As a researcher with experience in the crypto market, I’ve noticed that the bearish trend has taken a toll on meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE), which have seen significant losses in recent days. The declines come amidst a broader downturn in the cryptocurrency market.
As a crypto investor, I’ve noticed that meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE) have taken a hit as the bearish trend in the market continues to intensify. The excitement around these meme tokens, which had previously driven bullish attention, is waning alongside other crypto assets. Over the past 24 hours, the value of meme coins has dropped by 1%, deepening their losses for the week. Currently, the total assets represented by these meme coins stand at approximately $49.2 billion – a significant decrease from the highs we saw last month when they were worth over $68 billion.
As an analyst, I’ve observed that both Dogecoin and Shiba Inu experienced double-digit outflows over the past week, which has negatively impacted the growth of the meme coin market. Smaller capped meme coins have seen even wider outflows, but some newer assets have shown signs of recovery with recent upticks in the last 48 hours. Despite this, the overall sentiment among investors remains low, leading many to sell off their meme coin holdings in the short term.
Dogecoin v Shiba Inu
As a researcher studying the cryptocurrency market, I’ve observed that Dogecoin is currently priced at $0.1238 on my screens. There’s been a minimal increase of 0.4% following several days of stagnant trading. However, if we look back at the weekly chart, Dogecoin has experienced a significant setback with a 12.3% decrease. The situation worsens when we examine the monthly figures, which reveal an alarming 26% drop. These steep declines have dampened investors’ optimism and cast doubt on any potential bullish outlooks amidst ongoing price instability.
The daily trading volumes of DOGE took a 18% dip, similar to other major cryptocurrencies. Shiba Inu, Dogecoin’s main competitor and the second-largest meme coin by market value, is still experiencing a daily loss of 2.4%. Over the past week, SHIB has declined by 11.88%, reducing its market capitalization to $10.3 billion. Like DOGE, its daily trading volumes have decreased by 14%, potentially affecting potential investments.
Wider Meme Coins Declines
As a researcher studying the cryptocurrency market, I’ve observed that the bearish trend affecting top cryptos, such as Dogecoin and SHIB, has extended to the wider meme coin sector. Consequently, FLOKI and dogwifhat have experienced significant losses this week, with price declines of 16.1% and 20.5%, respectively. Similarly, BONK and BOME have followed suit, recording losses of 17% and 16%. Outflows from these categories have been a common theme throughout the meme coin market. However, there have been some exceptions as mid-week gains were recorded by AI meme tokens, likely due to the surge in Nvidia’s stock price. As a result, AI meme coins have risen by 3.9%, with a market capitalization above $944 million.
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2024-06-21 21:37