The top meme coin traded down 4.8% against the U.S. dollar today as the cryptocurrency market carnage wreaked havoc on the entire digital currency economy. While Dogecoin has had a stellar 2021, it has lost 82.8% against the U.S. dollar over the past 12 months.

DOGE hit its all-time high a year ago today, and the value of the Meme coin has fallen 82% since then

Meme assets fell this week as the rest of the crypto-economy spiraled downward. Statistics show that Dogecoin (DOGE) is down 14% in the past month, while 30-day statistics show that Shiba Inu (SHIB) is down 24%.

Meme Token Carnage - DOGE, SHIB Prices Fall, Dogecoin Down 82% Since Last Year
DOGE/USD daily chart for May 8, 2022.

On the last day alone, the value of $28.3 billion in meme tokens fell by 4.8%. DOGE is down 1.7% over the past seven days and SHIB is down 6.8% this week. DOGE is also down 82.8% from the crypto asset’s all-time high on May 8, 2021, which was exactly one year ago today.

Meme Token Carnage - DOGE, SHIB Prices Fall, Dogecoin Down 82% Since Last Year
SHIB/USD daily chart for May 8, 2022.

At the time, DOGE’s ATH reached around $0.731 per unit. Six months ago, the ATH price of SHIB was $0.00008616 per unit, and today is down 78% since that price point. DOGE and SHIB make up the majority of the $28.3 billion meme market cap at 95%, with a combined market cap of around $26.9 billion today.

Google Trends data shows low interest in Dogecoin and SHIB

While most meme coin economies have depreciated significantly recently, a relatively unknown meme coin called litedoge (LDOGE) is up 400% this week. POODl token (POODL) is up 34.2% over the past 7 days and dogefi (DOGEFI) is up 27.3%. However, jejudoge (JEJUDOGE) is down 44.6% for the week, Let go Brandon (LETSGO) is down 43.3% and the shiba fantom is down 28.9% against the dollar.

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Meme Token Carnage - DOGE, SHIB Prices Fall, Dogecoin Down 82% Since Last Year
Google Trends (GT) data for May 8, 2022.

Meme tokens were all the rage last year, but interest seems to be dwindling rapidly. After hitting a Google Trends (GT) score of 100 in May last year, this year the search phrase “dogecoin” scored 3 points in the same weekly time period. According to global statistics, SHIB reached 100 points in October, and GT data shows that the search term “SHIB” received 4 points this week.

tags in this story

Cryptocurrencies, Digital Currencies, Doge, dogecoin, Dogecoin (DOGE), dogefi, Gains, JEJUDOGE, litedoge, Losses, markest, market updates, Meme Coins, Meme Cryptos, Meme Markets, Meme Tokens, POODl, price, shib, shiba inu, Shiba Inu (SHIB)

What do you think of the meme market carnage and the lack of interest in SHIB and Dogecoin these days? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is Head of News for Bitcoin.com News and a fintech reporter based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 5,000 articles for Bitcoin.com News on the disruptive protocols emerging today.




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