Why Crypto Meme Coins Dogecoin, Baby Doge and Safe Moon Prices Crashed – Some of the crypto industry’s most popular meme coins—Dogecoin, Baby Doge, and Safe Moon—are all down this week.
Dogecoin (DOGE)—one of the most famous cryptocurrencies due to Elon Musk’s fascination with the coin—is down roughly 4% on the day and over the last week.
While that might not sound terrible, Dogecoin is having a terrible month, dropping nearly 20% in the last 30 days from a price of $0.25 to $0.19. Within that 30 day period, Dogecoin’s creator, Jackson Palmer, says that cryptocurrencies preyed on the “financially desperate and naive.”
“After years of studying it, I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity,” he tweeted.
Today, Dogecoin has a market cap of $25 billion, representing 1.6% of the broader crypto market.
Baby Dogecoin (BABYDOGE)—currently priced at $0.000000001547—is doing even worse, falling nearly 9% on the day and over 7% during the last week. During the last month, Baby Dogecoin has fallen by 42% from a price of $0.000000005890. Baby Dogecoin’s market cap is not verified.
Safe Moon (SAFE MOON) is currently valued at $0.00000195, having fallen nearly 14% during the last 24 hours, 26% during the last 7 days, and almost 40% in the last month when it was priced at $0.00000321.
Safe Moon’s market cap is just over $1 billion and the cryptocurrency barely registers within the broader industry with a market dominance of 0.07%.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.