Meme Cryptos Plunge: SHIB Drops 6.6%, DOGE Falls 5%

On May 13, 2025, the cryptocurrency market experienced a notable downturn, with the largest meme cryptocurrencies leading the decline. Shiba Inu (SHIB), the second-largest meme cryptocurrency by market capitalization, saw a significant drop of 6.6% in its valuation overnight. This decline brought the SHIB price down to $0.00001552. Following closely, Dogecoin (DOGE), the largest canine-themed cryptocurrency, also experienced a decline, with its price dropping by 5% within a 24-hour period. This decline was more pronounced compared to the overall market benchmark, with DOGE's price falling to $0.2281.

Other notable meme coins also faced declines. Bonk (BONK), another large community-driven meme coin, decreased by 3.6% overnight. Floki Inu (FLOKI) registered a 4.8% drop, while Dogwifhat (WIF), the top Solana-based canine coin, saw a 3.3% price reduction. In contrast, Pepe (PEPE), the largest frog-themed coin, experienced a relatively minor decline of 1.2%. The overall market benchmark for all cryptocurrencies was down by 2.7%, while the Bitcoin (BTC) price remained stagnant.

Pi Network (PI) emerged as the worst performer among the top 100 cryptocurrencies, with its price dropping by 13%. This decline followed allegations of a Ponzi scheme circulating on social media. Ethereum (ETH), the largest altcoin, managed to buck the trend with a 0.9% increase. Major exchange tokens such as Unus Sed Leo (LEO), Cronos (CRO), and Nexo (NEXO) also performed well, with gains ranging from 1.5% to 1.6%.

In the smaller meme coin segment, bearish sentiment was prevalent. Mog Coin (MOG) experienced a 7% decline, with its capitalization dropping below $500 million, raising the possibility of it falling out of the top 200 cryptocurrencies. Turbo (TURBO), the first AI meme coin, saw its market capitalization dip below $400 million. Popcat (POPCAT), the first mainstream cat-themed meme coin, decreased by 4.1%, while Base's pioneering meme coin, Based Brett (BRETT), dropped by 2.6%.

This market apathy towards meme coins reflects a broader trend of investor caution and a shift in focus towards more stable and established cryptocurrencies. The decline in SHIB and DOGE, along with other meme coins, indicates a potential loss of interest in these speculative assets. Investors may be seeking safer havens in the face of market volatility and uncertainty. The performance of Ethereum and major exchange tokens suggests that there is still appetite for cryptocurrencies with strong fundamentals and utility. However, the significant drop in Pi Network's price highlights the risks associated with cryptocurrencies that face regulatory scrutiny or negative publicity.