Shiba

Toncoin

Dogecoin

Shiba Inu

Chainlink

Dogecoin (<a href="https://crypto.news/price/dogecoin/" target="_blank" rel="noreferrer noopener">DOGE</a>) and Shiba Inu (<a href="https://crypto.news/price/shiba-inu/" target="_blank" rel="noreferrer noopener">SHIB</a>), two of the biggest meme coins by market cap, have both lost ground in the last 24 hours. 
DOGE, which is currently ranked ninth with an overall value of over $21 billion, shaved off more than 8% from its price amid a broader market correction.&nbsp; 
While it ranked 12th in terms of daily trading volume, the $2 billion worth of DOGE that changed hands in the last 24 hours represented a 47% drop from the previous day’s levels. 
<figure class="wp-block-image">
 <img loading="lazy" decoding="async" width="1600" height="1168" src="https://crypto.news/app/uploads/2024/03/image-41.png" alt="Dogecoin, Shiba Inu face sharp declines amidst market correction - 12" class="wp-image-14258936">
 <figcaption class="wp-element-caption">
 Dogecoin 24-hour price chart | Source: CoinGecko
 </figcaption>
</figure> 
Over 30 days, Dogecoin’s current price is still a 75.8% improvement; however, it marks a steep 15.6% decline over seven days. 
Dogecoin’s drab performance comes in the wake of a mysterious whale offloading more than $14 million worth of DOGE onto Robinhood. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 https://twitter.com/whale_alert/status/1768518943491125343?s=20 
 </div>
</figure> 
Shiba Inu, another popular meme coin, has not faired any better. At the time of going to press, it was down 9.6%, per <a href="https://www.coingecko.com/en/coins/shiba-inu" target="_blank" rel="noreferrer noopener">data</a> from CoinGecko. The coin’s performance over the previous seven days was just as dismal, losing more than 26% of its value. 
<figure class="wp-block-image">
 <img loading="lazy" decoding="async" width="1600" height="1168" src="https://crypto.news/app/uploads/2024/03/image-42.png" alt="Dogecoin, Shiba Inu face sharp declines amidst market correction - 13" class="wp-image-14258937">
 <figcaption class="wp-element-caption">
 Shiba Inu 24-hour price chart | Source: CoinGecko
 </figcaption>
</figure> 
However, the news is better for long-term holders, with SHIB’s current price being 163% higher than it was a month ago. 
As <a href="https://crypto.news/shiba-inus-price-at-risk-as-20k-long-term-investors-exit/" target="_blank" rel="noreferrer noopener">indicated</a> by crypto.news analyst Ibrahim Ajibade, Shiba Inu has witnessed a notable change in its long-term investor demographics, with on-chain numbers indicating a decrease of 20,000 long-term investors in early March.&nbsp; 
With long-term investors playing a vital role in the health of any cryptocurrency, a reduction in their numbers could potentially signal bearish trends to both current and prospective market participants, leading to the dip being witnessed. 
 You might also like: <a href="https://crypto.news/solana-record-new-users-dogwifhat/"> Solana sets new record: 816k new users join amid Dogwifhat’s 400% price rally </a> 
Alongside the two meme coins, several other heavy hitters, including Polkadot (<a href="https://crypto.news/price/polkadot/" target="_blank" rel="noreferrer noopener">DOT</a>), Toncoin (<a href="https://crypto.news/price/toncoin/" target="_blank" rel="noreferrer noopener">TON</a>), and Chainlink (<a href="https://crypto.news/price/chainlink/" target="_blank" rel="noreferrer noopener">LINK</a>), have also seen their prices come down from their level 24 hours ago.&nbsp; 
Of the three, DOT has been the least affected, losing 3.8% then. Currently priced at about $10, the coin has a market capitalization of $13.4 billion, making it the 13th largest cryptocurrency.&nbsp; 
<figure class="wp-block-image">
 <img loading="lazy" decoding="async" width="1600" height="1168" src="https://crypto.news/app/uploads/2024/03/image-43.png" alt="Dogecoin, Shiba Inu face sharp declines amidst market correction - 14" class="wp-image-14258939">
 <figcaption class="wp-element-caption">
 Polkadot 7-day price chart | Source: CoinGecko
 </figcaption>
</figure> 
While its price is 10.2% higher than it was 2 weeks ago, the last seven days have not been kind to Polkadot, with the coin surrendering 4.7% of its value in that time. 
Currently priced at $18.43, <a href="https://crypto.news/?s=CHAINLINK" target="_blank" rel="noreferrer noopener">Chainlink</a> has had a month full of peaks and troughs, as can be seen in the chart below. Its price across all timeframes is in the red, with the biggest difference being the 13.4% dip over the last two weeks. 
<figure class="wp-block-image">
 <img loading="lazy" decoding="async" width="1600" height="1168" src="https://crypto.news/app/uploads/2024/03/image-44.png" alt="Dogecoin, Shiba Inu face sharp declines amidst market correction - 15" class="wp-image-14258940">
 <figcaption class="wp-element-caption">
 Chainlink 30-day price chart | Source: CoinGecko
 </figcaption>
</figure> 
In the previous 24 hours, the price of LINK dropped 4.8%, marking about $624 million in trading volume. 
In contrast, <a href="https://crypto.news/?s=TONCOIN" target="_blank" rel="noreferrer noopener">Toncoin</a> has had a much better two weeks, with its price up 30.4% in that period. 
The coin is still holding most of the value it gained following Telegram’s announcement of an ad revenue-sharing scheme that will utilize the TON. 
<figure class="wp-block-image">
 <img loading="lazy" decoding="async" width="1600" height="1168" src="https://crypto.news/app/uploads/2024/03/image-43.png" alt="Dogecoin, Shiba Inu face sharp declines amidst market correction - 16" class="wp-image-14258938">
 <figcaption class="wp-element-caption">
 Toncoin 30-day price chart | Source: CoinGecko
 </figcaption>
</figure> 
Its performance over the past seven days has also been positive. The price rose more than 225%, mostly buoyed by Telegram co-founder Pavel Durov saying the platform was considering an <a href="https://www.westislandblog.com/toncoin-soars-as-telegram-approaches-ipo/" target="_blank" rel="noopener">initial public offering</a>. 
However, over the last 24 hours, TON dropped 8.1% as it failed to overcome broader market contractions. 
 Read more: <a href="https://crypto.news/bitcoin-whales-buy-27-billion-btc-amid-8-price-dip-80k-rebound-ahead/"> Bitcoin whales buy $27 billion BTC amid 8% price dip —$80k rebound ahead? </a>

Dogecoin, Shiba Inu face sharp declines amidst market correction

crypto.news

Other articles published on Mar 16, 2024

Bitcoin Layer 2 Conference 2024 Unveils First Look at All-Star Speakers

Fetch.ai (FET) Price Stability: This Is How Whales Prevented $1 Billion Worth of Losses

Cardano’s Market Performance and Prospects

Bybit Faces Scrutiny: Hong Kong Tags Crypto Exchange As ‘Suspicious’ In Regulatory Crackdown

Near Protocol (NEAR) Patterns Emerge as Kelexo (KLXO) Lending Presale Gains Momentum

Key Trend Driving Altcoin Market Toward $425 Billion: Analyst

Join our free newsletter for daily crypto updates!