Dogecoin, Shiba Inu face sharp declines as market corrects

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

DOGE, currently ranked ninth with a total value of more than $21 billion, reduced its price by more than 8% amid a broader market correction.

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

24-hour Dogecoin price chart | Source: CoinGecko

Over 30 days, the current Dogecoin price is still a 75.8% improvement; However, it marks a sharp drop of 15.6% in seven days.

Dogecoin's monotonous performance comes in the wake of a mysterious whale dumping more than $14 million worth of DOGE on Robinhood.

Shiba Inu, another popular meme coin, has fared no better. At the close of this edition, it had fallen 9.6%, due to data from CoinGecko. The coin's performance over the previous seven days was just as dismal, losing more than 26% of its value.

Dogecoin and Shiba Inu face sharp declines amid market correction - 2
Shiba Inu 24-hour price chart | Source: CoinGecko

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

As indicated According to analyst Ibrahim Ajibade, Shiba Inu has witnessed a notable shift in the demographics of its long-term investors, with on-chain figures indicating a decline of 20,000 long-term investors as of early March.

Since long-term investors play a vital role in the health of any cryptocurrency, a reduction in their number could indicate bearish trends for both current and potential market participants, leading to the crash being witnessed.

In addition to the two meme coins, several other heavyweights, including Polkadot (SPOT), toncoin (TON) and Chain Link (LINK), have also seen their prices drop from their level 24 hours ago.

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

Dogecoin and Shiba Inu face steep declines amid market correction - 3
Polkadot 7-day price chart | Source: CoinGecko

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

Currently priced at $18.43, Link of the chain It has had a month full of ups and downs, as can be seen in the following graph. Its price in all time periods is in the red, with the biggest difference being the 13.4% drop in the last two weeks.

Dogecoin and Shiba Inu face steep declines amid market correction - 4
Chainlink 30-day price chart | Source: CoinGecko

In the previous 24 hours, LINK price fell by 4.8%, reaching a trading volume of approximately $624 million.

Unlike, toncoin has had a much better two weeks, with its price rising 30.4% in that period.

The coin still retains most of the value it gained following Telegram's announcement of an advertising revenue sharing plan that will use TON.

Dogecoin and Shiba Inu face sharp declines amid market correction - 5
Toncoin 30-day price chart | Source: CoinGecko

His performance over the last seven days has also been positive. The price rose more than 225%, driven mainly because Telegram co-founder Pavel Durov said the platform was considering a initial public offering.

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

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