It’s no secret that the cryptocurrency market was surprised after the August 19 sale. Market skeptics continue to warn of challenging conditions in the macro scenario.
Among the losers in the sale are the meme tokens: Shiba Inu and Dogecoin. Both symbols enjoyed their own bullish activity until the crash.
Interestingly, at the time of publication of this article, DOGE has continued to trample its competitor on the cryptocurrency rankings. According to CoinMarketCap, at the time of writing, Dogecoin is ranked 10th in terms of market capitalization.
However, Shiba Inu lost his place in the rankings and fell further down the rankings. As of press time, it is 14th after falling two places over the weekend.
Interestingly, Dogecoin was trading at $0.061 at press time after having received 3.54% in the past day and down another 7.09% for the week.
On the other hand, Shiba Inu was not much better as it traded at $0.00001193, after declining 3.25% in the last 24 hours to press time. The SHIB token has also fallen more than 7% in the past week, according to CoinMarketCap.
With the price drop, the profitability of the trader also faded in light of the events of Friday (August 19). According to Santiment, both DOGE and SHIB traders are making losses but the latter is marginally outperforming the MVRV chart.
At the time of writing, the Shiba Inu’s MVRV (30d) is at -11.81% while the Doge’s MVRV is at -17.32%.
What also happens?
Despite the drop in price, public interest in Dogecoin has risen in recent days. according to LunarCrushLast week, Dogecoin ranked third among coins by social sharing. In the same list, Shiba Inu was in seventh place.
According to whale stats ModernizationDoge’s holdings among the top 100 BSC companies have grown rapidly recently. At the time of publication, these whales had DOGEs valued at more than $5.58 million. In addition, DOGE was the most used smart contract among the top 4000 BSC voters in the last 24 hours.
Meanwhile, the Shiba community is excited about the release of the upcoming Shiba Eternity game. William Falk, one of the project managers working on the game Shiba Eternity, has exactly the confirmed The game will be released in September.
Such a development would certainly encourage some positive sentiments from the investors, but for now the coin continues to slide on the price charts.