The crypto market has been on a recovery trend and with it have been digital assets like Dogecoin and Shiba Inu. Both assets had touched points they hadn’t seen in months following the crash but have since recovered some of their lost value. To be clear, Dogecoin and Shiba Inu are still a long way from their all-time highs, losing more than 50% of their value. However, both assets have reverted to the green with the recent uptrend.
With the recovery in value has naturally come a recovery in market cap. Both digital assets which have, at one point, being among the top largest cryptocurrencies by market cap have since lost their title. Even now, with their collective values up, their market cap is not what it used to be and has seen both cryptocurrencies lose their spots in the crypto top 10.
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Dogecoin, Shiba Inu Market Cap Down
At the peak of the meme coin rallies, both Dogecoin and Shiba Inu had seen their market cap run into the tens of billions. They had both beaten the $40 billion market cap milestone, instantly placing them in the top 10 cryptos by market cap. As the rally and hype continued around dog-themed coins, both assets continued to go. At one point, both meme coins were a constant feature in this list.
However, the hype around these assets had begun to die down as they had grown too much in a short time. Inversely, there was no tangible utility behind both these digital assets to justify their prices, so the decline had begun.
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Dogecoin had reached an all-time high above $0.70, with calls to get the asset to the $1 mark. This would prove to be impossible as what followed was a stretched-out downtrend that is still felt till now. Following the numerous market crashes and dips, Dogecoin had seen its price decline to as low as $0.12. Its market cap now sits at $21 billion, placing it on the 12th spot on the list.
DOGE recovers above $0.15 | Source: DOGEUSD on TradingView.com
As for SHIB, although it had also taken quite a beat down, it has done significantly better compared to its rival Dogecoin in the recovery department. Shiba Inu has since jumped out of its monthly low of $0.00002, marking a 63% recovery on the weekly chart. This has caused its market cap to jump back up to $17 billion. Unfortunately, not enough to get it a spot on the top 10 as it now rests at 13th place.
The market has now spent one of the longest stretches where there have been no meme coins in the top 10. For over two months now, neither Dogecoin nor Shiba Inu has seen their market cap rise enough to reclaim their previous spots in the list.
Featured image from Bitcoin News, chart from TradingView.com