Why Are Top Meme Tokens Taking So Long To Recover From Recent Crash?

Memetokens has failed to make any significant gains this year, unlike last year when it sparked a major crypto market surge.
Why are top meme tokens taking so long to recover from recent crash?

Amid very turbulent conditions, the global crypto market saw a slight rally. The overall crypto valuation increased by 3.44% over the last day. Metaverse and gaming category tokens have also seen significant growth.

There is no increase in meme tokens

The value of meme crypto tokens has climbed by 2.3% in the last 24 hours. It is now worth $18.4 billion. However, the total 24-hour trade volume has plummeted by 17.6% to stand at $988 million. During the bear market, popular meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) appear to be losing their appeal.

DOGE, the most popular dog-themed meme token, has dropped over 40% since the start of 2022. It is currently trading at an average price of $0.086, down 88% from its all-time high price of $0.73. However, it still has a market valuation of more than $10 billion.

Dogecoin has made no indication of its future intentions. The token has been stuck as a meme token in the crypto market. For the time being, the price of DOGE is only rising due to Elon Musk’s Tweets and mentions. Musk’s anticipation of buying Twitter was the last time the coin experienced a price increase.

Majority of Survey respondents vote in favor of selling SHIB

Shiba Inu, the second most popular meme token and most searched crypto in 2021, has also dropped by nearly 57% in the last three months. The SHIB team has announced several projects aimed at increasing the token’s utility. However, it hasn’t been sufficient for the token. Data shows that the greatest whales holding the SHIB token have decreased in size as the price has increased.

ETH Whales’ current holdings of Shiba Inu tokens are around $522 million. According to a recent report by Finder, a blockchain data firm, 73% of respondents in a survey favored selling SHIB tokens.