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DOGE, SHIB, PEPE Plummet: Meme Coins Erase Gains Despite Early Post-Election Hype
The cryptocurrency market has been experiencing a significant downturn in recent times. In the wake of the United States presidential election, meme coins such as DOGE, SHIB, and PEPE had seen a substantial increase in value, leading many to believe that they were on an upward trajectory. However, it seems this surge was short-lived, as all three have now lost their gains.
Dogecoin (DOGE), which rose from $0.20 before the election to nearly $0.5 following Donald Trump’s victory on November 5, is currently trading at $0.20 once more – a stark contrast to its earlier highs. Shiba Inu (SHIB) also followed this trend, plunging from $0.000033 in December to $0.0000133 as of February 24th.
Pepe’s (PEPE), not to be outdone, has dropped by an astonishing 78%, plummeting from a peak of $0.0000264 in December to a lowly $0.00000575. This decline can be attributed to the fact that, unlike DOGE and SHIB, it did not enjoy any significant support during the election season.
Furthermore, other popular meme coins such as Bonk, FLOKI, and others have also been hit hard by the current market downturn, leaving their investors reeling from losses. The news has sparked concerns about the overall health of these speculative assets and whether they are truly capable of sustaining long-term growth.
Despite this sharp decline, more traditional cryptocurrencies like Bitcoin (BTC) have managed to maintain a relatively strong performance over the same period. BTC soared from $65,400 before the election to above $109,000 in January before pulling back slightly. However, it remains up by an impressive 42% compared to its November level.
XRP has also been bucking this trend, gaining 245% since the presidential election. This significant gain can be attributed to growing anticipation regarding XRP ETFs and a recent approval from Brazil for a spot XRP ETF on the B3 exchange.
This divergence between established cryptocurrencies and speculative assets such as meme coins has highlighted the importance of diversifying one’s portfolio in the face of market volatility, with some even using this downturn as an opportunity to enter the market once more.
In conclusion, while it may seem that the recent decline in meme coin prices signals a significant shift in investor sentiment, the resilience displayed by Bitcoin and XRP suggests otherwise.
