Dogecoin (DOGE) and Shiba Inu (SHIB), two of the biggest meme coins by market cap, have both lost ground in the last 24 hours.
DOGE, which is currently ranked ninth with an overall value of over $21 billion, shaved off more than 8% from its price amid a broader market correction.
While it ranked 12th in terms of daily trading volume, the $2 billion worth of DOGE that changed hands in the last 24 hours represented a 47% drop from the previous day’s levels.
Over 30 days, Dogecoin’s current price is still a 75.8% improvement; however, it marks a steep 15.6% decline over seven days.
Dogecoin’s drab performance comes in the wake of a mysterious whale offloading more than $14 million worth of DOGE onto Robinhood.
Shiba Inu, another popular meme coin, has not faired any better. At the time of going to press, it was down 9.6%, per data from CoinGecko. The coin’s performance over the previous seven days was just as dismal, losing more than 26% of its value.
However, the news is better for long-term holders, with SHIB’s current price being 163% higher than it was a month ago.
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Author: Julius Mutunkei
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