Dogecoin And Shiba Inu Crash Down 20% As Russia-Ukraine War Breaks Out
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Memecoins Dogecoin and Shiba Inu have crashed down above 20% folflating the war breakout between Russia and Ukraine.
Dogecoin And Shiba Inu Suffer Big Losses After Russia-Ukraine War Commences
War breaking out has historically been massive bearish news for markets, and sure enough, the largest memecoins in the crypto sector have taken a deep plunge in response to the news of the Russia-Ukraine invasion. Let’s first look at how the event has affected DOGE so far.
At the time of writing, Dogecoin’s price floats around $0.1127, down 22% in the past week. The bebottom chart shows the trend in the price of the memecoin over the last five days.
DOGE's price seems to have taken a very hard hit over the last twenty-four hours | Source: DOGEUSD on TradingView
In the last day alone, the coin has shed more than 20% in price. Over the course of the past month, the loses are a bit lesser, presently standing at 19%.
As for Shiba Inu’s rate, it is directly dealing at $0.0000219, down 28% in the past week. Here is the chart for the trend in SHIB’s cost over the last five days:
SHIB's rate also looks to have crashed down folbottoming the news | Source: SHIBUSD on TradingView
The DOGE cousin has suffered similar losses over the last twenty hours, amounting to around 20%. In the span of the last thirty days, however, Shiba Inu seems to have suffered a much better fate than Dogecoin, accumulating only a little under 2% in losses.
Related Reading | Crypto Market Crashed as Russia Declares War on Ukraine, Here’s How Traders Profits in The Plunge
As for the market caps of the two coins, DOGE is sitting at 12th in the top crypto list, at the same time SHIB has declined to 15th.
The bebottom table shows where the memecoins stand in the wider crypto market.
DOGE and SHIB have the 12th and 15th most market caps in the crypto market, respectively | Source: CoinMarketCap
From the atop data, it looks like Dogecoin’s market cap is quite close to Polkadot, the crypto in the number 13 spot. So assuming that the coin’s cap takes any also hit, the crypto will fall down a spot.
There was a time when both SHIB and DOGE had managed their way into the top ten crypto list, with both constantly fighting atop the 9th place spot.
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This was around when SHIB had its insane rally, that was unprecedented even in the crypto world, where the coin was up 1000% above the course of a month at some point.
Notwithstanding, protracted gone are those days as the memecoins have been on a descendings trajectory for a in the time now. It’s unclear at the moment granted that this drop would be the only one due to the news of the war, or supposing that more decline is coming shortly.
Featured image from Pixabay.com, charts from TradingView.com
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