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Do Dogecoin’s (DOGE) and Shiba Inu’s (SHIB) stalled rallies mean the memecoin trend is dead?

Published 02/02/2023, 02:30 PM
Updated 02/02/2023, 04:00 PM
© Reuters.

© Reuters.

The memecoin phenomenon didn’t prove as effective in the last month's start of year crypto market rally, as the gains of the top cryptocurrencies in this category barely outperformed Bitcoin. The monthly gain of BTC stood at 44.5%, while the top two meme-based coins DOGE and SHIB gained 27% and 40.7%, respectively.

Top meme-coins by total market capitalizations. Source: CoinMarketCap

Dogecoin is losing its popularity as its most prominent supporter Elon Musk is reportedly developing an independent Twitter Coin instead of integrating his favorite cryptocurrency with the social media platform owned by the entrepreneur.

The NVT ratio for Dogecoin. Source: Coinmetrics
Google (NASDAQ:GOOGL) trends score for “Dogecoin” and “Shiba Inu” Source: Google Trends
The NVT ratio for Dogecoin. Source: Coinmetrics
DOGE/USD daily price chart. Source: TradingView
Token balance on exchanges. Source: Nansen
SHIB/USD daily price chart. Source: TradingView

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