Meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE) have lost some gains as the bearish trend deepens. Meme tokens which previously ignited bullish attention are declining alongside crypto assets. In the past 24 hours, meme coins have plunged 1% adding to its low weekly numbers with total assets worth $49.2 billion after tapping highs above $68 billion last month.
Meme coin leaders, Dogecoin and Shiba Inu recorded double-digit outflows last week leading to reduced growth in the market. Smaller capped meme coins saw wider outflows although some newer assets marked upticks in the last 48 hours. While sentiments remain low, investors continue to drop meme coin positions in the short term.
Dogecoin v Shiba Inu
Dogecoin trades at $0.1238, gaining a slight 0.4% after days of trading sideways. The asset’s poor price can be seen in weekly numbers as the meme coin posted a 12.3% decline while monthly figures plummeted 26%. This sharp drop lowered sentiments and bullish projections in the face of price fluctuations.
DOGE’s daily volumes also suffered an 18% nosedive alongside other top crypto assets. Shiba Inu, the second-largest meme coin by market cap and Dogecoin’s rival is still in the red zone with 2.4% daily outflows. In the last seven days, SHIB is down 11.88% plummeting the asset’s market cap to $10.3 billion. Like Dogecoin, daily volumes are down 14% with an impact on possible investments.
Wider Meme Coins Declines
The bearish trend in top cryptos, Dogecoin and SHIB has also affected the wider meme coin market leading to a fall in asset prices. FLOKI and dogwifhat are down 16.1% and 20.5% this weeks as outflows build up. BONK and BOME also traded the same way with losses of 17% and 16% respectively. Outflows were recorded across all meme categories AI meme tokens picked up mid-week gains on the heels of Nvidia’s stock surge. AI meme coins are up 3.9% with a market cap above $944 million.
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David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.