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For the whole week now, it seems like meme coins are facing a tough time enough due to investors running away from digital assets
Until your invested assets class starts depleting and dropping down, all this seems fun and easy-going till the assets are making a profit or at least not making a loss. But the dropping price of assets makes its investors feel stressed and make them run away, leaving the battleground. Similarly, something like Dogecoin and Shiba Inu has just done that. Both memecoin cryptocurrencies have been facing severe loss in their price for the whole week. The largest memecoin Dogecoin (DOGE) has been down by more than 8% for a week that Elon musk recover by buying Twitter news and currently showing a 4.67% downfall in a week.
However, the biggest concern of Dogecoin (DOGE) holders here could be trading of the largest market cap holding memecoin to trading below by 82% from it’s all-time high that was achieved in May last year. Although Dogecoin (DOGE) is not alone in this, its close competitor, memecoin Shiba Inu (SHIB), has also faced a similar situation. At present, Shiba Inu has been trading at around 0.0000214 with a drop of approximately 8.5% in a week, which is 76% less than its all-time high set in October 2021.
As per the data shown by IntoTheBlock, the price action of the SHIB token also means that in comparison to the global investor having ‘in the money’ are less than those who are ‘out of money. This data indicated that more than 710,000 address holders of SHIB approximately have lost their money than roughly 366,000 investors who made money on their investment of meme coins. If this continues, it would not be easy to trust or establish trust with meme coins. However, the clear reason behind the previously shown price action is unknown yet.
It isn’t very clear, too, as there were actual reasons that could result in a bullish impact on Dogecoin and Shiba Inu. For instance, one of the popular Mexican crypto exchanges, Bitso, has announced that it would list Dogecoin on its platform, while Shiba Inu has launched a ‘burn portal; that destroyed 23 billion SHIB tokens recently. The platform is aggressively taking actions towards removing the excess tokens from circulation, which has been claimed for a long time to reduce the infection of meme coins, which effectively increases its price.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
