Foreign media report that Dogecoin, Shiba Inu, and PEPE have all declined significantly from their respective all-time highs. All three tokens drove meme coin trading enthusiasm between 2020 and 2023, but their overall performance has continued to weaken over the past two years, failing to return to previous highs.
The three top meme coins experienced the largest declines.
The report notes that Dogecoin reached as high as $0.73 in May 2021 and is currently around $0.07, a decline of nearly 90% from its all-time high. Shiba Inu, after hitting $0.00008616 in October 2021, is now down approximately 95% from its peak.
PEPE previously reached $0.00002803 last year and is currently down approximately 91% from its peak. In terms of pullback magnitude, all three tokens have erased most of their historical gains, and overall market sentiment in the sector is clearly much lower than during the previous peak.
- DOGE: Fallen nearly 90% from the higher peak
- SHIB: Down approximately 95% from its higher point
- PEPE: Down approximately 91% from its higher point
Continued weakness after 2024
The article argues that meme coins attracted significant short-term capital during the previous market cycle and once became one of the most watched sectors in the crypto market. However, since 2024, these assets have entered a prolonged decline, with price performance noticeably weaker than during their previous peak.
Among them, Shiba Inu was previously regarded as a major competitor to Dogecoin, but it also experienced a significant decline during this market correction. The report attributes this shift to a change in market focus and a declining investor preference for highly volatile assets.
Funding preferences have changed
The article also notes that some trading funds are flowing into assets and companies related to artificial intelligence, as these themes offer more concrete real-world applications. The author concludes that the phase in which meme coins experienced rapid price surges driven primarily by sentiment has weakened.
However, this assessment primarily reflects the viewpoint of the commentary. From a factual standpoint, the memecoin sector remains in a high-volatility range, and whether prices can recover still depends on overall crypto market risk appetite, the price trends of Bitcoin and Ethereum, and whether new capital will flow back into high-elasticity assets.