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.
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.
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.
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.