Meme Coin struggled through recession, DOGE and SHIB lost billions of dollars
The crypto market saw massive carnage on Sunday (December 5th), and the $ 47.2 billion meme coin market economy was also hit hard.
Dogecoin (DOGE) is the meme coin with the largest market cap of $ 21.5 billion and is currently trading at $ 0.1689, or 0.00000346 BTC. The DOGE price has decreased by 37.7% compared to the previous month, but has so far still increased by 4,863%. On Sunday, global DOGE trading was $ 1.4 billion, with Binance being the most active exchange.
DOGE price table | Source: Tradingview
Last week, stablecoin tether (USDT) accounted for most of DOGE’s transactions at 75.79%. Next up are USD (10.69%), BUSD (5.03%), BTC (3.96%), EUR (2.05%) and Turkish Lira (TRY) with 1.2%.
Besides Binance, other exchanges that were active yesterday were Huobi Pro, Huobi Korea, Okex, Bittrex, and Kraken. According to statistics from Into the Block, only 55% of DOGE owners are profitable at current prices. The concentration of major owners is 60% today and in the past seven days, DOGE has processed $ 20.33 billion in transactions over $ 100,000.
Shiba Inu is down 9% for the week, -59% from ATH
The second largest coin meme is Shiba Inu (SHIB), which is less than DOGE this week with a loss of 9.7% and -27.6% in the last 30 days. But if you look at the numbers since the beginning of the year, it looks completely different: SHIB achieved a profit of 56,175,642%.
SHIB price table | Source: Tradingview
However, SHIB is still 59.5% below its all-time high (ATH) of $ 0.0008616 on October 28 and is currently the 13th largest crypto asset by market cap with $ 19.24 billion at press time and trading volume of $ 2.1 billion.
Much like DOGE, Binance was SHIB’s most active exchange on Sunday, followed by Huobi Pro, Okex and Coinbase. Tether (USDT) is SHIB’s most important trading pair at 41.9%. This is followed by USD (23.51%), BUSD (19.63%), TRY (9.88%) and WETH (2.41%).
58% of SHIB owners are still profitable and the concentration of large owners is 78% today. Statistics from Into the Block show that transactions of more than $ 100,000 in the past seven days are $ 4.93 billion in SHIB.
Donkey, MetaDoge and Kitty Coin recorded double-digit increases in 7 days, Catbonk and Fantom Doge fell significantly
Several other coin memes have also fallen from previous earnings due to the relative decline in DOGE and SHIB over the past week. Over the past week, Dogelon Mars (ELON) is down 19.3% and Baby Doge Coin (BABYDOGE) is down 21.3%.
However, Donkey (DONK), MetaDoge (METADOGE) and Kitty Coin (KITTY) have seen double-digit gains in the past seven days. The meme coin that has fallen the hardest over the past week is Catbonk (CABO) -67% and Fantom Doge (RIP) -59%.
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According to News.Bitcoin