After plunging 81% from its peak, is Dogecoin losing ground to Shiba Inu?

economictimes.indiatimes.com:

crypto assets, particularly Elon Musk's favorite Dogecoin. The top memecoin has tumbled sharply, about 10 per cent in the last 24 hours, slipping down to 12th position in the terms of market capitalization from 10th earlier. Not only memecoins, other major tokens and altcoins have fallen sharply in the last 24 hours, thanks to the rising geopolitical worries and inflationary concerns.

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Sathvik Vishwanath, Co-Founder and CEO of Unocoin, said that the entire crypto market is in a consolidation phase for the last few weeks. Altcoins in most cases are coherent with Bitcoin. The marketcap of the numero uno joke coins has slipped below $17 billion. Its largest peer Shiba Inu is holding on the 14th spot with a total valuation of little more than $13 billions. The difference between the two is less than $4 billion. However, both Dogecoin and Shiba Inu are attracting investors at lower levels as the volumes counters have spiked more than 125 per cent and 55 per cent in the last 24 hours, respectively. Coins without any utility are mostly sold due to the market hype, and because now we are getting into bear market weighting is not reflecting on price. But it still has a solid community, said Kumar Gaurav, Founder and CEO of Cashaa. Market experts say that memecoins like Dogecoin and Shiba Inu are community driven coins and lack sound fundamentals with utility which adds value to them. Pratik Gauri, CEO and Founder 5ire said memecoins score a lot of value in the crypto market, but the underlying model behind them is that of a meme and untamed