Markets
Shiba Inu leads market rally with 6.4% gain
Several large-cap meme coins, including Shiba Inu (SHIB), Dogecoin (DOGE) and Pepe (PEPE) recorded increases in the last 24 hours.
Data from cryptocurrency price tracking website CoinGecko show that the value of the overall meme coin market increased by 2.4% to $44.75 billion.
The Shiba Inu was a major driver of this improvement, registering a 6.4% increase in 24 hours.
At that time, the meme coin’s price fluctuated between $0.00001596 and $0.0000171 and currently stands at $0.00001698. The rally was accompanied by a 24-hour trading volume of $217.8 million.
Shiba Inu 24-hour price chart | Source: CoinGecko
The Shiba Inu price was also nearly 7% higher than it was a week ago, although it had lost 0.8% of its value in the previous fortnight. The news has been similarly grim over the past 30 days, with the SHIB price depreciating by nearly 21% in that time.
Another notable artist among meme coins in the last 24 hours is Brett (BRETT), up 5.1% at the time of writing.
Ranked 72nd in terms of market cap among all cryptocurrencies and 7th among meme coins, Brett has had a rough month, losing over 22% of its value.
Interestingly, the decline began shortly after the meme coin hit its all-time high (ATH) price of $0.1933 on June 9. It remained broadly above the $0.15 level until July 4, when it dropped to $0.1079.
Its current price is still 40% lower than its ATH, although it is a whopping 13,564% higher than its all-time low price at the start of the year.
Dog hat (Married woman) and Pepe are also up 4% in the last 24 hours. Much like the other meme coins mentioned in this article, WIF and PEPE have had a tough 30 days, with WIF’s price down 36.8% and PEPE’s down 30% in that time.
Over the past seven days, WIF has lost 19.2% of its value, while PEPE has dropped 4.5%. Both have underperformed the global cryptocurrency market, which is up 2.6%.
According to CoinGecko, PEPE has also underperformed other similar coins. Ethereum cryptocurrencies in the ecosystem, which rose 12.70%.