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

Opinions
Thu, 11/18/2021 - 15:05
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Arman Shirinyan
Memecoins are triyng to survive in this market but are not doing well, unfortunately
Memecoin Bloodbath: Shiba Inu, Doge and Floki Drop by 8% on Average
Cover image via stock.adobe.com

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Contents

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.

Shiba Inu Daily Chart
Source: TradingView

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.

Dogecoin Daily Chart
Source: TradingView

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.

Related
DOGE and SHIB Price Analysis for November 15

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.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.