Shiba Inu and Dogecoin Lose Momentum

After a drop of nearly $500 billion in market cap, the cryptocurrency assets saw a recovery on Friday. However, Shiba Inu (SHIB) and Dogecoin (DOGE) lost momentum on Saturday along with other digital currencies.

SHIB, which saw a jump of almost 20% on 13 May, dipped by more than 12% on Saturday and erased most of its gains. In terms of weekly performance, Shiba Inu lost over 40% of its value. Among the top 15 digital currencies, only Solana and AVAX performed worst than Shiba Inu last week.

As far as Dogecoin is concerned, the crypto asset dropped by almost 5% in the past 24 hours. However, DOGE has been able to retain its title of the world’s 10th largest digital asset. With a market cap of over $11 billion, Dogecoin is still the most valuable meme coin.

After a monumental rise in value in 2021, Shiba Inu faced a tough challenge this year as the meme coin lost nearly $25 billion worth of market cap. SHIB is now the 15th most valuable digital currency in the world with a market value of $6.5 billion.

Crypto Market

Despite the reason that the crypto market is going through one of its worst corrections, the market fundamentals of digital assets are not as bad as they were during the market crash of 2017 and 2020.

“The cryptocurrency market has repeatedly shown strength in the past and has always emerged victorious from similar oppressions. However, the sharp rebound doesn’t necessarily bring a sharp change in the sentiment. Correctional movements can be volatile in cryptocurrencies and retesting major psychological levels can be seen across major currencies,” Farah Mourad, Senior Market Analyst at XTB MENA, commented on the latest crypto market volatility.

The total value of the cryptocurrency market now stands at around $1.2 trillion, compared to an all-time high of $3 trillion in November 2021.