Today’s top meme coins are down 4.8% against the US dollar as the crypto market bloodbath has wreaked havoc across the digital currency economy. While Dogecoin had a phenomenal year in 2021, Dogecoin lost 82.8% against the USD over the past 12 months.

DOGE hit an all-time high a year ago today, the meme coin’s value is down 82% since then

The meme coin fortune is down this week following the rest of the crypto economy’s downward spiral. Stats show that Dogecoin (DOGE) is down 14% in value over the past month and 30-day stats show that Shiba Inu (SHIB) is down 24%.

Meme Token Carnage – DOGE, SHIB prices drop, Dogecoin down 82% since last year
DOGE/USD daily chart on May 8, 2022.

In the last day alone, meme tokens worth $28.3 billion lost 4.8% in value. DOGE is down 1.7% over the past seven days and SHIB is down 6.8% this week. DOGE is also down 82.8% from the crypto-asset’s all-time high on May 8, 2021, which is exactly one year ago today.

Meme Token Carnage – DOGE, SHIB prices drop, Dogecoin down 82% since last year
SHIB/USD daily chart on May 8, 2022.

Back then, DOGE reached an ATH of around $0.731 per unit. Six months ago, SHIB tapped an ATH at $0.00008616 per unit and today it is down 78% from that price point. Both DOGE and SHIB make up the majority of the $28.3 billion meme token market cap, accounting for 95% with a combined market valuation of around $26.9 billion today.

Data from Google Trends shows interest in Dogecoin and SHIB is low

While most of the meme coin economy has depreciated significantly recently, a relatively unknown meme token called Litedoge (LDOGE) is up 400% this week. Poodl Token (POODL) is up 34.2% and Dogefi (DOGEFI) is up 27.3% over the past seven days. However, Jejudoge (JEJUDOGE) is down 44.6% this week, Lets Go Brandon (LETSGO) is down 43.3% and Shiba Fantom is down 28.9% against the USD.

Meme Token Carnage – DOGE, SHIB prices drop, Dogecoin down 82% since last year
Google Trends (GT) data as of May 8, 2022.

Meme tokens were all the rage last year, but interest seems to be waning fast. After hitting a Google Trends (GT) score of 100 last May, the search term “dogecoin” has achieved a three in the same weekly period this year. SHIB hit a 100 in October and GT data shows the search term “SHIB” hit a 4 this week according to global statistics.

tags in this story

Cryptocurrencies, digital currencies, Doge, dogecoin, Dogecoin (DOGE), dogefi, profits, JEJUDOGE, litedoge, losses, market update, meme coins, meme cryptos, meme markets, meme tokens, poodle, prices, shib, shiba inu, shiba-inu (SHIB)

What are your thoughts on the carnage in the meme coin market and the lack of interest in SHIB and Dogecoin these days? Let us know what you think about this topic in the comment section below.

Jamie Redman

Jamie Redman is the news director at Bitcoin.com News and a Florida-based financial technology journalist. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about today’s emerging disruptive protocols.




photo credit: Shutterstock, Pixabay, WikiCommons

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