• Shiba Inu (SHIB), Pepe (PEPE), and Bone Shibaswap (BONE) are among the top five trending coins in the market today.
• All three meme coins are currently in the red, with BONE down 12.83% and Shiba Inu 8.16% below its price from the previous day.
• Market watchers believe the poor performance of SHIB and BONE could be due to controversy surrounding Shiba Inu’s new layer-2 network, Shibarium.
Overview
These meme coins are in the trending section but not for the right reason. Shiba Inu (SHIB), Pepe (PEPE), and Bone Shibaswap (BONE) are among the top five trending coins in the market today, however none of them is making headlines for a good reason as all three meme coins are currently all in the red .
24 Hour Performance
Data from CoinMarketCap indicates that BONE is down 12.83% in the last 24 hours, while Shiba Inu is 8.16% below its price from the previous day and PEPE has lost 2.15%.
7 Day Performance
Over seven days, BONE has taken a significant 20% hit while SHIB has dropped 10.5%. PEPE fares much better over this period with only a 19% decline from its original value.
Cause of Poor Performances
Market watchers believe that issues with Shibarium’s remote procedure call (RCP) could be behind these poor performances, with some claiming it was “dead”. Alleged screenshots of an internal Telegram conversation between Shibarium developers have also been circulating on social media which could have further hurt investor confidence in this coin pairings..
Conclusion
While these meme coins may have caught investors attention initially, their current poor performances show that caution must always be exercised when investing in cryptos – particularly those based on memes or other trends!