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Meme coin mania has hit a speed bump, with Dogecoin (DOGE) and Shiba Inu (SHIB) both seeing pullbacks in the past few days.
However, while the OG tokens contend with volatility, a new player called Dogeverse (DOGEVERSE) is making waves – and has now raised $6.7 million during its ongoing presale phase.
Dogecoin’s Rough Stretch Continues with 14% Drop
Dogecoin has hit a rough patch lately.
The world’s biggest meme coin has been in a downward spiral, shedding 14% of its value since Monday to trade at around $0.144.
That nearly erases all of DOGE’s gains from its recent upswing and puts it dangerously close to the lows it hit last Saturday when geopolitical tensions spiked.
The selling hasn’t let up, with DOGE posting a red daily close in 6 of the last 7 days.
24-hour spot trading volumes have correspondingly dried up from where they were early last week, slipping to $2.1 billion.
At this rate, the meme coin is on pace for its third straight bearish weekly close – something that hasn’t happened since December 2023.
While Dogecoin supporters remain passionate on social media, the price action is clearly telling a different story.
Whether this is just a natural correction or the start of something more sinister remains to be seen.
SHIB Caught Up in Meme Coin Downturn & Plunges 8%
Shiba Inu hasn’t been immune to the malaise either.
SHIB has shed 8% since Monday and is now hovering around the $0.0000219 level.
While not as severe as Dogecoin’s plunge, the downturn is still notable given Shiba Inu’s previously bullish price action.
Trading activity has taken a significant hit, with SHIB’s spot volumes plummeting by 31% in the last day.
The meme token has lacked any sustained momentum over the past week, mainly ranging sideways amid the indecisive market conditions.
But if the selling persists, SHIB could be on track to post its third straight bearish weekly candle – much like Dogecoin.
From a technical perspective, the charts aren’t looking too hot for Shiba Inu at the moment.
Some analysts point to a potential bear flag formation on the daily timeframe.
While still very much speculative, such a pattern could foreshadow further downside if SHIB breaks below the bottom boundary around $0.0000210.
Dogeverse Defies Market Dip with Revolutionary Cross-Chain Approach
Although momentum has stalled for Dogecoin and Shiba Inu, a newcomer is defying the downturn.
Dogeverse, a multi-chain meme token that lets holders earn staking rewards, has continued raking in funds during its presale.
Earlier today, the project announced it had raised an impressive $6.7 million from investors eager to get in early.
Dogeverse has clearly captured the attention of the meme coin crowd, passing 5,000 Twitter followers in a matter of weeks.
Its hype has even reached CoinSniper, where DOGEVERSE is now ranked as the fifth hottest presale on the platform.
Most of the buzz is due to Dogeverse’s novel tokenomics and cross-chain concept.
Unlike many meme coins before it, DOGEVERSE won’t be limited to just one blockchain.
Instead, it will launch on multiple Layer-1 chains like Ethereum, Binance Chain, Solana, and Polygon.
This multi-chain approach provides enormous flexibility for investors while removing the risks of being confined to a single network.
Then there are the high staking rewards that let DOGEVERSE holders easily earn passive income.
As YouTuber Jacob Bury pointed out, this passive income potential, combined with Dogeverse’s unique setup, could see the token “100x” once listed on exchanges.
So, while the old guard of meme coins struggles, innovative projects like Dogeverse are picking up the slack and driving hype in new (and creative) ways.
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