It’s no secret that the crypto-currency market was caught off guard after the August 19 sell-off. Market skeptics continue to warn of dire conditions in the macro scenario.
Among the losers of the sell-off were the meme tokens Shiba Inu and Dogecoin. Both tokens were enjoying their respective bullish activity until the crash.
Even today, DOGE continues to outpace its competitor in the crypto-currency rankings. In fact, Dogecoin, currently, is ranked tenth in terms of market capitalization.
However, Shiba Inu has lost its place in the ranking and has fallen further down the hierarchy. It is, now, in fourteenth place after dropping two places below it over the weekend.
The battle of the memes
Interestingly, Dogecoin, at press time, was trading at $0.061 after suffering a 3.54% drop over the past day and 7.09% over the week.
On the other hand, Shiba Inu wasn’t much better either as it was trading at $0.00001193 after falling 3.25% over the past 24 hours. The SHIB token has also slipped more than 7% over the past week, according to CoinMarketCap.
With prices falling, traders’ profitability has also fallen in light of Friday’s (Aug. 19) events. According to Santiment, both DOGE and SHIB traders are posting losses, but the latter is performing slightly better on the MVRV chart.
At the time of writing, Shiba Inu’s MVRV (30d) was -11.81%, while Doge’s was -17.32%.
What else is going on?
Despite the price drop, public interest in Dogecoin has risen sharply in recent days. According to LunarCrush, Dogecoin ranked third among coins by social engagement in the past week. In the same list, the Shiba Inu was in seventh place.
🐳 The top 100 #BSC whales are hodling
$20,519,180 $PALLA
$17,110,978 #MetaWar
$15,737,355 $MATIC
$12,412,787 $LYO
$8,664,279 $DOME
$6,333,284 $LINK
$6,212,185 $EGLD
$5,587,615 $DOGEWhale leaderboard 👇https://t.co/0SYnjw0xQs pic.twitter.com/9NmpQsfxeT
– WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) August 29, 2022
According to an update from Whale Stats, Dogecoin holdings among the top 100 BSC whales have been growing rapidly recently. At press time, these whales held over $5.58 million in DOGE. In addition, DOGE was the most used smart contract among the top 4,000 BSC whales over the past 24 hours.
Meanwhile, the Shiba community is looking forward to the launch of its upcoming game Shiba Eternity. William Volk, one of the project leaders working on the Shiba Eternity game, has just confirmed that the game will launch in September.
‘Shiba Eternity’ Alpha Director Confirms Game’s Official Release Is Just A Few Days Away https://t.co/Pz6kW1mxqm
– Brezilya’da Bir Türk (@brezilya_t) August 28, 2022
Such a development can only encourage positive sentiment among investors, but for now, the token continues to slide on the price charts.
