Top Meme Cryptocurrencies in Deep Red: PEPE, DOGE, SHIB

DOGE Celebrates an Anniversary, But the Market Slumps On December 6, 2024, Dogecoin (DOGE), the first meme cryptocurrency, celebrated its 11th anniversary. While the community marked this milestone, the entire meme coin sector suffered significant losses. Major players like DOGE, Pepe (PEPE), and Shiba Inu (SHIB) became some of the market's biggest losers.

Major Meme Coins Struggle Amid Declines Yesterday, December 6, during 24 hours, the largest meme cryptocurrencies faced a significant correction. Dogecoin (DOGE) lost almost 3% of its value despite celebrating its anniversary. Its competitors Pepe (PEPE) and Shiba Inu (SHIB) suffered even greater losses, each declining by around 4%. Other meme coins, such as Peanut the Squirrel (PNUT), dropped 3.4%, falling out of the top 100 cryptocurrencies by market capitalization. Overall, the meme coin sector underperformed the broader market, which saw a 3.5% drop yesterday. Bitcoin and Major Players Lose Value Bitcoin (BTC) also wasn’t spared. The largest cryptocurrency fell by 3.2%, pushing its market capitalization below the $2 trillion mark. At the time of writing, Bitcoin is trading at $99,102. Dogwifhat (WIF) and Mog Coin (MOG) Buck the Trend Despite the downturn, some meme coins managed to perform well during the market correction. Dogwifhat (WIF), a meme coin built on the Solana blockchain, gained 5% in the last 24 hours, with its market capitalization growing by over $200 million. Renowned trader Henrik Zeberg predicts that Dogwifhat (WIF) could see further growth soon.

Another standout is Mog Coin (MOG), a cat-themed cryptocurrency that edged closer to the top 100 cryptocurrencies. Over the last 24 hours, it gained 25%, reflecting growing investor interest. Conclusion: What’s Next? While major meme cryptocurrencies are facing a challenging phase, smaller coins like WIF and MOG demonstrate that there is still room for growth in this sector. Investors will now watch closely to see if the market recovers or continues its downward trajectory.

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