Dogecoin, Shiba Inu face sharp declines amidst market correction

Dogecoin (DOGE) and Shiba Inu (SHIB), two of the biggest meme coins by market cap, have both lost ground in the last 24 hours.

DOGE, which is currently ranked ninth with an overall value of over $21 billion, shaved off more than 8% from its price amid a broader market correction. 

While it ranked 12th in terms of daily trading volume, the $2 billion worth of DOGE that changed hands in the last 24 hours represented a 47% drop from the previous day’s levels.

Over 30 days, Dogecoin’s current price is still a 75.8% improvement; however, it marks a steep 15.6% decline over seven days.

Dogecoin’s drab performance comes in the wake of a mysterious whale offloading more than $14 million worth of DOGE onto Robinhood.

Shiba Inu, another popular meme coin, has not faired any better. At the time of going to press, it was down 9.6%, per data from CoinGecko. The coin’s performance over the previous seven days was just as dismal, losing more than 26% of its value.

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

As indicated by crypto.news analyst Ibrahim Ajibade, Shiba Inu has witnessed a notable change in its long-term investor demographics, with on-chain numbers indicating a decrease of 20,000 long-term investors in early March. 

With long-term investors playing a vital role in the health of any cryptocurrency, a reduction in their numbers could potentially signal bearish trends to both current and prospective market participants, leading to the dip being witnessed.

Alongside the two meme coins, several other heavy hitters, including Polkadot (DOT), Toncoin (TON), and Chainlink (LINK), have also seen their prices come down from their level 24 hours ago. 

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

While its price is 10.2% higher than it was 2 weeks ago, the last seven days have not been kind to Polkadot, with the coin surrendering 4.7% of its value in that time.

Currently priced at $18.43, Chainlink has had a month full of peaks and troughs, as can be seen in the chart below. Its price across all timeframes is in the red, with the biggest difference being the 13.4% dip over the last two weeks.

In the previous 24 hours, the price of LINK dropped 4.8%, marking about $624 million in trading volume.

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

The coin is still holding most of the value it gained following Telegram’s announcement of an ad revenue-sharing scheme that will utilize the TON.

Its performance over the past seven days has also been positive. The price rose more than 225%, mostly buoyed by Telegram co-founder Pavel Durov saying the platform was considering an initial public offering.

However, over the last 24 hours, TON dropped 8.1% as it failed to overcome broader market contractions.