Meme Coin Market: Navigating Crypto Downturn

Despite losses, meme coins like Dogecoin, Shiba Inu, and Pepe Coin offer buying opportunities trading below their highs.

As the crypto market experienced significant losses during the bear season, meme coins were not immune. In 2023, the market capitalization of these tokens, frequently created based on internet memes, decreased by $3.2 billion.

This decline has created the possibility of purchasing these incredibly popular tokens at a discount.

Dogecoin (DOGE) has maintained its position as the king of meme coins over the years, but this has not prevented the altcoin from experiencing a bloodbath.

Despite beginning the year 2023 strongly and trading close to the $0.1 level, the price has since succumbed to the seemingly unending bear pressure and fallen approximately 50%.

Exploring Potential Buying Opportunities in Meme Coins

Dogecoin is trading at one of its lowest levels since the beginning of the year, which may indicate that now is an ideal time to purchase the meme coin.

Messari data indicates that DOGE’s current price is over 91% lower than its all-time high price of $0.738. From its current price of $0.059, a return to its all-time high in a bull market would result in an almost 10-fold return on investment.

When Shiba Inu first surfaced in 2020 as a purported “Dogecoin killer,” cryptocurrency investors did not take it seriously. Investors did not recognize its potential until it mounted one of the year’s most impressive rallies.

Eventually, it became the second-largest cryptocurrency among meme coins, with a market cap of over $10 billion.

However, similar to its largest competitor, Dogecoin, Shiba Inu has been subject to unfavorable market conditions that have precipitated a price decline.

It is nearly 92% lower than its all-time high of $0.0000869 in October 2021. Like Dogecoin, a return to SHIB’s all-time high price would result in a return of nearly ten times its current value.

SHIB also remains a fierce competitor for Dogecoin following the release of the Shibarium Layer 2 blockchain.

Built atop the Ethereum network, this blockchain has joined the ranks of major players such as Polygon (MATIC), Arbitrum (ARB), and Optimum (OP).

Pepe Coin (PEPE) is only a few months old, but it has already demonstrated that it belongs among the top meme coins. In a bear market, PEPE’s rise to over $1.4 billion was nothing short of historic. However, even this newcomer was unable to elude the bears completely.

Since its all-time high in May, PEPE’s market capitalization has declined by over $1.2 billion, which may present a buying opportunity.

Now, based on PEPE’s performance in a bear market, it is anticipated that it will appreciate even further in a bull market.

As the price is 84% below its all-time high, a return to that level would result in an eightfold return. The coin also has a substantial following on Twitter, with over 520 thousand followers, making it one of the most followed meme coins in the space.