Meme coins DOGE and SHIB confirm losses as Ethereum falls 4%

During this market lull, meme coins still performed well, but this trend appears to be over. Over the past 24 hours, the top meme coins have lost more than Ethereum’s decline.

Legacy meme coin Dogecoin is down 6.8% over the past day, while Shiba Inu is down 5.5%. Meanwhile, Dogwifhat saw a significant decline of 12.3%. As well as dog coins, Pepe fell 7.3% and Book of Meme fell 9.6%, according to CoinGecko data.

This comes after a meme supercycle of sorts, as defined by the founding partner of cryptocurrency hedge fund Stratos. During the supercycle, institutional investors began to consider meme coins as legitimate investments. Solana in particular saw a huge uptick, with memes like Dogwifhat making headlines before degens started live streaming to pump out tokens.

Solana’s latest riser is Popcat, which is currently the only cat in the top 10 memes, according to CoinGecko. Last week it soared 35.5%. However, even the newest addition to the list of meme coins has not been immune from the recent market downturn, losing 12.9% in the last 24 hours.

Solana is up 20.9% over the past 7 days due to the good performance of meme coins, but is currently down 7.7% over the last 24 hours.

With Ethereum falling 4.0%, most of the damage appears to have been done by memes. This is a modest loss compared to what the meme received. But most notably, this means that ETH has fallen below $3,000 for the first time since May 2nd.

As a result, more than $24 million in long Ethereum positions were liquidated in the last 24 hours, with a total of $27 million liquidated including sell positions, according to CoinGlass data.

This news comes a day after Grayscale notified the SEC that it was withdrawing its application to convert the Grayscale Ethereum Trust (ETHE) into a spot ETF. This is the same process you went through to convert your Grayscale Bitcoin trust.

Edited by Stacey Elliott.