Dogecoin and Shiba Inu are reigning the memecoin The market for meme coins, particularly those with dog themes grew rapidly in 2021. As of November 2021, Shiba Inu and Dogecoin (DOGE) are two of the most well-known “breeds” (SHIB).
Meme coins are digital currency designs based on memes. Compared to well-known cryptocurrencies like bitcoin (BTC) and ether, they frequently exhibit high volatility (ETH).
This is most likely a result of the strong community involvement in meme currencies. Social media and online forums typically have an impact on their prices. This frequently results in a lot of hype, FOMO, and financial risk.
While it’s true that some traders made a lot of money with meme coins, many also lost money as a result of the volatile market.
Dogecoin and Shiba Inu are down double digits over the week
According to information from CoinMarketCap, the price of Dogecoin (DOGE) is $0.066, down 4% over the last 24 hours.
Following the debut of Dogechain, an independent blockchain constructed using Polygon Edge, a unique blockchain building tool from Polygon, the leading meme coin had a significant increase last week.
Dogechain adds EVM compatibility to the Dogecoin network, enabling programmers to build applications similar to those used by Ethereum.
Post the announcement, DOGE surged over its 10-week high. However, Jens Wiechers, the president of the Dogecoin Foundation’s legal and governance division, quickly asserted that Dogechain was unrelated to Dogecoin.
After the revelation, DOGE fell sharply, losing 12.4% during the previous week. According to statistics from CoinMarketCap, DOGE is down 90.99% from its all-time high of $0.7376 set in May 2021 due to weekly losses.
According to data from CoinMarketCap, Shiba Inu (SHIB), the second-largest meme coin by market capitalization, has likewise experienced a 2% decline during the last day and currently trades at about $0.00001299.
The last 24 hours saw a 23% decrease in SHIB trading volume. SHIB has lost more than 23% of its value on a weekly basis.
According to data from CoinMarketCap, the meme coin has dropped 85.3% from its all-time high of $0.00008845 set in October 2021 due to a severely negative previous week.