DOGE and SHIB, the leading meme coins in the crypto world, continue to hold a significant portion of the meme coin market. DOGE has been the pioneer, while SHIB was dubbed the DOGE killer upon its emergence. Despite the ongoing rivalry, investors remain curious about the developments between these two cryptocurrencies.
Current Status of DOGE and SHIB
Shiba Inu (SHIB) and Dogecoin (DOGE), the leading meme coins, experienced notable losses due to Bitcoin‘s decline. The meme coin surge that marked March now reflects a downward trend.
In the last 24 hours, the overall meme coin market saw a 1% decrease, dropping from over 68 billion dollars last week to 49.2 billion dollars. This situation has raised significant questions in the market.
The contraction in the market during this period was significantly influenced by the exits in Dogecoin and Shiba Inu, the leading meme coins.
Although some meme coins have seen an increase recently, these were small-cap coins, while large-cap coins experienced exits, indicating that investors are starting to reduce their positions in meme coins.
DOGE and SHIB Price Outlook
Examining the Dogecoin price, today’s slight 0.14% decline brought the price to 0.1242. A weekly review showed a 6.24% drop in DOGE, indicating over 20% in the monthly outlook. The notable price pullback aligns with the prevailing downward trend in the market.
On the other hand, DOGE‘s daily trading volume fell to 594 million dollars. The market cap also dropped below 18 billion dollars due to the price decline.
Shiba Inu, the second-largest meme coin by market cap, saw a daily decrease of 2.21%. Over the past seven days, SHIB experienced an 11.88% drop, bringing its market cap down to 10.49 billion dollars.
SHIB‘s trading volume was only 288 million dollars. Meanwhile, the focus remains on the decreasing supply due to burns. Despite nearly half of the initial supply being burned, over 589 trillion SHIB are still in circulation, which continues to exert pressure on the price.
