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- Leading meme coins SHIB and DOGE are juggling in the red zone as their prices continue to fall down.
- In early October, Shibu Inu held the position of a ninth-largest crypto asset by market cap. Today, it is the 15th largest crypto asset by market cap, a large downfall painful for its fans.
- Meanwhile, Dogecoin, the 14th largest cryptocurrency by market cap, was also continuing its fall and was trading at $0.1117 at the time of writing.
Dogecoin(DOGE) and Shiba Inu (SHIB), the leading meme coins, continue to drop. According to the coinmarketcap, Dogecoin is changing hands at $0.1117, 6% down in the past week. However, the leading meme-coin is down almost 85% from its all-time high of $0.73 experienced last May.
DOGE has now become the leader of meme coins, earlier launched as a joke in 2017. As of now, Dogecoin does not support any kind of staking, yield farming, or decentralized finance (DeFi) features after the fundamental updates to its original protocol.
Although there are several discussions on the improvement of the cryptocurrency’s transaction speed, the implementation regarding it needs to happen.
SHIB Juggles In The Red Zone
Shiba Inu isn’t lacking much in the sphere. At the time of writing, it was trading at $0.00002152 and has experienced an 8% dip in the past week. Even though SHIB is given a penny coin status, SHIB is the 15th-largest cryptocurrency in the industry and has surpassed popular cryptocurrencies such as the Ethereum scaler Polygon, the DAI stablecoin, and Cosmos.
As early as October last year, SHIB was the ninth-largest crypto asset by market cap, and naturally, Shiba Inu did not look happy about this fall. However, the bearish trend did not stop the assets from making headlines throughout the week.
One example: On March 10, AMC Theaters announced the online payments for both DOGE and SHIB. Adam Aron, CEO of AMC, explained that the feature was made possible using BitPay.
Recently, it was seen that the burn rate of SHIB has also increased. According to the reports from Burn tracker Shibburn, with more than 410 trillion SHIB in total, over 400 million SHIB were burned in a single transaction yesterday. Often, the burning is indicative of a bullish trigger.
Although, a large amount of SHIB tokens are also minted every day, as the project keeps burning tokens.
The brief impact Elon Musk had on the price of Dogecoin was being considered as the major sign of the meme coin slump.
It is no secret how tweets from Elon Musk, Tesla and SpaceX CEO, triggered the rise in the price of the cryptocurrency.
Yesterday, when Tesla CEO said he would not sell his Dogecoin as there were concerns of rising inflation, the meme coin shifted by 2% and then continued its down rise.
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
