Meme-based cryptocurrencies Shiba Inu (SHIB) and Dogecoin (DOGE) suffered a major hit in the last few days after the market cap of both tokens dropped below $30 billion. The latest dip means that DOGE and SHIB are no longer among the top 10 cryptocurrencies by market capitalization. Not just these two coins, the entire cryptocurrency market saw a major collection during the last week.
Shiba Inu lost approximately 6% of its value in the 24 hours.
After reaching an all-time high market cap of $3 trillion, the crypto market saw a major correction during the last week. In the past 24 hours, Shiba Inu lost approximately 6% of its value. With a market capitalization of $24 billion, SHIB is the world’s 12 largest digital asset. On the other hand, Dogecoin dropped by 4% during the same period. DOGE’s current market cap stands at around $29 billion. Overall, the digital assets lost almost $500 billion worth of market cap.
Several altcoins also witnessed a noticeable slump.
Apart from Shiba Inu and Dogecoin, other leading cryptocurrency assets, including Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Solana (SOL), and Cardano (ADA), are also down by more than 10% in the past seven days. While investors enjoyed significant gains on Shiba Inu and Dogecoin earlier this year, the latest correction has caused a major shift in the overall sentiment around meme coins. In fact, the majority of the fresh investment is now going into stable coins like Tether (USDT) and USDC. Despite the recent decline in prices, DOGE and Shiba INU are still among the best performing cryptocurrencies in 2021.