Meme Coins DOGE and SHIB See Losses as Ethereum Drops 4%

During this market lull, meme coins are still doing well but this trend seems to have come to an end. The top meme coins have seen losses greater than Ethereum's drop in the last 24 hours.

Legacy meme coin Dogecoin fell by 6.8%, Shiba Inu fell by 5.5% in the previous day. Meanwhile, Dogwhiphat fell 12.3 percent. It wasn't just Dog Coins though, Pepe was down 7.3% and Meme Book was down 9.6%, according to CoinGecko data.

This comes after a certain meme supercycle, as revealed by the co-founder of Stratos, a crypto hedge fund. During the supercycle, institutional investors began to consider meme coins as a legitimate investment. Solana saw a huge uptick in memes, especially before the djinns started streaming live, with headlines like Dogwiffhat.

Solana's latest climb was PopCat, which is now the only cat in the top 10 memes according to CoinGecko. It has seen a 35.5 percent increase over the past week. However, even this new addition to the meme coin list was not immune to the recent decline in the market, losing 12.9% in the last 24 hours.

Solana jumped 20.9% in the last 7 days while meme coins performed well, but now it is down 7.7% in the last 24 hours.

Most of the damage was taken by memes as Ethereum slipped 4.0%, a modest loss compared to what memes took. But, notably, this means that ETH fell below the $3,000 mark for the first time since May 2nd.

In turn, according to CoinGlass data, more than $24 million has flowed into Ethereum long positions over the past 24 hours, with $27 million in total outflows including short positions.

The news comes the day after Grayscale notified the SEC that it was in the process of converting the Grayscale Ethereum Trust (ETHE) into a spot ETF.

Edited by Stacy Elliott.