Meme coins SHIB and Dogecoin loses double-digits over the week

SHIB and Dogecoin, two well-known dog-themed meme coins, have fallen by double digits this week as the crypto winter persists.

According to information from CoinMarketCap, the price of Dogecoin (DOGE) is $0.065, down 5.2% over the last 24 hours.

Following the debut of Dogechain, an independent blockchain constructed using Polygon Edge, a unique blockchain-building tool from Polygon, the leading meme coin had a significant increase last week.

Dogechain adds EVM compatibility to the Dogecoin network, enabling programmers to build applications similar to those used by Ethereum.

Following the news, DOGE surged over its 10-week high. However, Jens Wiechers, the president of the Dogecoin Foundation’s legal and governance division, quickly asserted that Dogechain was unrelated to Dogecoin.

Claims in paid media that Dogecoin launched a "Dogechain" test network are false. Neither @Dogecoin/@dogecoin_devs, nor @BillyM2k, @ummjackson or others associated with @DogecoinFdn are in any way affiliated with the token.

— ⬢ Jens Wiëchers ⬡ (@jwiechers) August 16, 2022

After the revelation, DOGE fell sharply, losing 12.4% during the previous week. According to statistics from CoinMarketCap, DOGE is down 90.95% from its all-time high of $0.7376 set in May 2021 due to weekly losses.

According to data from Coinglass, nearly $1.56 million in DOGE trades have been liquidated in the last day. 90.92 percent of the total liquidations were long positions.

Elon’s preferred cryptocurrency now ranks 10th in terms of market value with an $8.7 billion valuation.

SHIB follows the depreciation of Dogecoin

According to data from CoinMarketCap, Shiba Inu (SHIB), the second-largest meme coin by market capitalization, has likewise experienced a 7.8% decline during the last day and currently trades at about $0.00001292.

The last 24 hours saw a 30% decrease in SHIB trading volume. SHIB has lost more than 17% of its value on a weekly basis.

According to data from CoinMarketCap, the meme coin has dropped 85.17% from its all-time high of $0.00008845 set in October 2021 due to a severely negative previous week.

Over 1.2 million addresses currently possess SHIB, up 0.015% over the last day, according to statistics from Etherscan, despite the week’s dismal price action.

In anticipation of the upcoming release of Shibarium, a layer-2 scaling product, SHIB and DOGE rallied last week. The product has not yet been released.

The market valuation of SHIB, the 12th-largest cryptocurrency, is $7.04 billion.