Meme coins – Dogecoin and Shiba Inu are not immune to the market crash that has taken wiped out more than $1 trillion in market value. Dogecoin is at its lowest point in more than nine months. The world’s most popular meme coin is down nearly 13% over the last 24-hours and is trading at $0.13, as per CoinMarketCap.
DOGE has been down nearly 30% in the last seven days. Tesla’s acceptance of DOGE as a form of payment for its merchandise may have given the meme coin quite traction over the past couple of days, but it lost whatever it had gained due to the market crash. Analysts say dogecoin reached its lowest point since mid-April 2021. In early 2021, it recorded a massive surge in value, thanks to Elon Musk.
Meanwhile, DOGE-inspired Shiba Inu is down by nearly 17% in the last 24-hours. Reports say that a large amount of SHIB tokens, an estimated 75,828,000, has been removed from circulation by burning. This means that 41% of SHIB has been burnt.
The user who had posted it on Twitter added that another million SHIB tokens was sent to the dead wallet. This in no way helps the meme coin to surpass its October all-high – $0.00008845.
Shiba Inu enthusiasts had set their hopes on Robinhood listing for a major boost. But then, it’s quite childish to think that a listing would definitely drive up SHIB’s price. Analysts have also been hoping that the Ethereum upgrade would work wonders for Shiba Inu. Well, only time can tell. Currently, enthusiasts and analysts have set their sight on the recovery of the crypto market.