Canine-themed tokens Dogecoin (DOGE) and Shiba Inu (SHIB) have suffered big losses following the ongoing heated tension between Russia and Ukraine.
Both meme tokens plummeted by more than 20% in 24 hours due to the showdown in Eastern Europe, with DOGE currently changing hands at $0.1172. The current price is a slight regain from the 0.11271 price level it initially crashed to, while DOGE gave up 19% over a month. Meanwhile, its direct rival SHIB is currently trading at $0.00002255, which represents a drawdown of 28% within the past week. However, SHIB has fared relatively better over thirty days, shedding only 2%.
DOGE still tops SHIB in overall market cap, currently occupying the 12th position in the top crypto list to SHIB’s 15th. This development is some way off from several months earlier when both meme coins were in the top 10, constantly tussling over the 9th spot.
Back in 2021, DOGE and SHIB were at the forefront of meme-based assets, comprising approximately 85% of the meme crypto market valuation. As of December 19th 2021, DOGE’s valuation ballooned by 4,375.9% year-to-date, with a market cap of about $22.8 billion. Meanwhile, SHIB gained by a massive 46,960,505.7% against the U.S. dollar year-to-date.
During that period, outspoken billionaire businessman Elon Musk frequently tweeted about both meme tokens, often influencing pricing in the process.
Image Credits: Pixabay
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