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. Total crypto valuation is up 3.44% in the past day. Metaverse and gaming category tokens have also managed to register an adequate growth.

Meme tokens show no increase

The valuation of the meme crypto tokens has risen by 2.3% in the past 24 hours. It now stands at $18.4 billion. However, the total 24-hour trading volume is down a whopping 17.6% to $988 million. The most famous meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) seem to be losing their allure amid the bear market.

The largest dog-themed meme token DOGE is down nearly 40% since early 2022. It is trading at an average price of $0.086, which is 88% lower than the all time high (ATH) price of $0.73. However, it still has a total market value of over $10 billion.

Dogecoin has shown no intent according to future prospects. The token has stuck in the crypto market as a meme token. The price of DOGE only rises above the Tweets and mentions of Elon Musk for now. The last time the coin showed any price increase was Musk’s expectation of buying Twitter.

Experts recommend using SHIB . to sell

The second largest meme token and most searched crypto of 2021, Shiba Inu is also down more than 57% in the past 3 months. The SHIB team has announced multiple projects to increase the usability of the token. However, it has not turned out to be enough for the token. Data shows that the price has also reduced the largest whales holding the SHIB token.

The ETH Whales now have about $522 million worth of Shiba Inu tokens. A recent report from Finder, a blockchain data company, found that about 73% of panelists voted in favor of selling SHIB tokens in a survey.

Ashish believes in decentralization and has a keen interest in evolving Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analyses. When he’s not writing, he plays video games, watches a thriller, or works out outside. Reach me at [email¬†protected]

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.

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