The meme coins market recorded a heavy sell-off on Monday as its cumulative capitalization took a dip of more than 5% in the last 24 hours.

The ongoing drop has added to a much longer decline seen in the market. Data shows that the top 10 meme coins have crashed by 65% on average from their peak over the past year.

Biggest meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have seen a similar decline over the last 7 days. DOGE and SHIB prices have dropped by 13% and 12%, respectively, in the same period. It has led the cumulative meme cryptos market cap to slide to $38 billion.

Dogecoin down by 87% from its ATH

Dogecoin, the most famous and largest meme coin, has managed to keep up its position in the biggest ten crypto tally. However, its decline of 40% in the last 90 days depicts the depreciating interest for the token. DOGE price dropped by another 5% in the last 24 hours.

The biggest meme coin is trading at an average price of $0.094, at press time. DOGE has recorded a 52-week high of $0.226 with a 52-week low of $0.057. This marks a 57% decline from its peak over the last year. It is still down by 87% from its all time high (ATH) of $0.73, registered on May 8, 2021.

Shiba Inu, the second biggest meme coin, has posted similar but higher losses despite its community trying to spark a bullish rally. It is trading at an average price of $0.00001335, with a market cap of $7.8 billion, at press time.

Over the past year, the top 10 #MEMEcoins have dropped an average of 63.73% from their peak.$DOGE: -57.93%$SHIB: -70.86%$PEPE: -58.16%$WIF: -70.93%$BONK: -64.63%$FLOKI: -65.97%$BRETT: -62.59%$POPCAT: -43.77%$BOME: -79.48%$MEW: -62.99% pic.twitter.com/GzRNI4dYaB

— Lookonchain (@lookonchain) September 2, 2024

SHIB posted 52-week high of $0.0000453 and 52-week low of $0.0000066. This depicts over 70% price drop recorded from its peak in the past year. It is down by a huge 85% from its all time high of $0.000086, registered on October 28, 2021.

PEPE and WIF are still looking for ground

PEPE and WIF, the new trending coins, are also dealing with the interconnected price decline. PEPE and WIF are down by more than 50% in the last 90 days. PEPE attained a 52-week high of $0.000017 and a 52-week low of $0.0000006071. It is trading at an average price of $0.00000072, which shows a dump of 58% from its one-year peak.

Dogwifhat went on to hit a 52-week high of $4.84 and a 52-week low of $0.0677. It is trading at an average price of $1.41, which presents a drop of almost 71% from its one year peak. However, whales are now accumulating WIF. Lookonchain reported that a whale bought 9.57 million WIF (approx. worth $13.59 million) from Binance and Bybit in the last 4 days.