• This week’s worst performers include meme coins

  • Meme coins have plummeted in value over the last week, wiping out thousands of dollars from investors’ accounts and even knocking some below their newly acquired billionaire status.

    According to CoinGecko data as of 8:10 UTC, meme tokens are up about 17% in the last day and down nearly 30% in the last week, making them one of the poorest performing categories in the previous week. With a market capitalization of USD 32.5 billion, they are the sixth most valuable category, ahead of centralized exchange tokens and Polkadot (DOT) ecosystem tokens.

    When it comes to the top three meme currencies, the first spot goes to dogecoin (DOGE), which is presently trading at USD 0.218, up nearly 10% in a day. In just one week, it fell nearly 32%.

    The Shiba Inu (SHIB) coin, which is trading at USD 0.00000682, is the next in line, and is the self-proclaimed Dogecoin killer. It is up 4% in a single day and down 24% in a week. In comparison to DOGE, which has a market capitalization of USD 28.6 billion, SHIB has a market capitalisation of USD 3.4 billion.

    The third is MonaCoin (MONA), which has gained 1% in a day and now trades at USD 1.4. In just one week, it fell by 26%. It is ranked 237th, with a market valuation of USD 115.85 million, demonstrating the huge disparity in market capitalizations between the first three meme currencies on the list.

    The relative calm experienced today did not compensate for the losses sustained by investors over the previous week – and many appear to have lost a significant amount of money.

    According to his Twitter page, Glauber Contessoto describes himself as “the first Dogecoin Millionaire of 2021.” He had over USD 1.081 million in his wallet two months ago, and about USD 1.5 million three weeks ago, according to reports. According to Contessoto, who continues to HODL, “stop HODL shaming!” has decreased to around USD 835,000.

    Contessoto, though, is still profitable after investing roughly USD 250,000 in the coin, according to CNBC. “I’d be concerned if bitcoin and ethereum hadn’t been damaged as well,” he told the news source.

    Meme coins might potentially be viewed as a stepping stone to other cryptoassets. “Because of dogecoin [gains], I’ve invested more in bitcoin and ethereum,” Kayla Kilbride told us Make It.

    Speaking of DOGE, the Cryptoverse was shaken by the apparent quiet of a person who was tweeting about it, with the tweets potentially influencing the coin’s price – and Tesla’s Elon Musk was called out for it. While Musk appears to have said nothing about the DOGE’s price fluctuation, he did comment on Dogecoin creator Ross Nicoll’s tweet regarding the fee reduction code, calling it “an important improvement.”

    “Dogecoin has dropped 75% since its all-time high in May, and investors are pleading with Elon Musk to intercede. Doge has plummeted to USD 0.16…> and is on the verge of dropping out of the top ten most valuable digital assets by market capitalization, but Musk has remained mute for the time being “In an emailed statement, Alexandra Clark, Sales Trader at the UK-based digital asset broker GlobalBlock, said.

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