Dogecoin and Shiba Inu have been having a hard time lately. Since it is a digital asset that is largely driven by hype, the decline in interest in the crypto market has affected its performance. Amidst all this, the two meme coins are currently the top losers among the biggest cryptocurrencies in the space.
Dogecoin And Shiba Inu See Big Losses
Over the past week, most cryptocurrencies in the market have fallen sharply from their January peak. Among these are Dogecoin and Shiba Inu, both of which have seen their losses climb into double territory for the second time in seven days.
Data from CoinGecko shows that Dogecoin, the largest meme coin by market capitalization, fell 12.8% last week, completely erasing the gains from the previous week. Not much better on the 24 hour chart either. A 2.8% decline during this period has now brought the dangerous meme coin to a retest of the $0.07 support.
DOGE price holding support above $0.07 | Source: DOGEUSD on TradingView.com
The Shiba Inu also suffers the same fate as the fierce competition with the aggressively priced bear. In that segment, the price of SHIB has fallen by more than 11% in the past week, dragging the value of each coin down by $0.00001084. It has seen lower losses compared to Dogecoin on the 24-hour chart but is down 1% at this time.
Can Meme Coins Restore Its Lost Glory?
Meme coins like Dogecoin and Shiba Inu have lost their dominance since the bear market started. Right now, he’s one of the worst players on the market, but that doesn’t mean it’s the end of the road for him.
This meme coin has gained a cult-like following that helps it survive. However, they need a signal bull rally from the likes of Bitcoin to push investor sentiment back to positive enough for there to be significant momentum for both coins.
However, if history is anything to go by, DOGE and SHIB could do well in the next bull rally. But for now, investors should not expect any upward momentum as prices continue to move in line 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 up 16.7% over the same period. But most of the meme coins in the red as the total meme coin market cap has dropped to $17.7 billion, a 2.7% decrease in the last day.