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Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) have slid down the crypto rankings, prompting investors to wonder about the reasons for their poor price performance.
What Happened: Coingecko data shows the meme coin market capitalization increasing by 1.6% in the past 24 hours to $50.8 billion. $28 billion of that can be attributed Dogecoin and Shiba Inu, though both meme coins have been slipping down the crypto rankings.
Dogecoin dropped to the ninth position, giving way to Toncoin at the eighth spot, while Shiba Inu dropped from 11 to 13 over the recent weeks, being even in the top 10 in early 2024.
Dogecoin, a former favorite of Elon Musk still shows no signs of being integrated as a payment option on X (formerly Twitter). Shiba Inu continues working on community developments and token burns but suffers from a lack of real-world utility.
Trader Mikybull Crypto noted in his latest tweet that Dogecoin is in "preparation for the final run in this cycle." Another trader said he has started accumulating Dogecoin with a target of $0.5. Heavily followed crypto trader Daink also tweeted about having a long-term investment in Shiba Inu.
Also Read: Top Trader Wonders If ‘Safer Big Caps Like Pepe, Dogecoin’ Will Outperform His Meme Coin Portfolio
Why It Matters: IntoTheBlock data shows Dogecoin's large transaction volume recently peaking at $1 billion. Transactions greater than $100,000 over the past seven days stand at $1.43 billion. Whale Alert shows 95 million DOGE, worth $12.9 million, transferred from an unknown wallet to Robinhood on June 17.
Shiba Inu’s large transaction volume over the past seven days stands at $320.16 million, with large transaction volume increasing by 39.5% in a single day. On June 24, Whale Alert data noted the transfer of 1.08 trillion SHIB, worth $18.4 million, from an unknown wallet to Binance, three days after 2.2 trillion SHIB, valued at $39.9 million, was transferred from Robinhood to another unknown wallet.
In a recent tweet, crypto trader Intuitio termed meme coins as the fastest and safest bet for traders. He said that often they are misunderstood and, thus, less trusted by traders. The trader predicts many meme coins to peak above a $20 billion valuation.
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: ‘The Easy Days’ In Crypto Are Over And Meme Coins Have Contributed To This, Says Trader
Image: Shutterstock
