Memetokens, the biggest highlight of the 2021 Crypto pump, have failed to gain momentum this year. The Global Crypto market saw a slight recovery amid highly volatile conditions. The total crypto valuation rose by 3.44% over the last day. Metaverse and gaming category tokens have also managed to register an adequate growth.
Meme tokens show no surge
The meme crypto tokens valuation has increased by 2.3% in the last 24 hours. It now stands at $18.4 Billion. However, the total 24 hour trading volume has dropped by a massive 17.6% to stand at $988 million. The most famous meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) seem to lose their allure amid the bear market.
The largest dog themed meme token DOGE is down by almost 40% since the beginning of 2022. It is trading at an average price of $0.086, which is 88% down from its all time high (ATH) price of $0.73. However, it is still holding a total market valuation of over $10 billion.
Dogecoin hasn’t shown any intention as per future prospective. The token has been stuck as a meme token in the crypto market. DOGE’s price only surges over the Tweets and mentions of Elon Musk for now. The last time, the coin showed some price surge was Musk’s anticipation over buying Twitter.
Experts suggest selling SHIB
The second largest meme token and most searched crypto of 2021, Shiba Inu is also down by over 57% in the past 3 months. The SHIB team has announced multiple projects to increase the utility of the token. However, it hasn’t proved to be enough for the token. Data shows that with price, the largest whales holding the SHIB token have also decreased.
The ETH Whales are now holding around $522 Million worth of Shiba Inu tokens. A recent report by Finder, a blockchain data firm showed that around 73% of the panelists in a survey voted in favor of selling SHIB tokens.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.