Many cryptocurrencies have traded on the downside since today, just as the leading cryptocurrency Bitcoin (BTC) has failed to make another significant upward after meeting resistance at around $60k early Monday. 

The meme-token market is also affected in this bearish situation. According to the information provided by Coingecko, the entire market capitalization of meme tokens are down by 5.2% (24hrs timeframe) to $59 billion during the time of writing. The drop is largely driven by the dip top meme coins – Dogecoin (DOGE) and Shiba Inu (SHIB). 

Top meme tokens down by 4%

Dogecoin and Shiba Inu are the two-largest digital currency in the meme category, with a combined market capitalization of $52.5 billion, per Coingecko. Both coins have been down by at least four percent for the past 24 hours, and this explains the drop in the overall market cap of meme tokens. 

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Zooming out to the seven-day timeframe, Dogecoin and Shiba Inu appears to be on a heavy downtrend. At the current price level, DOGE is down by more than 17.3 percent to the current market cap of $28.8 billion. In the same period, SHIB recorded a 19.5 percent decline to a $23.6 billion market cap. 

Besides the aforementioned coins, other top meme tokens are on the red zone in both the 24hrs and seven days charts.

It somewhat indicates that meme tokens also correlate to the price movements of Bitcoin and other major altcoins. At the moment, it’s unclear when DOGE and SHIB will recoup the losses. However, one can easily predict that these coins will rebound once the bulls take full control of the crypto market again.

Crypto Market Update

With trading at the lows of $56,000, the total capitalization of the market is down to $2,6 trillion, a 5.1% decline within the past 24 hours.