Meme Token Economy Suffers After Crypto Market Dip, DOGE and SHIB Market Caps Lose Billions – Markets and Prices Bitcoin News

Since the December 4th downturn at 12:00 AM EST, global crypto market value has recovered a lot. On Sunday, however the cryptocurrency economy was down 1.4% in the past 24 hours. Today’s meme token market cap is at $47.2 billion, which was 12.6% lower than the previous day. Dogecoin lost 19.2% in the past seven days while its competitor shiba Inu dropped 9.7%.

Meme Token Economics Takes the Brunt Of The Crypto Market Carnage — Dogecoin Drops 19% in a Week’s Time

At the time of writing, the crypto meme token market economy is valued at $47.2 billion and has taken a deep hit from yesterday’s market carnage. Dogecoin, (DOGE), is the most valuable meme token with a market capitalization of $21.5 billion. Every DOGE can be traded for $0.164 or 0.0000342 BTC per unit. DOGE’s value has dropped 37.7% during the month of December, however dogecoin remains up 4,863% over the same period. On Sunday, December 5, there’s $1.4 billion in global DOGE trades with Binance being the most active dogecoin exchange.

Meme Token Economy Suffers After Crypto Market Dip, DOGE and SHIB Market Caps Lose Billions
Doge/USD December 5, 2021

Today, the stablecoin tether (USDT) commands most of dogecoin’s trades as USDT captures 75.79% of Sunday’s DOGE pairs. BUSD (5.03%), BTC (3.96%), and EUR (2.05%) follow. This weekend, the Turkish Lira (TRY), commands 1.2% in all DOGE pairs.

Binance is not the only active exchange for dogecoins. Okex and Bittrex are also available on Sunday. Only 55% of DOGE owners are earning money at this price, according to the Into the Block statistics. Today, 60% of large holders are concentrated. In the past seven days, there were $20.33 trillion in transactions exceeding $100K in Dogecoin.

Shiba Inu Sheds 9% This Week, 59% Down From the Crypto Asset’s All-Time High

SHIB (shiba inu) is the second largest crypto asset. It has experienced a much smaller loss than DOGE. SHIB’s loss this week is 9.7%, and it has dropped 27.6% over the last 30. SHIB’s year-to-date gains have been a different story. It has increased by a staggering 56,175,642%.

Meme Token Economy Suffers After Crypto Market Dip, DOGE and SHIB Market Caps Lose Billions
SHIB/USDT December 5, 2021

SHIB is still down, however, 59.5% from the crypto asset’s all-time high of $0.00008616 on October 28. SHIB currently ranks 13th in terms of market cap, with $19.6 Billion. SHIB’s global trade volume totals $2.3 Billion at the time of this writing.

Similar to DOGE, the trading platform Binance is SHIB’s most active exchange on Sunday. Binance’s SHIB markets are followed by volumes stemming from Huobi Pro, Okex, and Coinbase. Tether (USDT) is SHIB’s top trading pair with 41.9% of the SHIB trading pairs. Next are USD (23.51%), TRY (9.88%) and BUSD (19.63%).

SHIB owners are currently in profit at 58%, while 78% hold large positions. Stats from Into the Block show that there were approximately 4.93 billion SHIB transactions in seven days.

Kitty Coin, Meta Doge and Donkey See Double-Digit 7 Day Gains, Catbonk, Fantom Doe Reduce Significant Losses

DOGE and SHIB have lost some value over the past week. Many other mem tokens also suffered losses. Dogelon mars (ELON), which lost 19.3%, and baby doge (BABYDOGE), dropped 21.3% over the past week.

However, the gains in donkey (DONK), meta doge (METADOGE) and kitty coins (KITTY), have been double-digit over the last seven day. This week’s biggest loser was catbonk, CABO (which lost 67%), and fantom doge (RIP) which shed 59%.

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What do you think about the meme token economy losing more than 12% during the last 24 hours and dogecoin and shiba inu’s weekly losses? Comment below and let us know how you feel about the subject.

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