Both meme coins experience significant declines as markets slump, with Shibarium's underwhelming launch adding to SHIB's woes
According to a report published by Decrypt, Meme coins Pepe (PEPE) and Shiba Inu (SHIB) have seen their values plummet over the last seven days, with losses exceeding 20%. According to CoinGecko, PEPE decreased by 22%, while SHIB suffered a 21.6% decline. The broader market has shown signs of struggle, with Bitcoin shedding 11.4% and Ethereum losing 9.5% over the week.
PEPE, which had rallied a fortnight ago, reaching 71st place among the biggest cryptocurrencies by market cap, has now slipped to 84th. In the case of SHIB, its underwhelming price performance may be partly due to the chaotic Shibarium launch. Shibarium is the Shiba Inu network's Layer-2 blockchain on Ethereum. Reports circulated on Twitter that $1.7 million worth of Ethereum sent to Shibarium was unrecoverable, and the Shibarium Remote Procedure Call (RPC), an interface for network interactions, appeared not to be functioning.
