Shiba Inu and Dogecoin Take a Major Hit

Top meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE) have taken a major hit in the last few days after the market cap of both Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term dropped below $30 billion. The latest dip means that DOGE and SHIB are no longer among the top 10 digital currencies.

In the past 24 hours, Shiba Inu has lost approximately 6% of its value. With a market capitalization of $24 billion, SHIB is the world’s 12 largest digital asset. However, Dogecoin dropped by 4% during the same period. DOGE’s current market cap stands at around $29 billion.

After reaching an all-time high market cap of $3 trillion, the crypto market has seen a major correction in the last week. Overall, the digital assets almost lost $500 billion worth of market cap. Apart from Shiba Inu and Dogecoin, other leading cryptocurrency assets, including Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Solana (SOL) and Cardano (ADA) are down by more than 10% in the past 7 days.

Meme Coins vs Stable Coins?

While investors enjoyed significant gains on Shiba Inu and Dogecoin in 2021, the latest correction has caused a major shift in the overall sentiment around meme coins. In fact, the majority of the fresh investment is now going into stable coins like Tether (USDT) and USDC.

“The largest 1-hour Tether inflow to exchanges of the entire year occurred Thursday. At 8 am UTC, over 771.6m USDT was transferred to exchanges. Then, just 6 hours later, 454m USDC was then transferred to exchanges, a 4-month high of its own,” the crypto Analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision-making. In the trading space, analytics are applied in a predictive manner in an attempt to forecast the price more accurately. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analy Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision-making. In the trading space, analytics are applied in a predictive manner in an attempt to forecast the price more accurately. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analy Read this Term firm, Santiment highlighted in its recent Tweet.

Despite the recent decline in prices, DOGE and Shiba INU are still among the best performing digital currencies in 2021. Both digital assets are more valuable than the cryptocurrency, Litecoin. However, it remains to be seen if the latest dip in SHIB and DOGE is part of the wider correction or the interest of investors in meme coins has declined gradually.