Dogecoin, Baby Doge, and Safe Moon, three of the crypto industry’s most popular meme coins, are all down this week.
Dogecoin (DOGE), one of the most well-known cryptocurrencies thanks to Elon Musk’s obsession with the coin, is down roughly 4% on the day and over the last week.
While that may not sound too bad, Dogecoin has had a terrible month, falling nearly 20% in the last 30 days from $0.25 to $0.19. Dogecoin’s creator, Jackson Palmer, claims that cryptocurrencies preyed on the “financially desperate and naive” during that 30-day period.
“After years of research, I believe cryptocurrency is an inherently right-wing, hyper-capitalistic technology designed primarily to increase the wealth of its proponents through a combination of tax avoidance, reduced regulatory oversight, and artificially enforced scarcity,” he tweeted.
Dogecoin now has a market cap of $25 billion, accounting for 1.6 percent of the overall crypto market.
Baby Dogecoin (BABYDOGE), which is currently trading at $0.000000001547, is performing even worse, falling nearly 9% on the day and more than 7% in the last week. Baby Dogecoin has dropped 42 percent in the last month from a price of $0.000000005890. The market capitalization of Baby Dogecoin has not been verified.
Safe Moon (SAFE MOON) is currently trading at $0.00000195, down nearly 14 percent in the last 24 hours, 26 percent in the last seven days, and nearly 40 percent in the last month, when it was trading at $0.00000321.
Safe Moon has a market capitalization of slightly more than $1 billion, and the cryptocurrency barely registers in the broader industry, with a market dominance of 0.07 percent.