Things have been very rocky in the crypto market after Silvergate Capital Corp, a major crypto lender, announced that it will shut down its operations. Since this announcement was made, many cryptocurrencies have suffered as a result, and meme coins did not get out unscathed.
Dogecoin / Tether US 1D (Source: TradingView)
This is evident in the fact that both Dogecoin (DOGE) and Shiba Inu (SHIB) experienced double-digit losses over the last seven days. CoinMarketCap indicates that DOGE is currently trading hands at $0.06524 after a 8.83% drop in price over the last 24 hours. DOGE is also in the red by more than 14% over the last week.
SHIB / Tether US 1D (Source: TradingView)
DOGE’s 24 hour trading volume saw an increase of more than 70%, which implies that holders are selling off tokens. Similarly, SHIB is also trading in the red after a 8.49% drop in price over the last day and it is currently worth about $0.00001001.
SHIB supply on exchanges & whale transaction count (Source: Santiment)
Another indication of a meme coin selloff is the fact that SHIB’s supply on exchanges has been steadily increasing throughout the past week. In addition to this, the number of SHIB whale transactions have doubled over the last seven days, which could suggest that these whales are gearing up to dump the meme coin.
DOGE whale transaction count (Source: Santiment)
DOGE is suffering the same fate as the crypto’s whale transactions have increased by 60% over just the last 24 hours. Once again, this suggests that whales are getting ready to rid themselves of their DOGE tokens.
SHIB burn rate (Source: Shibburn)
On the bright side, SHIB supporters do still have something to be happy about as the burn rate for the meme coins saw a more than 3,000% increase yesterday, despite the current drama in the market. This is likely due to the excitement surrounding the Shibarium Beta launch that is expected to happen soon.
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