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Crypto market swoop tends meme-coins lose billions

Crypto market is now shedding blood after achieving new highs earlier last month. This weekend the leading cryptocurrency lost more than $10k. Notably, the plunge in Bitcoin price had an impact on other altcoins as well. Notably, as the entire market was down by more than 1.4%, meme-based cryptocurrencies lost billions of dollars worth market capitalization. According to data from CoinMarketCap, at the time Dogecoin (DOGE) has suffered to lose more than 19% over the last seven days. And Shiba Inu (SHIB) over the same period has lost more than 9.5% of its value.

Meme-coins takes the brunt of crypto market

This weekend meme-coins market economy valued at over $47 billion. Later the valuation received a hit from the crypto market’s massacre. Dogecoin, one of the most popular and largest meme-based digital assets, had a market capitalization of more than $25.87 billion. Notably, after the market crash DOGE’s market cap plunged below $17 billion. However, the cryptocurrency is still up by more than 4,800% year-to-date.

Meme Token Economy Suffers After Crypto Market Dip, DOGE and SHIB Market Caps Lose Billions
Source: TradingView

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Besides, Shiba Inu, another meme-coin that has made its investors billionaire. Unlike Dogecoin, SHIB has lost only more than 9%. Notably, over the past month, SHIB is down by more than 27%. However, when we observe the year-to-date gains it is still a completely different story, as the token is up by more than 56,175,642%.

Binance was the active DOGE platform

On Sunday, we observed that USDT was commanding most of the DOGE trades. According to some data, the stablecoin captured more than 75.5% of the data. Moreover, the USDT pair has been followed by USD/DOGE, BUSD/DOGE, BTC/DOGE, and EUR/DOGE pairs. It is also noteworthy that the Turkish Lira (TRY) also commands 1.2% of all the pars this weekend.

Besides, it has been observed that Binance remained one of the active DOGE exchanges. Indeed, other exchanges including Huobi Pro, Huobi Korea, OKEx, Bittrex, and Kraken followed Binance.

Other meme-coins have shed prior gains as well

Where Dogecoin and Shiba Inu shed little of their value following the crypto market plunge, several other coins had to face incredible loss. Donkey, Meta Doge, and Kitty Coin have lost their previous gains as well. On the other hand, during the last week, DogeLon Mars (ELON) has lost more than 19% whereas Baby Doge Coin (BABYDOGE) shed more than 21% in the past week.

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