Shiba Inu (SHIB) collapses 10% as Meme coins decline

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Alex Dovbnya

SHIB, PEPE, BONK, and WIF are among the worst performing cryptocurrencies

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The meme sector is experiencing double losses, according to data provided by CoinGecko.

Shiba Inu Coin (SHIB), the second-largest coin by market cap, is down nearly 11% in the past 24 hours.

Bonk (BONK), FLOKI (FLOKI), and dogwifat (WIF) also suffered heavy losses. WIF is down as much as 14% over the past 24 hours.

Meme coins, seen as high-risk speculative assets, are reacting to weakness in Bitcoin. The largest cryptocurrency fell below the $66,000 level after failing to gain a place above the $67,000 level and dragging the entire cryptocurrency market lower.

As of now, XRP remains the only coin among the top 100 cryptocurrencies in the green after unexpectedly decoupling from Bitcoin on Monday.

Don’t expect another altcoin season

Financial analyst Murat Mahmudov recently opined that another altcoin season is unlikely to happen given the fact that US households’ excess savings have now dried up after peaking in 2021. Coincidentally, many altcoins are still far from their 2021 peak. Although Bitcoin reached a new all-time high earlier this year. The largest currencies, Dogecoin and Shiba Inu, fell by 83.3% and 79%, respectively.

The analyst also noted that altcoins are in “short supply” given how easy it will be to create new cryptocurrencies in 2024.

Celebrity coins managed to revive the speculative craze last month, but their success appears to have been short-lived.

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Alex Dovbnya

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