Dogecoin has also performed well since the market began to stagnate, but it is currently experiencing a drop in price as investors search for more stable currencies. For the last 11 days, both DOGE and SHIBA Coin have been losing value. They fell by 21% and 22%, causing their investors to suffer a loss as well.
Although the fall in profitability has affected all cryptocurrencies, Shiba Inu holders have managed to profit for now. Over 300,000 profitable addresses lost their profits at press time though DOGE isn’t far from this either as it also slipped into losses with 61% of its addresses having experienced a loss.
This past May 2021, a trillion dollars were shaved off of the overall cryptocurrency market capitalization. Shiba Inu-themed cryptocurrencies have also noted a drop in price over the last two weeks.
According to AMB Crypto, Shiba Coin has been bought more than sold. This is probably because of OpenSea’s recent announcement that they are accepting SHIBA Token as a valid payment option.
Furthermore, Dogecoin has brought in 26% of Robinhood’s revenue for Q2 2021, as traders bought the meme coin aggressively.
According to FXStreet, both Dogecoin and Shiba Inu have consolidated over the past two weeks with analysts predicting further meltdown across all Shiba Inu-themed memes coins going forward. The correlation between DOGE coin and Bitcoin is on the rise which means that a 30% drop could be imminent according to some experts.