Some of the crypto industry’s most popular meme coins—Dogecoin, Baby Doge, and Safe Moon—are all down this 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 by the author are for informational purposes only and do not constitute financial, investment, or other advice.