Investors Monitor DOGE and SHIB Performance

Investors Monitor Performance of Leading Meme Coins, Dogecoin (DOGE) and Shiba Inu (SHIB)

Dogecoin (DOGE), the pioneering meme coin, and Shiba Inu (SHIB), its self-proclaimed nemesis, continue to dominate the meme coin landscape. Despite their rivalry, investors eagerly track the developments of these two cryptocurrencies.

Current Status of DOGE and SHIB

Recent market volatility has impacted both DOGE and SHIB. Following a decline in Bitcoin's value, these meme coins have experienced significant losses. The meme coin market capitalization has also dropped from over $68 billion to around $49.2 billion.

Market Contraction and Investor Sentiment

The recent market downturn has largely been attributed to the decline in DOGE and SHIB prices. While some smaller-cap meme coins have recently seen gains, large-cap coins like DOGE and SHIB have witnessed significant outflows, suggesting investors are reducing their exposure to these assets.

DOGE Price Outlook

DOGE's price has fallen slightly by 0.14% over the past 24 hours, reaching $0.1242. On a weekly basis, it has declined by 6.24%, with a monthly loss of over 20%. This price drop aligns with the broader market trend.

DOGE's daily trading volume has decreased to $594 million, while its market capitalization has fallen below $18 billion.

SHIB Price Outlook

SHIB, the second-largest meme coin by market capitalization, has seen a 2.21% drop in the past day. Over the past week, it has lost 11.88%, resulting in a market capitalization of $10.49 billion.

SHIB's daily trading volume stands at around $288 million. Despite efforts to reduce supply through burns, over 589 trillion SHIB remain in circulation, putting downward pressure on its price.