DOGE, SHIB Price: Since January 1, 2022, the price of dogecoin has fallen by about 31.7% while the price of Shiba Inu has fallen by about 35.5%.
DOGE, SHIB Price: Popular dog-themed crypto meme tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) have been in the top 10 cryptocurrencies by market cap for weeks now. On Tuesday (March 15, 2022), DOGE and SHIB coins traded at $0.1132 and $0.00002191 respectively at the time of writing this report, according to CoinGecko’s data.
In 2021, both dog-themed coins made headlines by multiplying investors’ money and citing new high prices. However, amid the ongoing bear market, both DOGE and SHIB are well below the prices they had at the peak of their popularity last year. They are no longer among the top 10 crypto assets by market cap.
DOGE is currently in 13th place, while SHIB is in 15th place in terms of market cap according to CoinGecko.
In the past month, the DOGE price has fallen by 21.7% while the SHIB price has fallen by 24.9%.
Since January 1, 2022, the price of dogecoin has fallen by about 31.7% while the price of Shiba Inu has fallen by about 35.5%.
Do the falling prices mean that the days of these dog themed meme coins are over now? Experts have different opinions on this topic.
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According to Darshan Bathija, CEO and co-founder of Vauld, considering dogecoin or Shiba inu for investment would depend on the investor’s risk preference as both are extremely volatile cryptos.
“Dogecoin and Shiba Inu are extremely volatile cryptos that saw major price swings in 2021. This led to their increase in market cap and entry into the top-10 list. However, they have since been overtaken by blockchain utility tokens,” Darshan told Bathija. to FE Online.
DOGE, SHIB top traded crypto in India?
According to Rajagopal Menon, vice president of WazirX, both dog-themed memecoins remain among the best-traded cryptocurrencies on Indian exchanges. “SHIB and DOGE remain among the best-traded cryptocurrencies on Indian crypto exchanges. In fact, during bearish market moves, we have witnessed more people wanting to buy SHIB than sell.”
Experts say you should carefully review any crypto project before making any investment. For better returns, it would be good to have a diverse set of assets in the portfolio.
“DOGE and SHIB are very popular meme coins with a high degree of volatility. We should see the crypto market as a large ecosystem with diverse crypto assets. Each crypto asset has a unique property and investors can create a balanced portfolio by carefully selecting multiple assets based on their risk appetite. Bitcoin and Ether are very expensive assets and may be out of reach for some retail investors, so meme coins and altcoins lower the barrier to entry into the crypto market and provide a low-cost investment vehicle to crypto enthusiasts around the world,” Charles Tan, head of marketing at Coinstore, said.
Darshan Bathija suggested that it is important to determine the volatility and reliability of a crypto asset before investing. “My advice to investors is to determine what level of volatility they want to deal with before investing in such meme coins.* Investing in the right digital asset can be tricky. What must be taken into account is the reliability of the project. When it comes to digital assets, one has to look at the collective trust the community of a coin places in the project.”
“Other characteristics that contribute to the USP of a project are the delivery conditions and the raison d’être. Whether the coin’s supply is finite or not can determine its value. Each project tries to solve a bigger problem, and this tells the reason why the coin exists in the market. Other points to investigate are transaction costs, transaction speed, divisibility. Do your research on all these points before you decide to buy an altcoin,” he added.
The suggestions/recommendations around cryptocurrencies in this story are from the respective commenter. Financial Express Online does not bear any responsibility for their advice. Please consult your financial advisor before trading/investing in cryptocurrencies.