80% Drop in Dogecoin and Shiba Inu Value
The biggest meme coins, Dogecoin and Shiba Inu, which are frequently mentioned in the cryptocurrency markets, recorded huge losses during the last drop. While it has been observed that investors in the crypto industry are pouring capital into social cryptos, it has been stated that meme coins have seen their earnings fall from their all-time high.
While the cryptocurrency market has been on the decline for a long time, meme coins/tokens such as Dogecoin, Shiba Inu, Floki Inu, Dogelon Mars and Baby Doge are reported to have lost more than 80% of their value since ATH prices. However multiple fan tokens, Paris Saint-Germain (PSG), Juventus (JUV), FC Barcelona (BAR), AC Milan fan token (ACM) and FC Porto (PORTO) have seen massive gains since May 18, 2022.
According to the comments of experts, cryptocurrency investors turn to their favorite football clubs by turning to entertainment during the crypto collapse and market turmoil.
The TVL value of Shiba Inu’s DeFi platform, Shiba Swap, has been declining continuously since July 2021. Total Value Locked, TVL, represents the value of coins staked on DeFi platforms. As such, a TVL falling in Shiba Swap records a reduction in supply secured by the platform.
Data from the “Shibburn” platform, which monitors the Shiba network’s burned tokens, reveals that 410.36 trillion SHIB were destroyed. Typically, a shrinking circulating supply accelerates the recovery in price. However, despite the rapid decline in the circulating supply of meme coins, the price of the Shiba Inu has not recovered. Despite the burning of 5.4 billion SHIB on Friday, the meme coin has witnessed a consistent price drop.
Will Doge Coin Recover?
Analysts of the YouTube channel “Trade Confident” identify trend exhaustion as a critical indicator of Dogecoin’s rally. When trend exhaustion is low, Dogecoin price usually recovers and witnesses a breakout. Analysts say trend exhaustion is low right now. Therefore, Dogecoin price could recover from its decline and target the $0.13 level.
