Dogecoin and Shiba Inu encounter significant drops in value.
Dogecoin (DOGE) and Shiba Inu (SHIB), two of the largest meme coins in terms of market capitalization, have experienced losses in the past 24 hours.
DOGE, currently ranked ninth with a total value of over $21 billion, has seen a decrease of more than 8% in its price due to a broader market correction.
Although DOGE ranks 12th in terms of daily trading volume, the $2 billion worth of DOGE traded in the past day represents a 47% decrease compared to the previous day.
Over the course of 30 days, Dogecoin’s price has improved by 75.8%; however, it has experienced a significant decline of 15.6% in the past seven days.
The underwhelming performance of Dogecoin comes after a mysterious whale sold more than $14 million worth of DOGE on Robinhood.
Shiba Inu, another popular meme coin, has also faced a decline. At the time of writing, it is down 9.6%, according to data from CoinGecko. Over the past seven days, its value has decreased by more than 26%.
However, long-term holders of SHIB have seen positive results, with the current price being 163% higher than it was a month ago.
According to crypto.news analyst Ibrahim Ajibade, Shiba Inu has experienced a change in its long-term investor base, with a decrease of 20,000 long-term investors in early March. This reduction in long-term investors could signal bearish trends for the market.
In addition to the meme coins, other major cryptocurrencies such as Polkadot (DOT), Toncoin (TON), and Chainlink (LINK) have also seen price decreases in the past 24 hours.
Out of these three, DOT has been the least affected, with a decrease of 3.8%. With a market capitalization of $13.4 billion, it is currently the 13th largest cryptocurrency.
Polkadot’s price is 10.2% higher than it was two weeks ago, but it has experienced a 4.7% decline in the past seven days.
Chainlink, currently priced at $18.43, has seen fluctuating prices over the past month, with a 13.4% decrease in the past two weeks.
TON has performed well in the past two weeks, with a price increase of 30.4%. It has maintained its value following the announcement of an ad revenue-sharing scheme utilizing the TON.
Although TON’s performance over the past seven days has been positive, with a price increase of over 225%, it has experienced an 8.1% decrease in the past 24 hours due to market contractions.
Overall, these cryptocurrencies have faced price declines in the past 24 hours, but long-term holders may still see positive results.
