As the conflict between Russia and Ukraine worsens, the value of key cryptocurrencies is plummeting. Following this event, Dogecoin and Shiba Inus have suffered significant losses.
The news of a war breaking out has traditionally been quite negative for markets, and the major meme coins in the crypto industry have suffered a significant hit in response to the news of the Russia-Ukraine invasion. Let’s look at how DOGE has been influenced thus far by the event.
Shiba Inu is an Ethereum-based altcoin with the Shiba Inu hunting dog as its emblem, whereas Dogecoin (DOGE), a peer-to-peer, open-source cryptocurrency, has seen its value plummet.
The price of Dogecoin is now hovering around $0.11271, down 22% in the last week. The graph below depicts the price trend of meme coins over the last five days.
The currency has lost more than 20% of its value in the previous 24 hours. The losses have been slightly lessening over the last month and are now at 19 per cent.
The price of Shiba Inu is presently trading at $0.0000219, down 28 per cent in the last week. Over the previous twenty hours, the DOGE cousin has suffered similar losses, totalling roughly 20%. On the other hand, Shiba Inu appears to have fared far better than Dogecoin in the previous thirty days, losing only a little more than 2% of its value.
DOGE is ranked 12th among the top cryptos in terms of market capitalisation, while SHIB is ranked 15th. This was at the time of SHIB’s spectacular surge, which was unheard of even in the crypto industry, with the currency rising by 1000 per cent in a month at one point.
Those days, however, are long gone since meme coins have been on a declining trend for some time. It’s unclear if this is the only dip as a result of the war news or if more is on the way.
