The quintessential memecoins, Dogecoin and Shiba Inu, have had steep price declines over the past year.
While DOGE has recorded -82%, SHIB has implemented the token burn program to make them more scarce, but without having great results on price performance.
Dogecoin (DOGE), price drops 82% in the last year
Despite being the favourite crypto of the infamous Elon Musk, Dogecoin (DOGE) is currently following the trend of the cryptocurrency market, remaining in decline.
In the last 24 hours alone, DOGE is down 3%, while in the last week it has fallen 9%. Quite similar to the -3.30% recorded by Bitcoin in the last 24 hours and a -14% in the last week.
Analyzing prices over the past year though, the 12th largest crypto by market capitalization has lost 82.8% against the dollar.
This is the biggest drop in its price since the last ATH of the quintessential crypto meme which had touched $0.731 exactly on May 8, 2021.
At the time of writing, DOGE is worth $0.121, with a total market cap exceeding $16 billion and a dominance over the entire crypto market of 1.05%.
Shiba Inu (SHIB), the token burn program is not enough to support the price
The “Dogecoin killer”, Shiba Inu (SHIB), is also following the general crypto downtrend with its price down 7% in the last 24 hours and 19% in the last week.
In April, Shiba Inu introduced a portal that allows holders to permanently “burn” their tokens, with the aim of reducing the circulating supply of SHIB, while offering users the opportunity to earn passive income in return.
We will be burning $20,000+ worth of @Shibtoken this Wednesday!🔥
Make sure to not miss this! Join our Telegram 👉 https://t.co/R957UhJA5g$BURN $SHIB #ShibaDoge #BurnBabyBurn #BurnToken #ShibDoge #BuyBackBurn #Shib #Doge https://t.co/lu6xkz0Joa pic.twitter.com/Y4b04gnXEN
— Shiba Doge (@RealShibaDoge) May 2, 2022
“We will be burning $20,000+ worth of Shibtoken this Wednesday!”
The aim is to make the Shiba Inu slightly scarcer with the potential for a long-term price increase. The portal, within a week, recorded 25 billion SHIB burned from the outstanding supply.
But SHIB’s price performance follows its rival Dogecoin. SHIB touched an ATH at $0.00008616 six months ago, falling 78% from that price today.
Gucci will accept DOGE and SHIB as payment methods
Memecoins remain that category of crypto involved in the rise of cryptocurrency adoption in general.
Such is the case with Gucci, the famous Italian luxury brand, which announced last week that it will accept as many as 10 cryptocurrencies as payment methods in some of its US shops. In addition to BTC, these main crypto assets chosen by the Gucci giant include DOGE and SHIB.
Not only that, DOGE was also mentioned by billionaire entrepreneur Mark Cuban as a suggestion to solve the problem of spam on Twitter.
Conversely, last week, SHIB was tweeted by the whalestats channel as one of the most used smart contracts among Ethereum’s top 500 whales in the last 24 hours.