Meme Coins DOGE and SHIB Decline as Bitcoin Sees Increased Interest
Leading meme coins Dogecoin and Shiba Inu are experiencing corrections despite positive crypto market sentiment. Key points include:
- DOGE declined 3.6% to $0.159, showing signs of decoupling from the broader market.
- SHIB dropped 2.5% to $0.000011 with a market cap of $7 billion.
- The total meme coin sector's value decreased by 2.1% to $46 billion, with a daily trading volume of $4.64 billion.
- Meme coins' market value is down 66% from an all-time high of $137 billion on December 9, 2024.
- The collapse of the Mantra token on April 14, which fell 90%, may have shifted investor focus to less volatile assets.
- Elon Musk stated the government has no plans to use Dogecoin, contributing to selloff pressure.
In contrast, the global crypto market capitalization increased by 0.9% to $2.7 trillion. Notable movements include:
- Bitcoin gained 1% to over $85,500, with a market cap of $1.7 trillion and daily trading volume of $28.7 billion.
- US-based spot BTC exchange-traded funds recorded a net inflow of $1.5 million on April 14.
- Bitcoin dominance reached 63%, a level last seen in January 2021.
The declining interest in meme coins suggests a shift towards stronger assets like Bitcoin amidst macroeconomic uncertainty.