Anjlok Meme Coins, Here's The Fate Of PEPE, DOGE, And SHIB!

DOGE and SHIB meme coins experienced a significant decline. (Photo; Doc. TechnologyHQ)

JAKARTA A meme coin like DOGE had experienced hype in 2021. Then Shiba Inu appeared, and later PEPE. Now, the meme coin market has experienced a decline in value of more than US$3 billion (Rp47 trillion) since early 2023. Two leading meme coins, namely dogecoin (DOGE) and shiba Inu (SHIB), experienced a significant decline in value during that period.

At the time of writing, DOGE is trading at IDR 932 per coin. Meanwhile, SHIB is at the level of IDR 0.109697 per token. Then PEPE is at a price of 0.01057613 per token as reported by data from Coingecko at 10:01 WIB.

For information, Dogecoin is the largest meme coin by market cap, having decreased by 2.46 billion US dollars (around Rp38.6 trillion) since January. At the beginning of the year, DOGE's market capitalization reached 10.83 billion US dollars (Rp170 trillion), but currently its value has fallen to 8.37 billion US dollars (Rp131 trillion).

Shiba Inu (SHIB) has also decreased by around US$1.22 billion (Rp19.1 trillion) in the last nine months. On October 15, 2023, SHIB's market capitalization reached US$4.12 billion (Rp64.7 trillion), down from US$5.34 billion (Rp83.8 trillion) at the start of the year.

Although the Pepe (PEPE) meme coin rose in terms of market capitalization with a growth of US$284 million (Rp4.4 trillion), the total market value of all meme coins has decreased by US$3.2 billion (Rp50.2 trillion).

Although DOGE still dominates the meme coin sector with 61.09% of the total market capitalization value, price movements and market capitalization of meme coins continue to fluctuate. Even so, the meme coin market remains active, with trading volumes reaching US$370 million (Rp5.8 trillion) worldwide on October 15, 2023, covering about 1,824% of the total trading volume.

Meanwhile, other meme coins such as Arbdoge ai, Turbo, Kishu Inu, and Jesus Coin appear as top gainers in trading volume, while Meta Doge, Moma v2, Mog coin, andular Chain are included in the top loss category in the meme coin market recently.