The ongoing bear market has been more detrimental than it seems. Negative portfolios, abrupt layoffs, insolvencies, hacks, and attacks have been dominating the headlines. However, certain coins have been making the crypto-verse bearable. Shiba Inu [SHIB] and Dogecoin [DOGE] emerged as meme cryptocurrencies. While investors have been maintaining low profiles throughout the season, they seem to be specifically interested in meme coins.
Earlier today, it was revealed that Shiba Inu and Dogecoin managed to rake over $600 million in trading volume. As per data curated by Coin98 Insights, $332 million worth of Shiba Inu was exchanged in the market. In addition to this, $273 million worth of Dogecoin was traded over the last 24 hours.
As seen in the above tweet, the other meme coins barely secured any volume. At least, nothing compared to SHIB and DOGE. Sadly, the movement of these assets failed to reflect in their price.
At press time, Shiba Inu had plummeted by 5.50 percent over the last 24 hours and was trading for $0.00001037. Dogecoin, on the other hand, was trading for $0.06169 and witnessed a dainty price surge of 0.80 percent.
More recently, meme coins were on a roll. The entire meme coins market pocketed double-digit gains while the others struggled to surge. This time, however, the bears’ dominance over the market seemed to be stronger. Further making it impossible for these assets to shine despite their increased trading volume.
Shiba Inu and its social presence
Despite entering the market back in 2013, Dogecoin [DOGE] failed to amass the rate of adoption and popularity that Shiba Inu did. Both the 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 seen in the below chart, social mentions of DOGE were at a high of 1.59 million. In addition to this, social engagement surged to a high of 5.43 billion.
Shiba Inu seemed to be making way for the OG meme crypto coin. SHIB’s social mentions were at 1.24 million while its social engagement was at 1.76 billion.
While Dogecoin seemed to be reclaiming its social dominance, the likelihood of Shiba Inu letting it persist was low.