Crypto Industry Sheds $44 Billion Overnight Bringing Down Trading Values Of Meme Coins

For a long time, Elon Musk has continued fueling the meme coins. Among the fortunate meme, coins have been Dogecoin (DOGE) and Shiba Inu (SHIB), the largest couple in valuation in the meme coin sector.

Elon Musk’s constant input about the couple has helped push their trading prices. Even if it was an indirect tweet from Musk that hinted at either of the tokens, the investors would rally them.

Unfortunately, Elon Musk’s magic seems to have ended and things are not looking good for the meme coins.

DOGE and SHIB Suffered Losses

CoinGecko has just shared the price movement report for both meme coins and it seems that both assets have steered downward in the past 24 hours.

The data suggests that the trading prices of both meme coins have moved downward, having incurred massive losses.

DOGE Dipped Over 12%

The report shared by CoinGecko shows that the trading price of DOGE has suffered more than a 12% loss in the past 24 hours. Following the dip, the trading price of DOGE has come down to $0.10.

Although DOGE has continued witnessing declines in the past few trading sessions, its overall performance in the past 30 days has been very impressive. In the past 30 days, DOGE’s price has climbed by 67.5%.

As the trading of DOGE grew in intensity, the trading volume for the canine-crypto jumped more than 30% in 24 hours. As of now, the daily trading volume for DOGE is hovering around $2.3 billion.

As of now, the overall valuation of DOGE is slightly over the $14 billion mark, ranking the meme coin as the eighth-largest cryptocurrency by valuation.

If the price of DOGE keeps declining and its valuation suffers the same trend, it may lose its rank to Cardano (ADA), a layer-1 blockchain token.

SHIB Dipped 8.5%

The second-largest meme coin “Shiba Inu” has followed the same trend as DOGE. However, it has experienced a slightly lower dip than DOGE.

In a 24-hour window, the trading price of Shiba Inu has suffered an 8.5% loss. It is quite shocking to realize that the losses SHIB has incurred in the past 24 hours have wiped out all the monthly gains.

After the reported dip, the trading price of SHIB is now at $0.00001. The trading volume for SHIB in the past 24 hours has hit a higher level at $459 million.

There was a time when SHIB was among the top 10 cryptocurrencies by valuation and it had even outranked DOGE. Unfortunately, SHIB has lost its rank among the top 10 cryptos and now stands at no. 14.

The overall valuation of the second-largest meme coin currently visits $6.5 billion.