Meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE) have lost some gains as the bearish trend deepens. Meme tokens which previously ignited bullish attention are declining alongside crypto assets. In the past 24 hours, meme coins have plunged 1% adding to its low weekly numbers with total assets worth $49.2 billion after tapping highs above $68 billion last month. 

Meme coin leaders, Dogecoin and Shiba Inu recorded double-digit outflows last week leading to reduced growth in the market. Smaller capped meme coins saw wider outflows although some newer assets marked upticks in the last 48 hours. While sentiments remain low, investors continue to drop meme coin positions in the short term.

Dogecoin v Shiba Inu

Dogecoin trades at $0.1238, gaining a slight 0.4% after days of trading sideways. The asset’s poor price can be seen in weekly numbers as the meme coin posted a 12.3% decline while monthly figures plummeted 26%. This sharp drop lowered sentiments and bullish projections in the face of price fluctuations. 

DOGE’s daily volumes also suffered an 18% nosedive alongside other top crypto assets. Shiba Inu, the second-largest meme coin by market cap and Dogecoin’s rival is still in the red zone with 2.4% daily outflows. In the last seven days, SHIB is down 11.88% plummeting the asset’s market cap to $10.3 billion. Like Dogecoin, daily volumes are down 14% with an impact on possible investments.

Wider Meme Coins Declines

The bearish trend in top cryptos, Dogecoin and SHIB has also affected the wider meme coin market leading to a fall in asset prices. FLOKI and dogwifhat are down 16.1% and 20.5% this weeks as outflows build up. BONK and BOME also traded the same way with losses of 17% and 16% respectively. Outflows were recorded across all meme categories AI meme tokens picked up mid-week gains on the heels of Nvidia’s stock surge. AI meme coins are up 3.9% with a market cap above $944 million.

Also Read: Will LINK Price Recover In June?

The post Shiba Inu vs Dogecoin: Weekly Outflows Upset Top Meme Coins appeared first on CoinGape.

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Filed under: News - @ June 21, 2024 6:26 pm