The Dogecoin and the Shiba Inu in the red, the end of coin memes?

The market’s top meme coins, Dogecoin and Shiba Inu, had a tough week, with both cryptocurrencies deep in the red.

The largest meme coin by market capitalization Dogecoin (DOGE) is currently down nearly 8% in the past seven days. This puts the price of DOGE at around $0.13 per coin, according to Coingecko. Since the all-time high reached by the token in May 2021, Dogecoin has fallen by 82%.

The Shiba Inu (SHIB) has also fallen on hard times. SHIB has fallen around 11% over the past week. The token is now trading at $0.0000208, down more than 76% since its all-time high set last October.

This means that there are more investors, approximately 710,000 addresses, holding SHIB who have currently lost money on their investment in the meme coin than investors who have made money (which is of about 366,000).

What is driving the price action of Dogecoin, Shiba Inu?

It is difficult to establish a clear reason behind the price action of canine meme coins. This is especially true given what appears to be a week of rather bullish news for Dogecoin and Shiba Inu.

For example, Bitso, one of the most popular cryptocurrency exchanges in Mexico, announced on Tuesday that it will list Dogecoin. As for Shiba Inu, the project’s recently launched “Burn Portal” has destroyed over 23 billion SHIB tokens. The platform is essentially removing these tokens from circulation, which was announced to reduce the inflation of the token and potentially increase its price.

Yet these events did not motivate buyers. Over the past three months, the total number of addresses holding dogecoins has increased from 4.55 million to 3.84 million, according to IntoTheBlock. It also appears that this week’s news did little to bring investors back.

The number of Shiba Inu addresses has increased from 1.15 million to 1.08 million. Before either of these cryptocurrencies can begin to approach all-time highs, they will first need to convince investors that there are more than memes supporting Dogecoin and Shiba Inu.

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