Dogecoin (DOGE) and Shiba Inu (SHIB), the two largest meme coins by market cap, followed the market’s broader bearish trend to post losses over the last day, dropping 3.8% and 5.7%, respectively.
Despite the decline, both cryptocurrencies have stood out from the rest of the market thanks to hefty gains in the past seven days.
DOGE, which earlier this week hit a 10-week high above $0.088, was trading at $0.081 by press time, up 13.4% over the week; SHIB is changing hands at $0.00001488, up a massive 20.6% over the same span.
Trading volumes for DOGE and SHIB dwindled significantly in the last day, dropping by 60% and 20%, respectively.
Doge, Shib buck bearish trend
The two meme coin’s latest price action is in sharp contrast to many other major cryptocurrencies that saw their value sink over the past day. Unlike the canine-inspired cryptocurrencies, market leaders have also suffered heavy losses over the week.
These include both Bitcoin and Ethereum, the industry’s two largest assets, are down 1.6% and 2.5% over the past 24 hours, respectively, and 4.32% and 2% over the week.
BTC was changing hands at $23,414 at the time of writing; ETH is currently trading at $1,846.
Bitcoin, Crypto Markets Dip on Release of Fed Minutes
Crypto markets dipped today after the Federal Reserve released minutes from its July meeting in which the agency said it would continue to hike interest rates in order to tame inflation. Bitcoin’s price dropped 0.9% in the hour following the Fed’s announcement, and was down 2.4% for the day. Ethereum was down by 0.9% and down 2% for the day. The world’s biggest cryptocurrency by market cap was at the time of writing trading for $23,303.53. Ethereum, the second largest digital asset, was priced...
Solana and Polkadot have followed the same trend dropping between 4%-5% in the past 24 hours. Both cryptocurrencies are also in the slumps over the week, dropping by 7.64% and 9.3%, respectively.
Avalanche is meanwhile the worst hit among the top coins as it is down 5.15% over the day and as much as 12,5% in the last seven days, data from CoinMarketCap shows.
The broader crypto market, which plunged along with the stock market on Wednesday after the Federal Reserve revealed it will continue to hike interest rates in order to temper inflation, is now valued at $1,118 trillion, a significant drop from $1,195 trillion seen over last weekend.
