Dogecoin and Shiba Inu Plunge Amid Market Turmoil, While Revolutionary Cross-Chain Meme Coin Dogeverse Soars

The meme coin craze has hit a speed bump, with both Dogecoin (DOGE) and Shiba Inu (SHIB) seeing losses over the past few days.

Dogecoin and Shiba Inu Plunge Amidst Market Turmoil, while Revolutionary Cross-Chain Meme Coin Dogeverse Raises $6.7 Million

The meme coin craze has taken a swift downturn, with Dogecoin (DOGE) and Shiba Inu (SHIB) both witnessing significant declines over the past few days.

Dogecoin's Struggles Continue with a 14% Drop

Dogecoin has recently hit a rough patch. The world's largest meme coin has spiraled downwards, shedding 14% of its value since Monday to trade around $0.144.

This has nearly wiped out all of DOGE's gains from its recent rally and brought it close to the lows it reached last Saturday amid heightened geopolitical tensions.

Selling pressure shows no signs of abating, with DOGE closing in the red for six out of the past seven days.

Corresponding 24-hour spot trading volume has also dried up compared to the beginning of last week, falling to $2.1 billion.

At this rate, the meme coin is on track to close its third consecutive red weekly candle – something it hasn't done since December 2023.

While Dogecoin proponents remain enthusiastic on social media, the price action is clearly telling a different story. Whether this is just a healthy correction or the start of something more sinister remains to be seen.

SHIB Caught in Meme Coin Downturn, Drops 8%

Shiba Inu has not been immune to the prevailing malaise. SHIB has shed 8% since Monday and is currently hovering around $0.0000219.

Though not as severe as Dogecoin's decline, the dip is still notable given Shiba Inu's prior bullish momentum.

Trading activity has taken a hit, with SHIB's spot volume dropping by a substantial 31% over the past day.

The meme token has lacked any sustainable momentum over the past week, mostly trading sideways amidst indecisive market conditions.

But if selling pressure persists, SHIB could be on track to form its third consecutive weekly red candle – just like Dogecoin.

Technically, the charts are not looking too appealing for Shiba Inu at the moment. Some analysts point to the potential formation of a bear flag on the daily timeframe.

While highly speculative, such a pattern could foreshadow further weakness if SHIB breaks below the lower boundary around $0.0000210.

Dogeverse Defies Market Slump with Revolutionary Cross-Chain Approach

While Dogecoin and Shiba Inu have faltered, a new contender is emerging to challenge the downturn.

Dogeverse, a multichain meme token that allows holders to earn staking rewards, has continued to rake in funds during its presale.

Earlier today, the project announced that it had raised an impressive $6.7 million from eager early investors.

Dogeverse has clearly captured the attention of the meme coin crowd, amassing over 5,000 Twitter followers within a matter of weeks.

Its hype has even reached CoinSniper, where DOGEVERSE is currently ranked as the fifth-hottest presale on the platform.

Much of the buzz stems from Dogeverse's novel tokenomics and cross-chain concept.

Unlike many of its meme coin predecessors, DOGEVERSE will not be confined to just one blockchain. Instead, it will launch on multiple Layer-1 chains, including Ethereum, Binance Chain, Solana, and Polygon.

This multichain approach offers immense flexibility to investors while eliminating the risk of being tied to a single network.

Adding to its appeal are lucrative staking rewards that allow DOGEVERSE holders to earn passive income with ease.

As YouTuber Jacob Bury has pointed out, this passive income potential, combined with Dogeverse's unique setup, could see the token "100x" once it lists on exchanges.

So, while the old guard of meme coins struggles, innovative projects like Dogeverse are addressing the staleness and driving hype in new (and innovative) ways.

Visit Dogeverse Presale

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