Memecoin Prices Decline

In the past week, our top five memecoin protocols declined in price -- although there’s been a rally in the past 24 hours. Overall, the dog-themed projects continued innovating in the Decentralized Finance (DeFi) space.

Let's take a look at their progress during the past week as they continue to build in the bear market:

Dogecoin ($DOGE)

$DOGE remains the number one memecoin by market capitalization. In a bearish week, the token's market cap dropped from $8.6 billion to $7.9 billion.

(Price data from Oct. 5-12 obtained from CoinMarketCap and LunarCrush)

• $DOGE dropped by 9% in the past seven days. However, the token is up by 7.5% in the past 24 hours and is trading at $0.0606.
• Amid the price decline, $DOGE embraced a new utility on Oct. 12.
• According to billionaire supporter Elon Musk, $DOGE was accepted as a means of payment for his new product, Burnt Hair -- which is a perfume that is supposed to smell like, yep, burnt hair.

• Burnt Hair is a perfume line launched by the Tesla CEO's Boring Company.
• Another positive is the protocol's upcoming Dogecoin Hackathon event coming to Australia on Nov. 15.

Shiba Inu ($SHIB)

$SHIB’s market cap dropped from $6.3 billion to $5.6 billion. The popular memecoin was hyped up last week after launching its GameFi product, Shib Eternity.

• $SHIB went down by 12% last week. The token is now trading at 0.00001043 and is up 10% in the past 24 hours.
• Following last week's release of Shib Eternity, the protocol's community has shown considerable interest in the Non-Fungible Token (NFT) card game.
• The game has a 4.6 out of 5 on Google Play Store and a 4.9 rating on Apple Store. Further, the game has over 12,000 reviews and 100K+ downloads across both platforms.
• $SHIB token can also be used to purchase Elon Musk's new perfume.

Baby Doge Coin ($Babydoge)

After last week's increase, the $BabyDoge marketcap plummeted from $153 million to $136 million. Its native Decentralized Exchange (DEX), BabyDogeSwap, remains one of the trending topics in the memecoin space. BSC News tried out the product and you can read our article HERE to explore its features.

• $Babydoge was the biggest loser amongst the top five memecoins, dropping by 16%. However, the token is up by 7% in the last 24 hours and now trades at $0.000000001202.
• BabyDogeSwap now has more than $24 million in Total Value Locked (TVL), according to DefiLlama. The DEX offers users 0% $BabyDoge swap fees and is currently at $18.7 million in TVL.
• To celebrate the mainnet launch and attract more users on BNB Chain, Baby Doge Coin hosted a giveaway worth $250 for users of its DEX. Visit the tweet below for more details.

Floki ($Floki)

The market cap of $FLOKI declined to $69 million from $75 million. Floki continued hosting its Valhalla Livestream on Steam to keep users updated with its game.

• $Floki's seven-day price declined by 8.8%. The token is currently trading at $0.000007511, a 7% increase in the past 24 hours.
• On Oct. 6, the protocol celebrated its first major LP token lock on BNB Chain.
• Chirpley's native $CHRP token, listed on ApeSwap, locked all their LP tokens for 100 billion years with the FlokiFi Locker solution.

Samoyedcoin ($SAMO)

$SAMO's market cap dropped from $27 million to $24 million during the week. The Solana-based memecoin is working on bringing innovations for its community:

• $Samo price dropped by 12% in the last seven days. However, the token has rallied by 13% in the last 24 hours and is trading at $0.006608.
• On Oct. 6, Samoyedcoin unveiled its limited edition "SAMO is coming" merch.

• The T-shirt will be given to users who attend the Solana Breakpoint event in Lisbon on Nov. 5.
• Step Finance held a Twitter Spaces even with SAMO on Oct. 11, where they discussed their plans for Solana Breakpoint, the future of Samoyedcoin, and more. You can play the recording below: