Are‍or the days of Dogecoin and Shiba Inu gone? This cryptocurrency was out of the top-10

The cryptocurrency market has been in a state of uncertainty since the beginning of this year. All cryptocurrencies, including bitcoin, are struggling with a decline in their value. In the year 2021, we saw dog-themed crypto coins ‘Dodgecoin’ (DOGE) and ‘Shiba Inu’ (SHIB) reaching new heights of popularity, but 2022 is a shock for them. Dodgecoin and Shiba Inu token have been out of the top-10 list of cryptocurrencies in terms of market capitalization for the past several weeks. In such a situation, the question is arising whether the days of both these cryptocurrencies are over.

According to recent data from CoinGecko, the value of DOGE and SHIB is around $0.1132 and $0.00002191 respectively. Both the coins made headlines last year by multiplying investors’ investments by leaps and bounds. He has also got the support of many big names. Especially Elon Musk, who supports Dodgecoin. But right now their value in the market remains low. Both the DOGE and the SHIB are well below the prices they found during their popularity last year. This is the reason why both cryptocurrencies are not the top-10 crypto assets by market capitalization.

Statistics show that DOGE is currently ranked 13th, while SHIB is at 15th in terms of market capitalisation. The price of DOGE has declined by 21.7 percent and that of SHIB by 24.9 percent in the last one month. Talking about this whole year, since January 1, 2022, the price of Dodgecoin has fallen by about 31.7%, while the price of Shiba Inu has registered a decline of about 35.5%.

So does the fall in the prices of these coins mean that the time to invest in these currencies is over? Speaking to financialexpress, Darshan Bathija, CEO and Co-Founder of Vault says that considering Dodgecoin or Shiba Inu for investment is at the investor’s risk. Both of these are extremely volatile cryptos.

At the same time, WazirX Vice President Rajagopal Menon says that both the coins are one of the top-traded cryptos on Indian exchanges. During market volatility we have seen people want to buy SHIB instead of sell. Experts say that every crypto project should be looked at carefully before investing.

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