
Earlier this month, SHIB’s consistent upward price movement was fueled by news that its developers were endeavoring to shed its meme coin image by introducing a new identity protocol across the ecosystem’s applications. This initiative aims to enhance security and privacy within the ecosystem.
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