Dogecoin (DOGE) is down 5.2% over the past 24 hours and trades at $0.065, according to data from CoinMarketCap.
The leading meme coin enjoyed a hefty surge last week, following the launch of Dogechain, an independent blockchain built using Polygon Edge, a custom blockchain creation tool from Polygon.
Dogechain brings EVM compatibility to the Dogecoin network, allowing developers to create apps akin to working on Ethereum.
DOGE rallied past its 10-week high following the announcement. Shortly after, however, Jens Wiechers, the legal and governance president of the Dogecoin Foundation, said that Dogechain was not affiliated with Dogecoin.
Following the announcement, DOGE plummeted, shedding 12.4% over the past week. Weekly losses put DOGE down 90.95% from its all-time high of $0.7376 recorded in May 2021, as per data from CoinMarketCap.
Over $1.56 million in DOGE trades have been liquidated over the past 24 hours, suggests data from Coinglass. Of the total liquidations, 90.92% were long positions.
DOGE liquidations data indicating blown-out long trades. Source: Coinglass.
Elon’s favorite cryptocurrency has a market capitalization of $8.7 billion and is currently the 10th-largest cryptocurrency by the same metric.
SHIB follows Dogecoin decline
Shiba Inu (SHIB), the second-largest meme coin in market capitalization, is also down 7.8% over the past 24 hours and trades at around $0.00001292, according to data from CoinMarketCap.
Trading volumes of SHIB were also down 30% in the last 24 hours. On a weekly note, SHIB has lost over 17% of its value.
A highly bearish last week has put the meme coin down 85.17% from its all-time high of $0.00008845 recorded in October 2021, as per data from CoinMarketCap.
Despite the week’s bearish price action, over 1.2 million addresses hold SHIB, a figure which is up 0.015% over the past 24 hours, according to data from Etherscan.
SHIB rallied last week alongside DOGE amid excitement around the expected launch of a layer-2 scaling product named Shibarium. The product is yet to be launched.
With a market cap of $7.04 billion, SHIB is the 12th-largest cryptocurrency.
The broader crypto market is in bearish territory amid fears of continued rate hikes from the U.S Fed and high inflation rates.
The crypto industry market cap is on the verge of falling below $1 trillion, down 2.14% over the past 24 hours, as per data from CoinMarketCap.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.