Meme Token Economy Suffers After Crypto Market Dip, DOGE and SHIB Market Caps Lose Billions
The global cryptocurrency market valuation has rebounded a great deal since the initial downturn after 12:00 a.m. EST on December 4, and on Sunday, the crypto economy is down 1.4% during the last 24 hours. Meanwhile the meme token market capitalization today is $47.2 billion down 12.6% during the last day. Dogecoin has suffered pretty badly losing 19.2% during the last seven days, while its rival shiba inu has shed 9.7% last week.
Meme Token Economy Takes the Brunt of the Crypto Market Carnage — Dogecoin Drops 19% in a Week’s Time
At the time of writing, the crypto meme token market economy is valued at $47.2 billion and has taken a deep hit from yesterday’s market carnage. Dogecoin (DOGE) is the largest meme token market cap with $21.5 billion as each DOGE is trading for $0.164 or 0.00000342 BTC per unit. DOGE is down 37.7% over the course of the last month, but dogecoin is still up 4,863% year-to-date. On Sunday, December 5, there’s $1.4 billion in global DOGE trades with Binance being the most active dogecoin exchange.
Today, the stablecoin tether (USDT) commands most of dogecoin’s trades as USDT captures 75.79% of Sunday’s DOGE pairs. This is followed by USD (10.69%), BUSD (5.03%), BTC (3.96%), and EUR (2.05%). The Turkish lira (TRY) commands 1.2% of all dogecoin (DOGE) pairs this weekend.
Besides Binance, other active dogecoin exchanges on Sunday include Huobi Pro, Huobi Korea, Okex, Bittrex, and Kraken. Into the Block stats show that only 55% of DOGE holders are making money at the current price. The concentration of large holders today is 60% and during the last seven days there was $20.33 billion in transactions over $100K in dogecoin.
Shiba Inu Sheds 9% This Week, 59% Down From the Crypto Asset’s All-Time High
The second-largest crypto meme asset is shiba inu (SHIB) which has lost far less than DOGE this week. SHIB is down 9.7% this week and 27.6% during the last 30 days. But year-to-date gains are a whole different story as SHIB has climbed a whopping 56,175,642%.
SHIB is still down, however, 59.5% from the crypto asset’s all-time high of $0.00008616 on October 28. SHIB is the 13th largest crypto asset by market cap with $19.6 billion today. At the time of writing, there is $2.3 billion in global SHIB trade volume globally.
Similar to DOGE, the trading platform Binance is SHIB’s most active exchange on Sunday. Binance’s SHIB markets are followed by volumes stemming from Huobi Pro, Okex, and Coinbase. Tether (USDT) is SHIB’s top trading pair with 41.9% of the SHIB trading pairs. This is followed by USD (23.51%), BUSD (19.63%), TRY (9.88%), and WETH (2.41%).
58% of SHIB holders are still in profit and the concentration of large holders today is 78%. Into the Block stats indicate that transactions greater than $100K during the last seven days amounted to around $4.93 billion worth of SHIB.
Donkey, Meta Doge, and Kitty Coin See Double-Digit 7-Day Gains, Catbonk and Fantom Doge Shed Significant Losses
As DOGE and SHIB lost some value this past week, a number of other meme tokens have shed prior gains as well. During the last week, dogelon mars (ELON) has lost 19.3% and baby doge coin (BABYDOGE) dropped by 21.3% this past week.
However, donkey (DONK), meta doge (METADOGE), and kitty coin (KITTY) have seen double digit gains during the last seven days. The biggest meme token loser this past week was catbonk (CABO) losing 67% and fantom doge (RIP) shedding 59%.
What do you think about the meme token economy losing more than 12% during the last 24 hours and dogecoin and shiba inu’s weekly losses? Let us know what you think about this subject in the comments section below.