Shiba Inu, Dogecoin Up Double-Digits Over the Week
Although Dogecoin and Shiba Inu posted losses in the past 24 hours, both meme coins are still boasting solid gains over the last week.
Dogecoin (DOGE) and Shiba Inu (SHIB), the two largest meme coins by market cap, followed the market’s broader bearish trend to post losses over the last day, dropping 3.8% and 5.7%, respectively.
Despite the decline, both cryptocurrencies have stood out from the rest of the market thanks to hefty gains in the past seven days.
DOGE, which earlier this week hit a 10-week high above $0.088, was trading at $0.081 by press time, up 13.4% over the week; SHIB is changing hands at $0.00001488, up a massive 20.6% over the same span.
Trading volumes for DOGE and SHIB dwindled significantly in the last day, dropping by 60% and 20%, respectively.
Doge, Shib buck bearish trend
The two meme coin’s latest price action is in sharp contrast to many other major cryptocurrencies that saw their value sink over the past day. Unlike the canine-inspired cryptocurrencies, market leaders have also suffered heavy losses over the week.
These include both Bitcoin and Ethereum, the industry’s two largest assets, are down 1.6% and 2.5% over the past 24 hours, respectively, and 4.32% and 2% over the week.
BTC was changing hands at $23,414 at the time of writing; ETH is currently trading at $1,846.
Solana and Polkadot have followed the same trend dropping between 4%-5% in the past 24 hours. Both cryptocurrencies are also in the slumps over the week, dropping by 7.64% and 9.3%, respectively.
Avalanche is meanwhile the worst hit among the top coins as it is down 5.15% over the day and as much as 12,5% in the last seven days, data from CoinMarketCap shows.
The broader crypto market, which plunged along with the stock market on Wednesday after the Federal Reserve revealed it will continue to hike interest rates in order to temper inflation, is now valued at $1,118 trillion, a significant drop from $1,195 trillion seen over last weekend.