Memes in red as Dogecoin and Shiba Inu shed over 80% of their ATH 🚨 This article is 3 years old...
Memes in red as Dogecoin and Shiba Inu shed over 80% of their ATH
The crypto market has lost over $700 million as values of digital assets plummet.
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Updated: May. 20, 2022 at 3:41 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Based on recent price performance, the crypto market is at its lowest ebb for the first time in a very long time. According to data on CryptoSlate, most meme coins have lost more than 80% of their ATH value in this current market downturn.
Dogecoin and Shiba Inu lead meme coin losses
Data from CryptoSlate shows that the performance of assets in this class mirrors the general crypto market performance.
Dogecoin, the most popular meme coin, has shed over 80% of its ATH. Shiba Inu is not any better, as it has also lost around 85% of its ATH.
Other popular meme coins like Floki Inu, Dogelon Mars, and Baby Doge have lost 97%, 78%, and 84% of their ATHs, respectively.
Overall, the market cap of meme tokens finds itself currently at $18.45 billion.
Bitcoin, others in red too
After an incredible run that took its ATH to around $69k in November last year, the flagship digital asset, Bitcoin, has shed over 50% of its value. It is currently trading for more than $30,000, recouping 4.6% of its value within the last 24 hours.
Ethereum has also declined by almost 60% from its ATH, bouncing back by 4.3% within 24 hours. It is also currently trading close to $2000.
Other top 10 cryptocurrencies also mirror this poor performance. Solana, a previous high flier has shed close to 80% of its ATH.
Cardano’s ADA and Binance’s BNB have also recorded steep losses. ADA is over 80% away from its $3 ATH, while BNB is 51% away from its over $630 ATH.
For the first time in the last year, the market cap of all crypto assets also touched below $1.3 trillion. This abysmal performance is reminiscent of the last crypto winter in 2018 when the crypto market crashed.
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Posted In: Analysis
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Dogecoin
$0.41887
Dogecoin is a cryptocurrency created in December 2013 as a joke by software engineers Billy Markus and Jackson Palmer.
Solana
$249.281
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Cardano
$1.01703
Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source.
SHIBA INU
$0.00003
Shiba Inu (SHIB) is a decentralized meme token that aims to be the Ethereum-based counterpart to Dogecoin’s Srypt-based mining algorithm. According to SHIBA INU, the reasoning behind the creation of SHIBA is that Shibas constantly forget where they bury their treasure.
Ethereum
$3,489.47
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).