The cryptocurrency storm of the mem type is underway. Dogecoin and shiba inu are losing billions

Naked Markets


dogecoin-dogeBillions of dollars have evaporated from the cryptocurrency market in the last week due to the ongoing sell-off. The two largest digital meme assets, dogecoin and shiba inu, have suffered strong losses in the past seven days and have remained significantly weaker than the rest of the virtual currency market. Both meme tokens are worth around $ 53 billion in market capitalization today. At the same time, many lesser-known crypto-based assets saw double-digit gains.

  • During the year, meme-based crypto assets were record-breaking, with many gaining significant value in 2021
  • Two of the best meme-based cryptocurrencies, dogecoin (DOGE) and shiba inu (SHIB), were probably placed in TOP10 until recently
  • Mem currencies are gaining, i.e. Jomon shiba (JSHIBA), shih tzu (SHIH), shibance token (WOOF) and dogebonk (DOBO)
  • More similar and interesting articles can be found on the Comparic.pl home page

Dogecoin (DOGE) and shiba inu (SHIB) on the wave of the sell-off

During the year, meme-based crypto assets were record-breaking, with many gaining considerable value in 2021. Believe it or not, bitcoin and ethereum are not the most searched digital currency in 2021. In the United States, 7 million monthly searches were for dogecoin (DOGE), which is more than bitcoin and ethereum combined!

The top two meme-based cryptocurrencies, dogecoin (DOGE) and shiba inu (SHIB), were firmly ranked in the TOP10 in terms of market capitalization until recently. However, after the last streak of losses, both Dogecoin and Shiba Inu are struggling to maintain these important positions.

Dogecoin (DOGE) is the largest crypto asset based on a joke. DOGE is also the 10th coin in terms of market capitalization. The market value of the asset is around $ 30.6 billion as Dogecoin lost 4.3% of its value over the past week.

DOGE's market capitalization drops more than 5% in a week
DOGE market capitalization drops more than 5% in a week, tradingview

Dogecoin’s trading volume has also dropped to $ 995 million DOGE in the last 24 hours. DOGE is consolidating around $ 0.22 per unit at the time of writing and is over 69% lower than its highest level (ATH).

Meanwhile, shiba inu (SHIB) is currently the 12th largest market cap and the second largest in value of meme-based coins. SHIB has lost 15% over the past week with a market valuation of around $ 23.3 billion. SHIB drops more than 1% today and is priced at $ 0.00004277 apiece.

The current price of the shiba inu is over 48% lower than the ATH cryptocurrency on October 28, at $ 0.00008616. As of this writing, the global SHIB trading volume is $ 1.7 billion in the last 24 hours.

Despite a recent decline, the 30-day statistics show that SHIB continues to rise by 57%. Moreover, the 12-month SHIB return is also significantly greater than the DOGE with a 62,589.642% increase.

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Not all mem coins saw declines this week as many lesser-known food-based crypto assets saw double-digit gains. Jomon shiba (JSHIBA), shih tzu (SHIH), shibance token (WOOF), doggy NFT (DOG) and dogebonk (DOBO) jumped from 11% to even 84.4% in the last week. 84% of DOBO’s profits made the currency the world’s most growing meme-based asset in the past week.

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Shiba inu loses more than 15% in just a week
Shiba inu loses over 15% in just one week, tradingview

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About Eric Wilson

The variety offered by video games never ceases to amaze him. He loves OutRun's drifting as well as the contemplative walks of Dear Esther. Immersing himself in other worlds is an incomparable feeling for him: he understood it by playing for the first time in Shenmue.

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