Two of the largest meme coins by market capitalization, Dogecoin (DOGE) and Shiba Inu (SHIB), have both stalled in the past 24 hours.
DOGE, currently ranked No. 9 with a total value of more than $21 billion, has seen its stock price down more than 8% amid a broader market correction.
Although ranked 12th in terms of daily trading volume, the $2 billion worth of DOGE traded in the past 24 hours was down 47% from the previous day's level.
After 30 days, Dogecoin’s current price is still up 75.8%. However, it recorded a significant 15.6% decline in 7 days.
Dogecoin's lackluster performance comes after a mysterious whale leaked more than $14 million worth of Doge to Robinhood.
Another popular meme coin, Shiba Inu, doesn't get any better. According to data from CoinGecko, the stock was down 9.6% at the time of publication. The coin’s performance over the past seven days has been equally dismal, losing over 26% of its value.
However, SHIB's current price is 163% higher than it was a month ago, which is good news for long-term holders.
As noted by crypto.news analyst Ibrahim Ajibade, Shiba Inu has seen a notable shift in its long-term investor base, with on-chain numbers showing a decline of 20,000 long-term investors in early March. It is shown that.
Long-term investors play a critical role in the health of any cryptocurrency, and a decline in their number could signal a bearish trend to both current and future market participants, leading to a decline seen. there is.
In addition to the two meme coins, several other leading coins, including Polkadot (DOT), Toncoin (TON), and Chainlink (LINK), have also seen their prices fall from their levels 24 hours ago.
Of the three, DOT was the least affected, losing 3.8% at the time. Although its current price is around $10, the coin has a market capitalization of $13.4 billion, making it the 13th largest cryptocurrency.
Although its price is up 10.2% compared to two weeks ago, the past seven days have not been kind to Polkadot, with the coin giving up 4.7% of its value during that time.
Chainlink, whose current price is $18.43, has had a month full of peaks and troughs, as seen in the graph below. Its price is in the red in all time frames, with the biggest difference being a 13.4% decline over the past two weeks.
In the past 24 hours, LINK's price fell by 4.8%, with a trading volume of approximately $624 million.
In contrast, Toncoin has fared much better over the past two weeks, with its price increasing by 30.4% during this period.
The coin still retains most of the value it gained after Telegram announced an advertising revenue sharing scheme that leverages TON.
Performance over the past seven days has also been strong. The price rose more than 225%, mainly after Telegram co-founder Pavel Durov said the platform was considering an initial public offering.
However, TON fell by 8.1% in the past 24 hours as it failed to overcome the broader market contraction.
