Several top meme coins have dropped significantly over the weekend, with Shiba Inu one of the worst affected, down 4.69% in 24 hours. Other high-value meme coins are also down in the last seven days, with Dogecoin and Pepe down 6% and 10%, respectively.

However, newer low-cap meme coins have pushed ahead unfazed, with Shibie Coin and Wall Street Memes leading the way amongst the next generation of viral crypto assets.

Shiba Inu Loses Its Recent Gains Amid Bearish Market Sentiment

Shiba Inu is working towards the mainnet release of Shibarium, its Ethereum layer two scaling solution. This recently generated significant excitement in the community, causing the SHIB price to climb. However, the project stalled over the weekend, causing a subsequent dump, with SHIB falling from $0.00001035 on 5 August to $0.0000092 today.

The recent selloff is likely a consequence of the broader meme coin market’s current bearish sentiment, with other top meme coins down significantly in the last seven days.

However, the recent Shiba Inu pump may have been a mere “bull trap” because if we zoom out to the one-year chart, we can see SHIB’s overarching direction is bearish.

SHIB is down 23% over the past year and 89.64% from its ATH, continuing to make lower lowers and lower highs.

As a result, the recent pump may have been caused by fear of missing out (FOMO) due to the Shibarium development and market makers artificially pumping the price to trick retail into buying SHIB at a higher price.

Also, Dogecoin and Pepe have faced difficulty recently, with both projects massively down from their ATHs.

Dogecoin is down 89% from its ATH. Meanwhile, Pepe is down 73% from its ATH and down 25% in the past month alone.

One of the reasons for the downfall of the top meme coins is that they are driven by hype and FOMO. Investors want to capitalize on volatility but realize that lower-cap coins provide better alternatives to multi-billion dollar market cap projects.

As such, the hype around top meme coins is dying out, with much of the meme coin community shifting its focus to new lesser-known meme coins.

Barbie-Shiba Inu Crossbreed Shibie Coin Eyes Quick Presale After Raising $160K

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