Dogecoin and Shiba Inu have had a tough go of it lately. Given that these are digital assets that are largely driven by hype, the decline in interest in the crypto market has greatly affected their performance. Amid all of these, both of these meme coins are now some of the highest losses among the largest cryptocurrencies in the space.
Dogecoin And Shiba Inu See Large Losses
Over the last week, most cryptocurrencies in the market are down significantly from their January peaks. Among these are Dogecoin and Shiba Inu, both of which have seen their losses climb into the double-digit territory in a seven-day period.
Data from CoinGecko shows that Dogecoin, the largest meme coin by market cap, is down 12.8% in the last week, completely stripping its gains from the prior week. It is not faring better on the 24-hour chart either. A 2.8% drop during this time has now brought the meme coin dangerously close to a retest of its $0.07 support.
DOGE price holding support above $0.07 | Source: DOGEUSD on TradingView.com
Shiba Inu has also suffered the same fate as its fierce rivalry with the bears pressing down aggressively on its price. On its part, SHIB’s price is down over 11% in the last week, dragging its value per coin down $0.00001084. It is seeing lesser losses compared to Dogecoin on the 24-hour chart but is down 1% in this time period nonetheless.
Can Meme Coins Regain Their Lost Glory?
Meme coins like Dogecoin and Shiba Inu have already seen their dominance decline greatly since the bear market began. As of now, they are some of the worst performers in the market but that does not mean that this is the end of the road for them.
These meme coins have already garnered cult-like followings which help to keep them alive. However, they would need a signal bull rally from the likes of Bitcoin to push investor sentiment back into the positive enough for there to be significant momentum for these two coins.
Nevertheless, if history is anything to go by, then DOGE and SHIB could put on a superb performance in the next bull rally. But for now, investors should probably not expect upward momentum as their prices continue to move with the general market, which is currently very bearish.
Interestingly, not all meme coins seem to have succumbed to the current bearish trend. Dogelon Mars (ELON) is up 2.8% in the last 24 hours, while Volt Inu (VOLT) is seeing 16.7% gains in the same time period. But the vast majority of meme coins are in the red as the total meme coin market cap has dropped to $17.7 billion, a 2.7% decrease in the last day.