This week, CoinMarketCap Alexandria (CMCAlexandria) takes a look at charts from previous years to find out if memecoins perform differently in bear markets🐻 when compared to utility tokens. Learn more!👇 SHIB DOGE ELON
2018 was nothing less than a gutwrenching time for many 2017-era cryptocurrency investors, in that the vast majority of digital assets witnessed shattering losses over this period. During this period, the average cryptocurrency lost a whopping 88% of its value. Meaning for every $1,000 invested at the top, users could expect to lose around $880.
As it turns out, Dogecoin was a near-perfect reflection of the average expected result during 2018, since the famous memecoin lost 88.5% of its value from peak to trough that year. That said, Dogecoin may be an imperfect comparison, given that it was arguably the first of its kind and had already established significant utility by 2018 — being an asset of choice among online gamblers and those needing to conduct low fee payments.
Given that more than half of SHIB and ELON holders are currently holding in a loss, there is a strong incentive to continue holding, despite the limited utility offered by these assets. Nonetheless, if a bear market were to arrive, it is reasonable to assume that assets that are held primarily for speculative purposes rather than their utility value will be the first to collapse — particularly when their token supplies are largely concentrated among large holders.
And given that newfangled memecoins lack the originality that may have somewhat protected Dogecoin in the previous bear market, many memecoins may suffer worse than average losses in adverse markets. This article contains links to third-party websites or other content for information purposes only . The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site.
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