The market’s biggest meme coins, Dogecoin and Shiba Inu, have suffered huge losses during the last drop. As investors pour capital into social cryptos, meme coins are wiping out their earnings as they plummet from their all-time high.
Dogecoin and Shiba Inu ATH are 80% off
The cryptocurrency market has been on the decline for a long time. Meme coins/tokens like Dogecoin, Shiba Inu, Floki Inu, Dogelon Mars and Baby Doge have lost more than 80% of their value since their ATH prices. Social cryptos in sports entertainment are experiencing a surge in popularity as dog-themed cryptos wipe out most of their earnings. 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.
It seems that in times of crypto crash and market turmoil, investors gravitate towards their favorite football clubs for fun, mostly.
Shiba Inu’s DeFi platform Shiba Swap’s TVL has been in a steady decline since July 2021. Total Value Locked, TVL, represents the value of coins staked on DeFi platforms. Therefore, a falling TVL in Shiba Swap indicates a decrease in supply secured by the platform.
410.36 trillion Shiba Inu burned, no apparent recovery
, which we quoted as Cryptokoin.com , Shiba Data from the “Shibburn” platform, which tracks the burned tokens of its network, reveals that 410.36 trillion SHIBs were destroyed. Typically, a shrinking circulating supply accelerates the recovery in price. However, despite the rapid decline in the circulating supply of meme coins, the price of the Shiba Inu has not recovered. Despite the burning of 5.4 billion SHIB on Friday, the meme coin has witnessed a consistent price drop.
How Dogecoin price recover
YouTube channel “Trade Confident” analysts, trend depletion of Dogecoin determines it as a critical indicator of its rally. When trend exhaustion is low, Dogecoin price usually recovers and witnesses a breakout. Analysts say trend exhaustion is low right now. Therefore, Dogecoin price could recover from its decline and target the $0.13 level.
