Memecoin Crash: Dogecoin (DOGE) and Shiba Inu (SHIB) Experience Declines Amid Market Corrections

Memecoin Crash: Dogecoin (DOGE) and Shiba Inu (SHIB) Experience Declines Amid Market Corrections

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In the latest cryptocurrency market update, Dogecoin (DOGE) and Shiba Inu (SHIB), two leading meme coins by market capitalization, have witnessed declines over the past 24 hours. Dogecoin, currently the ninth-largest cryptocurrency with a market cap exceeding $21 billion, has seen an 8% decrease in its price during a widespread market downturn. Despite a substantial 24-hour trading volume of $2 billion for DOGE, this represents a significant 47% reduction from the day before.

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DOGE Suffers Shock Fall 

Over the last month, Dogecoin has posted a 75.8% increase, showcasing strong performance despite a 15.6% drop over the past week. This downturn follows an event where a significant amount of DOGE was sold on Robinhood by an anonymous whale, totaling over $14 million.

Shiba Inu Slides 26%

Shiba Inu also faced a downturn, with a 9.6% drop as reported by CoinGecko. The coin's week-over-week performance mirrors the broader market's challenges, showing a 26% decrease. However, SHIB remains 163% higher than its value 30 days ago, offering some solace to long-term holders.

Notably, Shiba Inu's demographic of long-term investors has seen a shift, with a decrease of 20,000 such investors in early March, potentially signaling bearish sentiment among market participants.

Altcoin Market Pulls Back

The broader crypto market, including Polkadot (DOT), Toncoin (TON), and Chainlink (LINK), has similarly experienced price adjustments. Polkadot, with a modest 3.8% loss, remains the 13th largest cryptocurrency, with a market cap of $13.4 billion and a current price of about $10, despite a 4.7% decline over the past week.

Chainlink's price has fluctuated significantly, showing a 13.4% decrease over the past two weeks and a 4.8% drop in the last 24 hours. In contrast, Toncoin showcased an impressive 30.4% increase over two weeks, buoyed by Telegram's announcement of an ad revenue-sharing scheme utilizing TON, although it faced an 8.1% decrease amidst recent market contractions.

These shifts in the crypto market underscore the volatile nature of digital currencies, with Dogecoin and Shiba Inu investors, in particular, looking for indicators of potential rebounds or further declines in price.

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