Memecoin meltdown? Dogecoin (DOGE) and Shiba Inu (SHIB) witnessing price declines amid market adjustment

In the latest update on the cryptocurrency market, two prominent meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB), have experienced declines over the past 24 hours amidst widespread market corrections. DOGE, currently ranked as the ninth-largest cryptocurrency with a market capitalization exceeding $21 billion, has seen an 8% decrease in its price during the recent downturn. Despite a substantial trading volume of $2 billion for DOGE over the past 24 hours, this represents a significant 47% reduction from the previous day.

Dogecoin's Rollercoaster Ride: 75.8% Month-Over-Month Surge Tempered by 15.6% Dip Amidst Whale Sell-Off

Over the last month, Dogecoin has exhibited strong performance with a 75.8% increase, despite a recent 15.6% drop over the past week. This decline follows a notable event where a significant amount of DOGE was sold on Robinhood by an anonymous whale, amounting to over $14 million.

Shiba Inu (SHIB) Faces Downturn: 9.6% Drop Reflects Market Challenges, Long-Term Holders Find Some Reassurance

Similarly, Shiba Inu has faced a downturn, experiencing a 9.6% drop as reported by CoinGecko. The coin's week-over-week performance reflects the broader market challenges, showing a 26% decrease. Nonetheless, SHIB remains 163% higher than its value 30 days ago, providing some reassurance to long-term holders.

Of note, Shiba Inu's demographic of long-term investors has witnessed a decline, with a reduction of 20,000 such investors in early March, potentially indicating bearish sentiment among market participants.

Price Adjustments in Altcoin Market: Polkadot Steady, Chainlink Fluctuates, Toncoin Rides Telegram Partnership Wave

Other altcoins in the crypto market, including Polkadot (DOT), Toncoin (TON), and Chainlink (LINK), have also experienced price adjustments. Polkadot has incurred a modest 3.8% loss, maintaining its position as the 13th largest cryptocurrency with a market cap of $13.4 billion and a current price of approximately $10, despite a 4.7% decline over the past week.

Chainlink has exhibited significant price fluctuations, with a 13.4% decrease over the past two weeks and a 4.8% drop in the last 24 hours. Conversely, Toncoin demonstrated an impressive 30.4% increase over two weeks, bolstered by Telegram's announcement of an ad revenue-sharing scheme utilizing TON, although it faced an 8.1% decrease amidst recent market contractions.