This week, a significant market drop saw Bitcoin ($BTC) drop to $58,400, proving that no crypto sector is immune to negative market sentiment. $DOGE, $SHIB, $PEPE, $WIF, and $FLOKI, the top 5 memecoin by market cap, are all down around 5% in the past day.
A widespread market downturn affected all crypto sectors, including the burgeoning memecoin industry. Bitcoin ($BTC) touched a recent low of $58,400 on Monday, June 25, but recovered slightly and now trades at $60,720.
Let’s look at the performance of the top five memecoins by market cap.
Dogecoin ($DOGE) Backed by Strong Community
Dogecoin ($DOGE), the top memecoin by market cap according to CoinMarketCap, showed its resilience in the recent market dip. The coin, which started as a joke, has become a household name in the crypto industry thanks to a strong community. $DOGE displayed remarkable growth as it transitioned to a legitimate investment opportunity with great utility.
Amid the current uncertainty, $DOGE strengthened after recovering 5% from its critical support level of $0.1183. earlier price today. Despite a 4% drop over the 24-hour price chart, $DOGE currently trades at $0.1226.
Shiba Inu ($SHIB) Burn Could Keep the Price Stable
Shiba Inu ($SHIB) appeared geared for a joyous day, with a 3% price surge early on Wednesday. Data from TradingView revealed that $SHIB rose from its opening price of $0.00001774 to $0.00001806, sparking talks of a potential price rally. $SHIB has, however, dropped from its early uptick, currently trading at $0.0001731, down 4.40% over the past 24 hours.
Users speculate that a recent SHIB burn announcement may have led to its early rally. According to Shibburn, Shiba Inu burned over 11 million SHIB the past day.
PEPE ($PEPE) Continues Bullish Trend
Of the top five memecoins, Pepe is the only one that has gained in price in the past week. According to CoinMarketCap, $PEPE is trading up 6.35% over the past seven days, continuing its bullish uptrend. While Pepe is down 25% over the past month, its upward momentum indicates it would be a good investment opportunity.
At the time of writing, $PEPE was traded at $0.00001247.
Crypto Whale Spends $4.65 Million on Dogwifhat ($WIF)
Dogwifhat ($WIF) suffered a great knock in the current market spiral, taking a severe tumble from its recent $4 high. $WIF dropped below $1.5, a price not seen since March 2024, but has since recovered, suggesting it may have neared the end of its sell-off. $WIF trades at $1.98, down 33.19% over the past month.
$WIF has entered a buying phase with whales acquiring large stakes.
Solana-Based Floki ($FLOKI) Shines Amid Market Downturn
Solana-based memecoins have rallied in the recent bull run, providing investors with substantial returns. While not immune to market contagion, coins such as $FLOKI held firm compared to other projects, gaining 12.08% earlier in the week. $FLOKI trades at $0.000167, down 4.78% over the 24-hour charts.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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