Crypto▼ Bearish
Dogecoin and Shiba Inu hit three-year low as bitcoin's share surges
Dogecoin and Shiba Inu combined market cap falls to $13.27B, lowest in three years, as bitcoin's 10% rally pulls capital from meme tokens toward institutional-grade assets.
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The crypto market is maturing, and memecoins are getting squeezed.
The combined market cap of dogecoin and shiba inu, the two largest meme tokens, has fallen to $13.27 billion. That is the lowest level in three years and a 2% drop this month alone, even as bitcoin has risen 10%.
A sharper measure is the ratio of those two memecoins to bitcoin's $1.30 trillion market cap. That ratio now stands at 1.02%, the lowest on record. At the peak of memecoin mania in 2021, DOGE and SHIB together accounted for 7% of bitcoin's market cap. For every dollar in bitcoin, seven cents were chasing internet joke tokens. Today that figure is just over one cent.
Bitcoin has grown substantially since 2021. That means memecoins haven't just lost dollar value. They have lost ground against the asset that defines the crypto market cycle.