SHIB and DOGE are not one of the world’s top 10 digital assets anymore.
After the market capitalization of Shiba Inu and Dogecoin has dropped below $30 billion, both meme coins have taken a major hit in the last few days. This latest major hit means SHIB and DOGE are not one of the world’s top 10 digital assets anymore.
When we look at the past 24 hours SHIB has lost nearly 6% of its value. Alongside with $24 billion market capitalization, Shiba Inu is the 12th largest digital asset in the world. On the other hand, DOGE has dropped by 4% while its market cap is almost $29 billion.
The crypto market has reached an all-time high market capitalization of $3 trillion but there has been a major correction last week. As a result, digital assets have lost around $500 billion worth of market capitalization. Besides Dogecoin and Shiba Inu, other major cryptocurrencies like Bitcoin, Ethereum, Solana, Binance Coin, and Cardano have dropped by more than 10% in the last week.
Stable Coins or Meme Coins
While investors have gained significant amounts from SHIB and DOGE, the latest market correction has changed the overall point of view about meme coins. Now, the major part of the investment is used for stable coins such as USDC and Tether (USDT).
“The largest 1-hour Tether inflow to exchanges of the entire year occurred Thursday. At 8 am UTC, over 771.6m USDT was transferred to exchanges. Then, just 6 hours later, 454m USDC was then transferred to exchanges, a 4-month high of its own,” the crypto analytics firm, Santiment highlighted in its recent Tweet.
Although there is a recent price decline, Shiba Inu and Dogecoin are still considered as one of the best-performing currencies of 2021. Both currencies are valuable compared to Litecoin.
See also: Crypto Market Sees a Major Dip in the Last 24 Hours