Meme Coins Pepe and Shiba Inu Plunge in Value: CoinGecko Report

By Demian Crypter Aug 21, 202348Views

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Key Points:

Meme coins Pepe (PEPE) and Shiba Inu (SHIB) have experienced significant losses in value over the past week, with PEPE dropping 22% and SHIB falling 21.6%.
The decline in these meme coins can be attributed to the overall market downturn, influenced by news of Evergrande’s bankruptcy filing.
SHIB’s underwhelming price performance may also be linked to issues with the Shibarium launch, including unrecoverable Ethereum and a non-functional RPC.
Despite previous positive developments to shed its meme coin reputation, SHIB’s progress has been hindered by the Shibarium launch.

Hot Take:

Pepe and Shiba Inu, once considered bullish in the market, have now become the biggest bears. The recent decline in value can be attributed to the overall market downturn and issues surrounding SHIB’s Shibarium launch. It remains to be seen whether these meme coins will be able to recover from these setbacks and regain investor confidence.

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Demian Crypter

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