Meme Coins Safe Moon, Dogecoin And Baby Doge All Crash: Analysis

Meme coins like Dogecoin, Safe Moon, and Baby Doge all see price crashes over the week or maybe even the month as we can see in our latest altcoin news today.

The crypto industry’s controversial meme coins like SafeMoon, Dogecoin, and Baby Doge are not having a good day, week, or month as they are all down. DOGE is one of the most popular ones of meme coins and it became that way thanks to Elon Musk’s fascination with the coin but it is down by 4% on the day and in the past week.

While this doesn’t sound as bad, Dogecoin is having a pretty rough month as it dropped nearly 20% in the past month from a price of $0.25 to $0.19 and in the same timeframe, Dogec’s creator Jackson Palmer said that cryptocurrencies prey on the financially desperate and naive. He tweeted:

“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.”

Dogecoin has a market cap of $25 billion which represents 1.6% of the broader market. Baby DOGE is now priced at $0.000000001547 and is doing far worse as it dropped by 9% on the day and over 7% during last week. A month ago, Baby DOGE dropped 42% from a price of $0.000000005890. while its market cap is not verified. Safe Moon is valued at $0.00000195 dropped nearly 14% during the past 24 hours, 26% over the past week, and almost 40% in the past month and got priced at $0.00000321. Safe Moon’s market cap is over $1 billion and the crypto barely registered in the rest of the market with a dominance of $0.07.

As recently reported, DOGE and BTC recover after they lost over 5% each Sunday night after the brief sell-off on the market and they regained most of the losses at press time but futures traders were left nursing millions of dollars in the losses. BTC dropped by $2000 in a few hours from $41,500 to under $39,2000 closing under its 34-period exponential moving average and primed for a continued downtrend but it was aggressively brought up these levels and regained the $40k this morning but the move saw a sell-off in other large-cap cryptocurrencies. DOGE dropped nearly 6% while ADA, XRP, and LINK dropped a couple of percent each. ETH and BCH on the other hand remained stable and falls barely over a percent before getting bought up.