The leading meme coin, Dogecoin, lost around 17%, trading at $0.1436 on Thursday, April 7. Crypto coins are underperforming, with Shibu Inu losing 7% in 24 hours.
Meme Coin Dogecoin and Shibu Inu Prices Slip
Meme coins prices of Doge and Shibu are sliding lower. Dogecoin (DOGE) trades at $0.1436 on Thursday, April 7, 2022, losing 17%, while SHIB lost 7% from the previous day.
Doge prices surged to $0.1791 on April 5, 2022, but currently trading at $0.1436 on Thursday, April 7, a slide of 19.8% from April 5 and 17% in 24 hours.
Dogecoin prices spiked up on April 4, 2022, when Elon Musk, the CEO of Tesla, disclosed a 9.2% stake he holds in Twitter shares. Shibu Inu prices also spiked 5% along with the Doge prices. Every tweet by Musk brings a swift change in meme coins, especially on Doge. Social media holds tremendous power to move crypto prices, say critics.
Doge prices touched a record high at $0.4168 in April 2021 and have dropped almost 45% from life-high prices as it trades at $0.1436 on April 7, 2022. The Doge frenzy drew new traders to the crypto platform as interest in meme coins spiked. Dogecoin was an inspiration from the Shibu dog breed and gained popularity through trolls, jokes, and tweets, contributing to its fame.
Shibu Inu is at $0.00002474. The SHIB coin is a close competitor to the Doge.
Dogecoin and Bitcoin are the most followed cryptocoins states a recent study by the Coin Insider news website. Next on the list are Ethereum and Shiba Inu, closely followed by Cardano.
Meme Coin Dogecoin
Meme coins are meme-inspired coins that are gaining popularity in the crypto world. They are highly volatile and see large swings in prices over very short periods, within minutes or hours. Some meme coins like the FLOKI have real benefits. They are known as Utility Meme coins. Other meme coins like the Dogecoin Mars, Samoyed Coin, and the Monacoin are also gaining popularity. The Dogecoin Mars is an offshoot of Dogecoin.
Leading meme coins are the Dogecoin and the Shiba Inu. Dogecoin has a market cap of $19 billion, and Shiba Inu has a market cap of $13 billion. The circulating supply of Doge coins is 132.76 billion.
Dogecoin was a crypto creation as a joke on Bitcoin and other leading cryptocurrencies. The developer did not have any utility in mind while developing the Doge in 2013. It gained popularity when Elon Musk promoted it with his tweets and comments, creating a buzz around the token. The dog-themed crypto generated investor interest through Elon Musk.
Purchasing a meme coin is very easy. It can be bought, sold, and traded just like another crypto. It is as simple as the purchase of Bitcoin crypto or Ethereum coins.
Mainstream businesses are accepting meme coins as payment for products and services. Developers are building meme coins with definite utilities. The Flock meme coin has utility, featured for usage in metaverse games and the NFT marketplace.
Top Cryptocurrency Prices Today
Top cryptocurrencies fell almost 10% after surging higher from the lows on March 14. Bitcoin cryptocurrency prices are at $43,450, and Ether (ETH) is at $3,201, showing a declining trend. Bitcoin prices have dropped 36.5% from life-high price levels of $68,493 reached in November 2021.
Other crypto losers are Cardano losing 8%, Polkadot going lower by 6%, Binance Coin, and Ethereum prices losing around 5%. Tether and Bitcoin have lost 4%.
Crypto prices are not doing well in 2022, and users are losing on investments as geopolitical tension looms higher. Investors prefer to own safe-haven assets, like gold and the US Dollar. Fiat currency Ruble slipped almost 50% after the Russia-Ukraine war. The Euro and the British Pound are other fiat currency losers suffering from the war in Ukraine.
The war has brought down the value of the stock market and the forex markets.
Geopolitical Worries Trample Crypto Markets
Crypto prices are down as geopolitical worries brought a sharp fall in the crypto market. The Nasdaq saw a large fall on Thursday, with the US Fed’s hawkish approach to handling inflation. Dogecoin prices slipped by almost 20%, while others like Shiba Inu, Avalanche, and Cardano close to 10% during trading hours on April 7.
The crypto market, which fared well during the covid pandemic in 2020 and 2021, saw prices moving to new highs in April and November 2021. But, in 2022, the crypto charm is not working among investors. The geopolitical tension arising from the war between Russia and Ukraine has lowered crypto prices. Fear of volatile movement in the crypto prices keeps investors wary. The war between the two countries has led to supply disruptions and rising commodity prices.
The global crypto market cap fell almost 5% in the last 24 hours, to $1.99 trillion. However, trading volume remains high, at $121 billion, up 9%.
