Meme Coins Are Among Worst Performers This Week

Sead Fadilpašić
Last updated: | 3 min read

Meme coins have seen significant drops over the past week, bleeding thousands from investors’ wallets, and even pushing some below their recently gained millionaire status.

Source: iStock/isa_ozdere

At 8:10 UTC, meme tokens are up almost 17% in the past day and down nearly 30% in a week, becoming one of the worst performing categories in the past week, according to CoinGecko data. They are the sixth category by market capitalization with USD 32.5bn, preceded by centralized exchange tokens and followed by Polkadot (DOT) ecosystem tokens.

While some on this list of 46 tokens, the large majority of which is dog-themed, made larger or smaller gains in the past 24 hours, nearly all saw significant, double-digit losses in the past seven days.

Looking at the top 3 meme coins, the first place is taken by dogecoin (DOGE), which is currently trading at USD 0.218, having gone up nearly 10% in a day. It dropped nearly 32% in a week.

The next in line is the relatively newly famed, self-proclaimed Dogecoin killer, Shiba Inu (SHIB) coin, which is trading at USD 0.00000682. It’s up 4% in a day and down 24% in a week. Compared to DOGE, which ranks 7th by market capitalization with USD 28.6bn, SHIB ranks 28th with USD 3.4bn.

And the third is MonaCoin (MONA), with a price of USD 1.4, having appreciated 1% in a day. It dropped 26% in a week. Ranked 237th, its market capitalization is USD 115.85m – further showing the massive differences between the market capitalizations of the first three meme coins on the list.

The relative greenery seen today did not make up for the losses suffered by investors over the past week – and quite a few seem to have lost quite a lot.

Glauber Contessoto called himself “the first Dogecoin Millionaire of 2021” – the description found on his Twitter profile. He reportedly had over USD 1.081m in his wallet two months ago, and nearly USD 1.5m three weeks ago. That has dropped to some USD 835,000, according to Contessoto, who continues to HODL, writing “stop HODL shaming!”

But since he invested around USD 250,000 into the coin per CNBC, Contessoto is still up on the initial investment. “If bitcoin and ethereum weren’t also [hit], I’d be worried,” he told the news outlet.

Furthermore, meme coins can also be seen as a gateway to other cryptoassets. “I’ve invested more in bitcoin and ethereum because of dogecoin [gains],” Kayla Kilbride, told CNBC Make It.

And speaking of DOGE, the perceived silence of a person who kept on tweeting about it, with the tweets potentially influencing the coin’s price, was felt in the Cryptoverse – and Tesla‘s Elon Musk was called out for it. While it appears he made no comments on the DOGE’s price movement, he did make on Dogecoin developer Ross Nicoll’s tweet about the fee reduction code, with Musk calling it “an important improvement.”

“Dogecoin is down 75% since its all-time high in May and, astonishingly, investors are asking Elon Musk to intervene. Doge dumped to USD 0.16 <…> and is close to losing its spot in the top 10 largest digital assets by market cap but, for once, Musk remains silent,” Alexandra Clark, Sales Trader at the UK based digital asset broker GlobalBlock, said in an emailed comment.
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