DOGE And Shiba Suffer In Red As Investors Flee The Meme Coins

DOGE and Shiba suffer in red as the investors are fleeing the meme coins so let’s have a closer look at today’s latest altcoin news today.

The market’s leading meme coins DOGE and Shiba suffer in red as they started hemorrhaging their gains. The biggest meme coin by market cap DOGE is now down by 8% over the past week and this puts the price of DOGE at about $0.13 per piece according to CoinMarketcap. The token’s all-time high was set in May 2021 and DOGE dropped by another 82%. Dogecoin’s rival Shiba Inu also fell onto some hard times. SHIB dropped by 11% over the past week and the token is now trading at $0.0000208 down more than 76% since the ATH of October.

SHIB’s price action means that there are some more investors that are out of the moeny than there are in the money as per the data from IntoTheBlock. This means that there are more investors with 710,000 addresses that hold SHIB who have lost money on the meme coin investment than there are investors that made money. It is difficult to establish the clear reason behind the price action for the meme coins. This is true often with what seems to be a bullish week of the news for both DOGE and SHIB. Bitso one of the more popular exchanges in Mexico announced that it will list DOGE.

The most popular exchange in Mexico annoucned that it will list DOGE and as for SHIB, the project recently launched “Burn Portal” destroyed more than 23 billion coins, and the platform removed the tokens from circulation which was pitched to reduce the token’s inflation and increase its price. These events did really inspire buyers and looking in the past 3 months, the number of total addresses holding DOGE dropped from 4.55 million to 3.84 million and it also seems that this week’s news did almost nothing to bring the investors back.

The number of SHIB addresses dropped from 1.15 million to 1.08 million and before either of the cryptos can start approaching ATH they will have to first convince the investors that there are more memes backing both SHIB and DOGE.