Indeed, the cryptocurrency market has struggled since the August 19 sell-off. Meantime, skeptics warn about the macro market’s dire condition.
Meanwhile, the hyped meme coins: Dogecoin and Shiba Inu as among the top losers from the sell-off. The canine-themed tokens enjoyed respective bullish moves until the sudden crash.
Meanwhile, Dogecoin maintained above its rival in the cryptocurrency rankings. Coinmarketcap data showed DOGE at the 10th position by market capitalization.
Meanwhile, Shiba Inu lost its place it slid down the rank. While publishing this content, it stood at the 14th spot after losing two levels during the weekend.
The Memecoin Battle
Meanwhile, Dogecoin hovered at around $0.061 during this publication, dropping 3.55% within the past day. Also, the original meme coin lost more than 7% in the previous week.
The narrative wasn’t different for Shiba Inu. SHIB lost 3.25% within the last 24 hours to trade near $0.00001193. Also, the DOGE competitor surrendered over 7% during the previous week (Coinmarketcap data).
The falling prices saw trader profitability deteriorating following August 19’s events. Santiment revealed the Shiba Inu & Dogecoin holders endure losses though the former shows marginally better performance on its MVRV chart.
While publishing this news, SHIB’s 30d MVRV ratio hovered at -11.81%, whereas DOGE’s stood near -17.32%.
What Else Could You Be Missing
Dogecoin has seen a sharp increase in public interest over the last few days (despite the slumping prices). LunarCrush ranks Dogecoin 3rd by social engagement within the last week. The same list has SHIB at the 7th spot.
WhaleStats update shows Dogecoin holding among the leading 100 Binance Smart Chain whales surged rapidly over the past few days.
While writing these lines, these investors had DOGE worth more than $5.58 million. Moreover, DOGE remains the most utilized smart contract by the top 4,000 BSC whales over the last 24 hours.
Meanwhile, the SHIB community remains excited about the launch of the upcoming game, Shiba Eternity. One of the project’s leads, William Volk, has confirmed the game will launch in September.
Such a development will likely trigger positive investor sentiment, though the token maintains declines on its price charts.