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Home»BLOCKCHAIN NEWS»Dogecoin, Shiba Inu face sharp decline amid market correction
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Dogecoin, Shiba Inu face sharp decline amid market correction

By Crypto FlexsMarch 16, 20243 Mins Read
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Dogecoin, Shiba Inu face sharp decline amid market correction
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The largest meme coins by market capitalization, Dogecoin (DOGE) and Shiba Inu (SHIB), have both declined over the past 24 hours.

DOGE, currently ranked 9th with an overall value of over $21 billion, has lost more than 8% in price amid a broad market correction.

Although it ranks 12th in terms of daily trading volume, with $2 billion worth of DOGE traded in the past 24 hours, it is down 47% from the previous day’s level.

Dogecoin 24-hour price chart | Source: CoinGecko

In 30 days, Dogecoin’s current price is still an improvement of 75.8%. However, this resulted in a steep decline of 15.6% over 7 days.

Dogecoin’s flat performance is the result of an unknown whale transferring $14 million worth of DOGE to Robinhood.

Another popular meme coin, the Shiba Inu, couldn’t have been any better. At press time, it was down 9.6%, according to CoinGecko data. The coin’s performance over the past seven days has been similarly dismal, losing more than 26% of its value.

Dogecoin, Shiba Inu Face Sharp Drop Due to Market Correction - 2
Shiba Inu 24 hour price chart | Source: CoinGecko

However, the news is better for long-term holders as SHIB’s current price is 163% higher than it was a month ago.

As pointed out by crypto.news analyst Ibrahim Ajibade, Shiba Inu has seen a notable shift in its long-term investor demographics, with on-chain figures from early March showing a decline of 20,000 long-term investors.

With long-term investors playing a critical role in the health of cryptocurrencies, a decline in their numbers could potentially signal a bearish trend to both current and future market participants, causing them to witness a downturn.

In addition to the two meme coins, several other leading coins, including Polkadot (DOT), Toncoin (TON), and Chainlink (LINK), also saw their prices drop from their levels 24 hours ago.

Of the three, DOT was the least affected, losing 3.8%. Currently priced at around $10, the coin has a market capitalization of $13.4 billion, making it the 13th largest cryptocurrency.

Dogecoin, Shiba Inu Face Sharp Drop Due to Market Correction - 3
Polkadot 7-day price chart | Source: CoinGecko

The price is up 10.2% from two weeks ago, but the past seven days have not been good for Polkadot, with the coin losing 4.7% in value in that time.

Chainlink, currently priced at $18.43, has had a month filled with highs and lows, as you can see in the chart below. Prices are in the red across all time periods, with the biggest difference being a 13.4% decline over the past two weeks.

Dogecoin, Shiba Inu Face Sharp Drop Due to Market Correction - 4
Chainlink 30-day price chart | Source: CoinGecko

In the last 24 hours, the price of LINK fell 4.8%, with trading volume reaching approximately $624 million.

In contrast, Toncoin had a much better two weeks, with its price up 30.4% during that period.

The coin still retains most of the value it gained after Telegram announced an advertising revenue sharing plan leveraging TON.

Dogecoin, Shiba Inu Face Sharp Drop Due to Market Correction - 5
Toncoin 30-day price chart | Source: CoinGecko

Performance over the past seven days has also been positive. The price rose more than 225%, largely driven by Telegram co-founder Pavel Durov saying the platform was considering an initial public offering (IPO).

However, in the past 24 hours, TON failed to overcome the broader market contraction, falling 8.1%.

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