As meme currencies Dogecoin (DOGE) and Shiba Inu (SHIB) steal the show right from the start of the week, the cryptocurrency market has once again set the stage for exhilarating volatility. These two coins are reportedly undergoing quick market cap swings, driven by significant social volume, according to a study from the respected crypto intelligence blog Santiment.
Both DOGE and SHIB saw little increases in market cap to start the week. However, this euphoria was quickly followed by a more widespread fall, as the whole crypto market fell by more than 1.6%, wiping off a startling $18 billion in market value.
Santiment surprisingly cautioned that such high levels of social chatter may suggest localised highs before this flush arrived, and it actually did.
It is Monday, but keep smiling
The Shiba Inu token took the brunt of the blow, printing a huge red candle and dropping 4.3% to enter the red zone. On the other hand, DOGE continued to trade in the green, only 3% over the day’s starting price, despite the choppy market circumstances.
It’s important to note that Dogecoin’s social buzz today was far stronger than Shiba Inu’s, which may have acted as a buffer for the quotations. Even DOGE, though, was unable to avoid the global decline.
Surprisingly, both DOGE and SHIB continue to trade at premiums to Bitcoin (BTC), indicating that despite the fast and violent price swings experienced across the crypto market, social sentiment towards these meme currencies is maintaining stable or potentially even increasing.
