Meme coins have gained massive attention in the past few days due to their performance. However, today on March 12, 2024, the majority of meme coins, including Dogecoin, Shiba Inu, Pepe, Floki, Bonk, and many others, are experiencing a price correction. Despite these corrections, the trading volume of the crypto-meme sector has increased by 57%, and the market cap has soared by 8%.
Meme coins falling amidst gain in top cryptocurrencies
As meme coins take a rest, top cryptocurrencies like Bitcoin (BTC), Solana (SOL), and Ripple (XRP) are making waves in the market as these tokens experience a price surge.
The current price correction not only appeals to more investors but also may pause before the next bullish momentum. The world’s largest meme coin, Dogecoin (DOGE), backed by business tycoon Elon Musk, has gained more than a 110% return in just 30 days.
This massive price surge in Dogecoin has resulted in more than 1,000 crypto investors becoming millionaires in the past month. However, looking at the investors’ holdings, there has been a 76% increase in the number of addresses holding over $1 million worth of DOGE.
Performance of Meme coins in last 30 days
Other meme coins like Shiba Inu, Pepe, Floki, Dogwifhat, and Bonk have also experienced significant surges, with some soaring 500% and others over 700%. The second-largest meme coin, SHIB, has witnessed a price surge of over 250% in the last 30 days, while PEPE and FLOKI soared more than 700%, and the Arthur Hayes favorite WIF token surged more than 500% in the same period.
Now let’s examine the performance of these meme coins. Starting with DOGE coin, which is currently trading near $0.17, it experienced a 3% downside momentum in the last 24 hours. Over a longer period, in the last 7 days, its price fell over 6%, whereas, in the last 30 days, it gained more than 110% in upside momentum.
Meanwhile, SHIB, PEPE, FLOKI, and WIF tokens experienced a price fall of over 5%, 10%, 5%, and 13% in the last 24 hours. Over a longer period, in the last 7 days, SHIB experienced a fall of over 18%, PEPE witnessed a price surge of over 10%, FLOKI experienced a surge of over 100%, and WIF experienced a surge of over 27%.
