Dogecoin

Shiba Inu

Mog Coin

Coin

TL;DR
<ul>
 <li>Numerous major cryptocurrencies and meme coins suffered significant losses following a decline of the entire market in the past several hours.</li>
 <li>Dogecoin (DOGE) and Shiba Inu (SHIB) are among the affected, and the SHIB burning mechanism has recently stalled its progress.</li>
</ul>
<h2 id="span-data-preserver-spaces-true-a-href-https-cryptopotato-com-wp-content-uploads-2024-08-meme-coins_cb-jpg-data-wpel-link-internal-rel-noopener-noreferrer-nofollow-a-span"><a href="https://cryptopotato.com/wp-content/uploads/2024/08/Meme-Coins_CB.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a></h2>
<h2 id="the-pullback">The Pullback</h2>
The cryptocurrency sector experienced a severe correction in the last 24 hours, which erased much of the gains recorded last week. Currently, the global crypto market capitalization is less than $2.2 trillion, with Bitcoin (BTC) <a href="https://cryptopotato.com/bitcoins-massive-price-plunge-to-58k-triggered-over-320-million-in-liquidations/" data-wpel-link="internal" rel="noopener noreferrer nofollow">plunging</a> below $60,000 and Ethereum (ETH) losing the $2,500 resistance level.&nbsp;
The situation in the meme coin niche is no better, with numerous tokens plummeting by double digits on a daily scale. The well-known names that were affected the worst were the Solana-based dogwifhat (WIF) and Bonk Inu (BONK), which fell&nbsp;by 10% each. 
<figure id="attachment_356459" aria-describedby="caption-attachment-356459" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/08/WIF.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-356459" src="https://cryptopotato.com/wp-content/uploads/2024/08/WIF.png" alt="WIF Price" width="589" height="400" srcset="https://cryptopotato.com/wp-content/uploads/2024/08/WIF.png 1061w, https://cryptopotato.com/wp-content/uploads/2024/08/WIF-300x204.png 300w, https://cryptopotato.com/wp-content/uploads/2024/08/WIF-1024x696.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/08/WIF-768x522.png 768w, https://cryptopotato.com/wp-content/uploads/2024/08/WIF-50x34.png 50w" sizes="(max-width: 589px) 100vw, 589px"></a>
 <figcaption id="caption-attachment-356459" class="wp-caption-text">
 WIF Price, Source: CoinGecko
 </figcaption>
</figure>
 The biggest frog-themed meme coin, Pepe (PEPE), is also down nearly 10%, while its rival Brett (BRETT) has tumbled by 7%.
Popcat (POPCAT) is the only meme coin from the top 20 list witnessing some price increase. It is up 3% in the past 24 hours and a whopping 60% weekly.
Currently, the cat-themed token trades at around $0.71 (per CoinGecko’s data) and has a market cap of over $700 million. It is the largest in its cohort, followed by Cat in a Dogs World (MEW) and Mog Coin (MOG).
<h2 id="span-data-preserver-spaces-true-what-about-the-leaders-span">What About the Leaders?</h2>
The biggest meme coins – Dogecoin (DOGE) and Shiba Inu (SHIB) – are also down, albeit in a more modest fashion.&nbsp;The former is currently trading just south of $0.10, representing a 6.5% decrease on a daily basis. It remains one of the top 10 cryptocurrencies, with a market cap of around $14.5 billion.
The self-proclaimed Dogecoin killer – SHIB – has recorded a similar decline and is worth approximately $0.00001377 as of the moment.
Its price retreat coincides with the poor performance of the layer-2 scaling solution – Shibarium. Active accounts and daily transactions processed on the protocol <a class="editor-rtfLink" href="https://www.shibariumscan.io/stats" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">have been on a downfall</a> in the past week, generally indicating a decrease in user engagement and activity on the network.
Shiba Inu’s burning program has not impressed either. Over the past 24 hours, the burn rate <a class="editor-rtfLink" href="https://x.com/shibburn/status/1828689017262481842" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">collapsed</a> by 100% since the team has not destroyed a single token.
The mechanism’s ultimate goal is to reduce the tremendous circulating supply of SHIB, making it scarcer and potentially more valuable in time (should demand stay the same or go up).
The post <a href="https://cryptopotato.com/meme-coin-bloodbath-wif-pepe-and-bonk-are-among-the-poorest-performers/" rel="noopener noreferrer nofollow">Meme Coin Bloodbath: WIF, PEPE, and BONK Are Among the Poorest Performers</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Meme Coin Bloodbath: WIF, PEPE, and BONK Are Among the Poorest Performers

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