Shiba Inu and Dogecoin Lose Momentum
- SHIB has dropped by more than 40% within the last week.
- Dogecoin has failed to retain the recent rally.
After a drop of nearly $500 billion in market cap, the cryptocurrency assets saw a recovery on Friday. However, Shiba Inu (SHIB) and Dogecoin (DOGE) lost momentum on Saturday along with other digital currencies.
SHIB, which saw a jump of almost 20% on 13 May, dipped by more than 12% on Saturday and erased most of its gains. In terms of weekly performance, Shiba Inu lost over 40% of its value. Among the top 15 digital currencies, only Solana and AVAX performed worse than Shiba Inu last week.
As far as Dogecoin is concerned, the crypto asset has dropped by almost 5% in the past 24 hours. However, DOGE has been able to retain its title of the world’s 10th largest digital asset. With a market cap of over $11 billion, Dogecoin is still the most valuable meme coin.
After a monumental rise in value in 2021, Shiba Inu has faced a tough challenge this year as the meme coin lost nearly $25 billion worth of market cap. SHIB is now the 15th most valuable digital currency in the world with a market value of $6.5 billion.
Crypto Market
Despite the reason that the crypto market is going through one of its worst corrections, the market fundamentals of digital assets are not as bad as they were during the market crash of 2017 and 2020.
“The cryptocurrency market has repeatedly shown strength in the past and has always emerged victorious from similar oppressions. However, the sharp rebound doesn’t necessarily bring a sharp change in the sentiment. Correctional movements can be volatile in cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term and retesting major psychological levels can be seen across major currencies,” Farah Mourad, the Senior Market Analyst at XTB MENA, commented on the latest crypto market volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term.
The total value of the cryptocurrency market now stands at around $1.2 trillion, compared to an all-time high of $3 trillion in November 2021.
After a drop of nearly $500 billion in market cap, the cryptocurrency assets saw a recovery on Friday. However, Shiba Inu (SHIB) and Dogecoin (DOGE) lost momentum on Saturday along with other digital currencies.
SHIB, which saw a jump of almost 20% on 13 May, dipped by more than 12% on Saturday and erased most of its gains. In terms of weekly performance, Shiba Inu lost over 40% of its value. Among the top 15 digital currencies, only Solana and AVAX performed worse than Shiba Inu last week.
As far as Dogecoin is concerned, the crypto asset has dropped by almost 5% in the past 24 hours. However, DOGE has been able to retain its title of the world’s 10th largest digital asset. With a market cap of over $11 billion, Dogecoin is still the most valuable meme coin.
After a monumental rise in value in 2021, Shiba Inu has faced a tough challenge this year as the meme coin lost nearly $25 billion worth of market cap. SHIB is now the 15th most valuable digital currency in the world with a market value of $6.5 billion.
Crypto Market
Despite the reason that the crypto market is going through one of its worst corrections, the market fundamentals of digital assets are not as bad as they were during the market crash of 2017 and 2020.
“The cryptocurrency market has repeatedly shown strength in the past and has always emerged victorious from similar oppressions. However, the sharp rebound doesn’t necessarily bring a sharp change in the sentiment. Correctional movements can be volatile in cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term and retesting major psychological levels can be seen across major currencies,” Farah Mourad, the Senior Market Analyst at XTB MENA, commented on the latest crypto market volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term.
The total value of the cryptocurrency market now stands at around $1.2 trillion, compared to an all-time high of $3 trillion in November 2021.