According to data provided by CoinGecko, Shiba Inu (SHIB) and Dogecoin (DOGE) are among the top laggards among leading cryptocurrencies. The two meme coins are down 3.5% and 2.5%, respectively.
For comparison, Bitcoin (BTC) is down 0.9% over the same period of time. Some other major cryptocurrencies, such as XRP, are currently in the green.
Meme coins in red
The entire meme coin sector is currently in the red, with dogwifhat (WIF) plunging by as much as 6%.
Every single meme coin with a market cap over $1 billion has recorded losses over the past 24 hours.
Arman ShirinyanBonk (BONK) and Brett (BRETT) have also slipped by more than 5%. Pepe (PEPE) and Floki Inu (FLOKI) are down 3.1% and 4.9%, respectively.
Mog Coin (MOG) is the only well-established meme cryptocurrency that has managed to record a modest price uptick (1.7%).
Celebrity meme coins fade
Even though blue-chip meme coins are underperforming right now, they are still doing just fine compared to celebrity meme coins.
After seeing their prices surge in June and attracting plenty of headlines, the prices of most celebrity-themed tokens (expectedly) ended up crashing by more than 90%. Iggy Azalea's MOTHER token is down more than 70%.
Godfrey BenjaminThe niche crypto sector has also been tarnished by bad actors impersonating celebrities such as 50 Cent.
DOGE momentum?
Earlier this week, cryptocurrency analyst Ali stated that Dogecoin tends to have a rally after a period of consolidation. The analyst stated that he was buying more DOGE, implying that he anticipates the same scenario will play out this time around.
DOGE is up as much as 14% over the past two weeks. However, the leading meme coin is still down 82.2% from its record high that was achieved during the 2021 bull run.
Tomiwabold Olajide
Yuri Molchan