- Meme coins Dogecoin and Shiba Inu prices have plummeted 80% from their all-time high in the ongoing bear market.
- 410.36 trillion Shiba Inu tokens have been burned so far, failing to fuel a recovery in SHIB price.
- Analysts believe trend exhaustion is low and Dogecoin is ready to make a comeback to the $0.13 level.
Dogecoin and Shiba Inu witnessed a massive price drop in the recent bloodbath that hit the cryptocurrency market. Meme coins wiped out their gains, plummeting from their all-time highs, while investors poured capital into social tokens.
Dogecoin and Shiba Inu prices nosedived 80%
The cryptocurrency market has been in decline for an extended period. Meme coins like Dogecoin, Shiba Inu, Floki Inu, Dogelon Mars and Baby Doge have shed over 80% of their value since their all-time highs.
While Shiba-Inu-themed cryptocurrencies wiped out their gains, social tokens in sports entertainment witnessed a rise in popularity. Multiple fan tokens, Paris Saint-Germain (PSG), Juventus (JUV), FC Barcelona (BAR), AC Milan fan token (ACM), and FC Porto (PORTO), have posted massive gains since May 18, 2022.
Investors have turned to entertainment in times of crypto bloodbath and market turmoil, rooting for their favorite football club.
Fan tokens witnessed three-digit gains over the past week
The Total Value Locked in Shiba Inu's DeFi platform Shiba Swap has consistently plummeted since July 2021. Total Value Locked represents the number of assets being staked on the DeFi platform. Therefore, a declining TVL on Shiba Swap indicates a reduction in supply secured by the platform.
Shiba Swap TVL
410.36 trillion Shiba Inu tokens burned, no recovery in sight
Data from Shiba Inu's burn portal Shibburn revealed that 410.36 trillion SHIB tokens had been destroyed. Typically, a shrinking circulating supply fuels recovery in the price.
However, despite a rapid decline in the circulating supply of the meme coin, there has been no recovery in Shiba Inu's price. The meme coin has witnessed a consistent price drop, despite the destruction of 5.4 billion SHIB tokens on Friday.
Dogecoin price could recover with declining trend exhaustion
Analysts evaluated the Dogecoin price drop and predicted a recovery in DOGE. Crypto analysts at the YouTube channel Trade Confident have identified trend exhaustion as a critical indicator of Dogecoin's rally. When trend exhaustion is low, Dogecoin price usually recovers and witnesses a breakout. Analysts noted that currently, the trend exhaustion level is low; therefore Dogecoin price could recover from its slump and target the $0.13 level.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.