The ongoing bear market has been more harmful than it appears. Negative wallets, abrupt layoffs, insolvencies, hacks and attacks dominate the headlines. However, certain coins have made the crypto verse bearable. Shiba Inu [SHIB] and Dogecoin [DOGE] originated as meme cryptocurrencies. While investors have maintained a low profile all season, they seem to be specifically interested in meme coins.
Earlier today, it was revealed that Shiba Inu and Dogecoin managed to raise more than $600 million in trading volume. According to data compiled by Coin98 Insights, $332 million worth of Shiba Inu was exchanged in the market. In addition, $273 million worth of Dogecoin was traded in the past 24 hours.
As can be seen in the tweet above, the other meme coins have barely gained any volume. At least nothing compared to SHIB and DOGE. Unfortunately, the movement of these assets was not reflected in their price.
As of going to press, Shiba Inu had plummeted 5.50 percent in the past 24 hours and traded at $0.00001037. Dogecoin, on the other hand, traded at $0.06169 and witnessed a graceful 0.80 percent increase in price.
More recently, meme coins have been rolling. The whole meme coin market made double-digit gains while the others struggled to rise. This time, however, the bears’ dominance in the market appeared to be stronger. Furthermore, they make it impossible for these assets to shine despite their increased trading volume.
Shiba Inu and Its Social Presence
Despite entering the market in 2013, Dogecoin [DOGE] failed to amass the level of adoption and popularity that Shiba Inu did. Both networks have the same number of followers of 3.4 million on Twitter.
Now Dogecoin seemed to be making a comeback on social media. As can be seen in the chart below, social mentions of DOGE were at a peak of 1.59 million. In addition, social involvement rose to a peak of 5.43 billion.
Shiba Inu seemed to be making way for the OG meme cryptocurrency. SHIB’s social mentions were 1.24 million, while social engagement was 1.76 billion.
While Dogecoin appeared to be regaining its social dominance, the chances of Shiba Inu continuing it were slim.