Shiba Inu vs Dogecoin: Weekly Outflows Upset Top Meme Coins
Release: 2024/06/22 02:26 Reading: 818
Shiba Inu and Dogecoin Lose Ground Amid Market Downturn
Meme coins, including Shiba Inu (SHIB) and Dogecoin (DOGE), have experienced significant declines as the bearish market trend intensifies.
Over the past 24 hours, meme coins have dropped by 1%, extending their weekly losses. Total meme coin assets now stand at $49.2 billion, significantly lower than the $68 billion peak reached last month.
Dogecoin and Shiba Inu Lead Declines
Dogecoin and Shiba Inu, the two largest meme coins, have witnessed double-digit outflows over the past week, contributing to the market's weak performance. Smaller meme coins have also experienced outflows, although some newer assets have shown signs of recovery in the past 48 hours. Despite the downturn, investors are cautious and continue to reduce their meme coin positions in the short term.
Dogecoin vs. Shiba Inu
Dogecoin is currently trading at $0.1238, showing a slight gain of 0.4% after several days of sideways trading. However, its weekly performance reveals a 12.3% decline, with monthly losses reaching 26%. This sharp drop has dampened sentiment and bullish projections.
DOGE's daily trading volume has also witnessed an 18% decrease, in line with the performance of other major cryptocurrencies.
Shiba Inu, the second-largest meme coin by market capitalization, continues to struggle, with daily outflows reaching 2.4%. Over the past seven days, SHIB has declined by 11.88%, lowering its market cap to $10.3 billion. Similarly to Dogecoin, SHIB's daily volume has dropped by 14%, impacting potential investments.
Wider Meme Coin Market
The bearish trend affecting Dogecoin and SHIB has also impacted the broader meme coin market. FLOKI and DOGIF have declined by 16.1% and 20.5% this week, respectively, driven by consistent outflows. BONK and BOME have also experienced similar losses, dropping by 17% and 16%, respectively.
Outflows have been observed across all meme coin categories. However, AI meme tokens have shown some recovery mid-week, fueled by Nvidia's stock surge. AI meme coins have collectively gained 3.9%, boosting their market capitalization to over $944 million.
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