Meme Coins Struggle: SHIB and WIF Among the Worst Performers

In the ever-volatile world of cryptocurrency, meme coins like Shiba Inu (SHIB) and dogwifhat (WIF) have experienced a dramatic fall from grace. Recent data from the cryptocurrency analytics platform Lookonchain reveals that these two meme coins are among the worst-performing in their category, each plunging over 70% from their 52-week highs.

A Sharp Decline for Meme Coin Stars

Earlier this year, WIF, a Solana-based meme coin, made headlines with a stunning rally that saw its price surge to a peak of $4.83 on March 31. However, the coin has since seen a significant decline, dropping more than 70.5% from its all-time high.

Despite this sharp downturn, some market analysts remain optimistic about WIF’s future. Murad Mahmudov, a former Goldman Sachs analyst, recently forecasted that WIF could be among the major Solana ecosystem winners by 2025. This optimistic outlook was echoed by cryptocurrency research firm Cryptonary, which projected a “base case” target of $10 for the meme coin.

Meanwhile, Shiba Inu, once dubbed the “Dogecoin killer,” has also faced a steep decline. SHIB’s price reached a peak of $0.0000456 on March 5 but has since plummeted by 84.6% from its all-time high. The decline has been a stark reminder of the volatility and unpredictability of the meme coin market.

Broader Struggles in the Meme Coin Sector

The disappointing performance of SHIB and WIF is not isolated; it reflects a broader trend across the meme coin sector. Dogecoin (DOGE), the largest meme coin by market capitalization, has also suffered a significant drop, falling 57.93% from its 52-week high. Pepe (PEPE), another popular meme coin, has seen a similar fate, plunging over 58%.

In comparison, Bitcoin, often seen as the bellwether of the cryptocurrency market, has only declined by 21.7% from its all-time high, underscoring the relative stability of more established cryptocurrencies in contrast to the wild swings of meme coins.

Also Read: SHIBA INU Price Prediction: Will The Coin Reach $1 By 2025?