It is no secret that the crypto market was taken aback after the 19 August sell-off. Market skeptics continue to warn about the dire conditions in the macro scenario.
Among the losers of the sell-off are the prized meme tokens: Shiba Inu and Dogecoin. Both the tokens were enjoying their respective bullish activity until the crash.
Interestingly, at press time, DOGE continued to tread above its competitor on the crypto ranking charts. In fact, Dogecoin, at the time of writing, was ranked tenth by market cap.
However, Shiba Inu lost its place in the rankings and fell further down in the pecking order. At press time, it occupied the fourteenth spot after dropping two places below over the weekend.
Battle of the memes
Interestingly enough, Dogecoin, at press time, was trading at $0.061 after taking a 3.54% hit over the past day and further going down 7.09% over the week.
On the other hand, Shiba Inu was not much better either as it traded at $0.00001193 after going down by 3.25% in the last 24 hours. The SHIB token also slid by more than 7% in the past week, according to CoinMarketCap.
With the falling prices, trader profitability has also gone under in light of Friday’s (19 August) events. As per Santiment, both DOGE and SHIB traders are holding losses but the latter is marginally performing better on the MVRV chart.
At this time of writing, the MVRV ratio (30d) for Shiba Inu stood at -11.81% while Doge’s MVRV value rested at -17.32%.
Source: Santiment
What else is happening?
Despite the falling price, public interest has increased sharply in Dogecoin in the past few days. According to LunarCrush, Dogecoin ranked third among coins by social engagement in the past week. In the same list, Shiba Inu was down at the seventh spot.
According to a Whale Stats update, Doge holdings among top 100 BSC whales has rapidly increased recently. At press time, these whales held over $5.58 million worth of DOGE. Additionally, DOGE was the most used smart contract among the top 4000 BSC whales in the past 24 hours.
Meanwhile, the Shiba community is excited for the launch of its upcoming Shiba Eternity game. William Volk, one of the project leads working on the Shiba Eternity game, has just confirmed that the game will be launched in September.
Such a development is bound to encourage some positive investor sentiment but for now the token continues to slide on the price charts.