Shiba inu

Top meme coins struggle as new competitors capture market attention

The cryptocurrency market has presented sideways actions over the past week. Meanwhile, top meme tokens by market cap, Dogecoin, Shiba Inu, and PepeCoin, recorded bearishness within the last seven days as new competitors dominated the space.

PEPE led the downside journey, losing 14.9% in the past week and 5.5% over the past day. PePeCoin changed hands at $0.00000144 at press time, with a $619 million market cap. Nonetheless, the alt shined with three-digit surges during the memecoin rally of June. PEPE is up around 53% on its monthly chat.

New meme tokens dominating the space

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The meme crypto sector continues to witness new projects. While some community members criticize fresh launches such as Shib 2.o and PEPE 2.o as copycats, they grabbed investor attention last week.

PEPE 2.o had its market cap gaining more than $50 million a few days following its launch. Also, the new project Wall Street Memes, designed by the team that launched the renowned Wall St Bulls NFTs, took the market by storm, raising over $13M within one week.

The emergence of new competitors likely grabbed investor attention away from trended assets such as PEPE. That’s evident as most meme coins see their trading volumes slumping beneath June’s pre-pump figures.

Crypto market outlook

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Cryptocurrency prices flashed negative price moves over the last week as Fed’s rate hike expectations potentially ruined market sentiments. That led to magnified selling momentum in meme coins.

Bitcoin slightly dipped beneath $30K support during Friday’s session before stabilizing above the significant footing. The leading crypto lost 0.25% over the past day to press time’s $30,223.88.

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The altcoin space continues to follow Bitcoin footprints, displaying declines on their daily charts. In that context, the global cryptocurrency market capitalization decreased by 0.40% over the past 24 hours to $1.17 trillion.


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