Memecoin Bloodbath: Shiba Inu, Doge and Floki Drop by 8% on Average

A large sell-off on the cryptocurrency market has not excluded meme-based coins like Shiba, Doge and Floki, leaving them with an average 8% loss in the background of an even greater dip that begun after assets reached local tops.

Shiba Inu fails to recover

After the retrace that began on the SHIB/USDT pair slowed down and the token started consolidating around the $0.00005 area, a lot of Shiba Inu market participants hoped that the token would proceed to breakthrough the consolidation range and reach a new high, but according to the chart, SHIB reached a 20-day low.

At press time, SHIB lost more than 40% of the previously gained price even though whale-tier investors and on-chain data in the background show that investors are still interested in purchasing more tokens.

Dogecoin's struggle

While DOGE remains the oldest dog-based digital asset, it unfortunately struggles to show positive results and has been moving in a wide range for the last 100 days.

The most recent price action of Dogecoin mostly follows the market with 12% of weekly loss on the chart.

High potential Floki loses its positions

Floki was designed to be the third-largest meme-coin out there and should have become Shib's main competitor but, unfortunately, it has not been showing any impressive market performance since the most recent ATH.

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Mon, 11/15/2021 - 16:00

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In the last two weeks, Floki lost 51% percent of its value and 62% from its recent ATH. Floki has not shown green candles on the chart since Nov. 12.