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Dogecoin, Shiba Inu traded $600 million in the last 24 hours

The recession of the crypto market remains as it is and the inflow in the market has reduced very little. Investors are keeping distance from investing in the market. As such, investors are avoiding transacting in the big crypto coins such as bitcoin and ethereum and trading in other popular coins such as dodgecoin and shiba. Both the meme cryptocurrencies have been witnessing a steady increase in trading volume over the past few days.

Mime cryptocurrency is popular as well as cheap. Hence investors are trading in less risky assets. Data from Coin98 insights shows that over $600 million (about Rs 47 billion) of Dodgecoin and Shiba Inu tokens have been traded in the last 24 hours. There are 8 other tokens in the Mime cryptocurrency besides Shiba Inu and Dodgecoin but they all have a total trading volume of only $20 million.

Shiba Inu has the highest trading volume out of $600 million Shiba and Dodgecoin. The Shiba Inu has traded at $330 million (about Rs 26 billion), while the Dogecoin has traded at $270 million (about Rs 21 billion). In terms of market performance, Dodgecoin has proved to be the most profitable asset in June. Its value has increased by 50 percent, while the cryptocurrency market continues to decline.

Dogecoin may have gained 50 percent in value, but that increase is not enough to take it closer to its all-time high, when it was trading at its highest level in November 2021. Shiba Inu’s struggle is more than Dodgecoin. Its value has increased by 30 percent but this meme cryptocurrency is still far behind from its all-time high. At the moment, it can be said that investors are relying more on Mime Cryptocurrency amid the ongoing slump in the cryptocurrency market. Larger coins like bitcoin and ethereum are more affected by stock market movements, so investors are avoiding investing and trading in big coins.

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