Shiba Inu and Dogecoin, once at their peak in 2021, have struggled to regain their former glory for the past two years. Dogecoin reached its all-time high of $0.73 in May 2021, while Shiba Inu peaked at $0.00008616 in October of the same year.
Unfortunately, both of these popular meme currencies experienced a steady decline in value throughout the bear markets of 2022, which continued into 2023, resulting in significant losses for investors, particularly in the second quarter.
Investors who entered the market for Dogecoin and Shiba Inu in the third quarter of 2021 are currently facing negative returns. Despite the optimistic sentiments surrounding these cryptocurrencies, their prices have failed to see a significant increase.
The widespread popularity and enthusiasm surrounding SHIB and DOGE have had little impact on their performance in the market indices.
Shiba Inu and Dogecoin Add an Extra ‘Zero’ on the Charts
Shiba Inu and Dogecoin have encountered a hurdle as an additional zero appeared on their value charts, leading some investors to feel uncertain about these tokens. SHIB has experienced a decline of 90.15% from its all-time high (ATH), while DOGE has seen a similar drop of 90.34% from its ATH.
Although they faced challenges and had a modest Q2 rally, these meme currencies have experienced a faster descent compared to previous records, raising concerns among investors.
Crypto Analyst Nicholas Merten Anticipates a Downturn for Meme Coins
According to renowned crypto analyst Nicholas Merten, the host of DataDash, the era of meme coins is predicted to fade away. Merten believes that investors have come to realize that the hype surrounding meme currencies is transient and lacks substance, having been artificially inflated. He suggests that meme coins may never replicate the remarkable success they achieved in 2021 and are unlikely to deliver significant gains in the future.
Merten further speculates that meme currencies will eventually lose their prominence, failing to reach milestones such as $1 or even $0.01. To delve deeper into Merten’s projections and understand why he considers meme coins to be an unstable investment, read the full article. Nevertheless, only time will reveal whether the frenzy surrounding meme coins will subside or persist.
Presently, SHIB is trading at $0.00000849, while DOGE stands at $0.07.