Why Meme and Utility Cryptocurrencies Stumbled This Week
It's too soon to say that this latest, and rather long-tail, cryptocurrency rally is over. While investors are still keen to own coins, tokens, and associated stocks, the cryptoverse as a whole was rather gloomy this week. With the decline of the leading asset in the group, more than a few meme and utility coins also felt the pinch.
One of the more enduring and popular meme coins, Shiba Inu (CRYPTO: SHIB), was whimpering with a more than 12% decline across the period, according to data compiled by S&P Global Market Intelligence. Utility crypto Polkadot (CRYPTO: DOT) suffered a similar decline. Avalanche (CRYPTO: AVAX) and Aptos (CRYPTO: APT) fared worse, with respective falls of 14% and 21%.
Those four titles and other altcoins more or less followed the price trajectory of Bitcoin, which also traded notably down during the week.
Source Fool.com
