DOGE and SHIB, the foremost meme coins in the cryptocurrency sphere, continue to dominate the meme coin market. DOGE, the original meme coin, has witnessed SHIB emerge as a major competitor, often dubbed as the “DOGE killer.” Despite their rivalry, investors maintain a keen interest in the developments surrounding these cryptocurrencies.
Current Status of DOGE and SHIB
Recently, Shiba Inu (SHIB) and Dogecoin (DOGE) have experienced significant losses as a result of Bitcoin‘s decline. The surge in meme coins observed in March has now transformed into a downward trend. Over the last 24 hours, the meme coin market shrank by 1%, decreasing from over $68 billion last week to $49.2 billion. This has sparked substantial discussion within the market.
The market contraction during this period was majorly driven by exits from Dogecoin and Shiba Inu. While some smaller meme coins have gained, large-cap coins like DOGE and SHIB saw reductions, indicating that investors are beginning to withdraw their positions in meme coins.
DOGE and SHIB Price Outlook
Analyzing the price trends, Dogecoin experienced a minor 0.14% decrease today, settling at $0.1242. A weekly review highlighted a 6.24% drop in DOGE, extending to over 20% on a monthly scale. This price decline aligns with the ongoing bearish trend in the market. Concurrently, DOGE’s daily trading volume dipped to $594 million, and its market cap fell below $18 billion.
Similarly, Shiba Inu, the second-largest meme coin by market cap, marked a 2.21% daily decrease. Over the past week, SHIB’s value dropped by 11.88%, reducing its market cap to $10.49 billion. SHIB’s trading volume was recorded at $288 million. The focus remains on the decreasing supply due to burn events, although over 589 trillion SHIB remain in circulation, which continues to pressure the price.
Key Takeaways for Investors
– Consider the current bearish trend and its impact on major meme coins like DOGE and SHIB.
– Monitor trading volumes as an indicator of market sentiment and potential price movement.
– Pay attention to the effects of coin burns on SHIB’s supply and price dynamics.
– Assess the performance of small-cap meme coins for potential investment opportunities.
In conclusion, the ongoing trends in DOGE and SHIB underscore the volatility of meme coins within the cryptocurrency market. Investors should stay informed and consider these factors when making investment decisions.