Dogecoin, Shiba Inu, Pepe Take A Beating: '1 Day' Is A Meme Coin's Average Life Cycle, Trader Notes

Meme coins have taken a beating following the market-wide downturn led by Bitcoin selling off below the $67,000 mark.

What Happened: CoinGecko data shows a 7.5% drop in the market capitalization of meme coins over the past 24 hours.

CryptocurrencyPrice24-hour performance7-day performance
Dogecoin (CRYPTO: DOGE)$0.1375-6.7%-13.5%
Shiba Inu (CRYPTO: SHIB)$0.0000217-7.3%-9.5%
Pepe (CRYPTO: PEPE)$0.00001194-6.0%-16.6%
Dogwifhat (CRYPTO: WIF)$2.44-11.6%-24.5%
Floki (CRYPTO: FLOKI)$0.0002409-12.2%-10.9%

The GameStop (CRYPTO: GME) is also down 14% on the day, while the GameStop-inspired meme coin Kitty AI (CRYPTO: KITTY) is down 46%

Read Also: ‘Dogecoin Killer’ Shiba Inu’s Burn Rate Explodes 13458% As Shibarium Transactions Spike, 7.7M SHIB Kicked

Why It Matters: Traders were vocal about the poor performance of meme coins. Crypto trader WazzCrypto noted, "I think I’ve lost money on all meme coins I’ve held longer than 1 day for the past entire month." He emphasized that with the dilution speed, the average lifecycle for these meme coins will be very short.

Content creator Jake Gagain tweeted that “generational wealth” will not come to those who sell during a dip, but trader Wizard Of SoHo is questioned if the bull market has ended and whether the “banana zone” was still to come.

With the market still caught in two minds whether this is a bearish turn for meme coins or a short-term “scam dump,” investors may want to remain cautious.

What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Trader Sketches ‘Somewhat Safe’ Bitcoin, Ethereum, Dogecoin Investment Ideas For 4 To 7 Figure Portfolios

Image: Shutterstock

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