Dogecoin and Shiba Inu values ​​plunged in the last seven days

Dogecoin and Shiba Inu reign over memecoins The market for memecoins, especially dog-themed memecoins, grew rapidly in 2021. As of November 2021, Shiba Inu and Dogecoin (DOGE) are the most famous “breeds” ( SHIB) .

A meme coin is a digital currency design based on a meme. Compared to well-known cryptocurrencies such as Bitcoin (BTC) and Ethereum, they frequently exhibit high volatility (ETH).

This is likely a result of the strong community involvement in the memetic currency. Social media and online forums usually influence pricing. This often leads to a lot of hype, FOMO, and financial risk.

While it is true that some traders have made a lot of money with meme coins, many have suffered losses as a result of the volatile market.

Dogecoin and Shiba Inu Fall Double Digits in One Week

According to information from CoinMarketCap, dogecoin (DOGE) is at $0.066, down 4% over the last 24 hours.

Following the debut of Dogechain, an independent blockchain built using Polygon’s proprietary blockchain building tool, Polygon Edge, the number of major meme coins increased significantly last week.

Dogechain adds EVM compatibility to the Dogecoin network, allowing programmers to build applications similar to those used on Ethereum.

After the announcement, DOGE hit a 10-week high. However, Jens Wiechers, head of the Dogecoin Foundation’s legal and governance department, was quick to argue that Dogechain had nothing to do with Dogecoin.

After the exposure, DOGE fell sharply, dropping 12.4% in the previous week. CoinMarketCap stats show DOGE is down 90.99% from its all-time high of $0.7376 set in May 2021 due to weekly losses.

According to data from coin market capitalizationShiba Inu (SHIB), the second-largest memecoin by market capitalization, likewise experienced a 2% drop on its last day and is currently trading at approx. $0.00001299.

Over the last 24 hours, SHIB trading volume has decreased by 23%. SHIB is losing more than 23% of his value each week.

According to data from CoinMarketCap, Meme Coin has fallen 85.3% from its all-time high of $0.00008845, set in October 2021, after a sharp drop last week.