Memecoin Index Falls 75%: Is the Boom Over for DOGE and SHIB?

• Memecoins Index has dropped 75% in three months, returning to 2024 support levels.
• Declining interest and market corrections have hit meme tokens like DOGE, SHIB, and PEPE.
• Future returns remain uncertain as traders await a potential market revival or change.

Crypto analyst Crypto Rand pointed out that the Memecoins Index has dropped substantially in the last three months. The index has declined by 75% from the previous highs. This sharp correction has pushed the index back to the levels that were last seen in the year 2024.

Concerns Over Meme Tokens

Coins like Dogecoin (DOGE), Shiba Inu (SHIB), PEPE, BONK, and BRETT have delivered massive gains to investors at times. However, their downfall could be attributed to the decreasing enthusiasm for meme coins and the overall market’s readjustment.

Dogecoin and Shiba Inu are the two most popular meme coins to date; however, both have been struggling lately. Others, like PEPE and Bonk, have not done much better than Doge, and this can also be explained by the current trend in this sector. 

At the time of writing, DOGE is trading at $0.3319; it has risen by 1.26% within the past 24 hours, whereas in the past week, DOGE has dropped by 4.67%. It is also noteworthy that the price of SHIB stands at $0.00001865 with a 1.36% gain in the last 24 hours but has dropped by 6.10% in the last week.

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Nonetheless, the future return remains a possibility even though it has come down a great deal in this case. These tokens are expected to continue facing pressure in the near future unless there is a market crash or another hype from investors

At the moment, traders and investors are just waiting and hoping for a possibility that the meme coins could make a comeback. It is not yet clear if these tokens are going to regain the previous high values or continue to fall as they are currently doing.

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