Dogwifhat and Myro, two dog-themed memecoins on Solana SOL/USD are down 50% and 30% respectively from their highs set in the last week. This marks a significant underperformance compared to more established meme coins like Dogecoin DOGE/USD and Shiba Inu SHIB/USD.
What Happened: Shiba Inu and Dogecoin notably outperformed their Solana-based rivals, with only modest losses of 9.6% and 5.4% respectively over the last week.
Dogwifhat and Myro have been show-stoppers on Solana in the past two months: Dogwifhat ran to over $400 million in market capitalization in less than three months, while Myro was tipped to be "the $SHIB of this bull run."
This led to Binance listing $WIF for trading, while Myro was listed on Poloniex, another cryptocurrency exchange.
However, the party for the newcomers may be over, following the latest downslide in cryptocurrency prices.
Read Also: Shiba Inu Whale Transactions Volumes Surge 551%, SHIB Community Expects 'One Zero' Erased Soo
Why It Matters: Cryptocurrency observers on social media picked up on the shift in tone.
TOPDOGE, digital marketing ninja, tweeted that, “Dogecoin will generate an abundance of wealth for those that maintain patience. Be uncomfortable for the next one to three years to be comfortable the rest of your life.”
Meanwhile, IBC Group Official indicates that Shibarium, the Shiba Inu-based blockchain, hit 300 million transactions. It said: “Despite a general cryptocurrency downturn, Shiba Inu's layer-2 network sees a surge in activity with 1.3M + wallets and 2.8M blocks.”
An X user, Shib Spain said, “ShibaInu is more than just a coin. It's a Revolution!” The network activity backs up this sentiment.
Despite mediocre price performance, IntoTheBlock data indicates Dogecoin’s significant lead in network transactions over peers such as Shiba Inu and Floki, a dominance that becomes even more pronounced against memecoins like PEPE and LADYS.
The indicator reflects high level of activity, adoption and its potential use cases as a payment system and a tipping currency.
Amid sliding prices, Whale Alert data over the past 24 hours showed around 4.3 trillion SHIB, worth $37.9 million, being transferred from one unknown wallet to another.
In another positive development, Shiba Inu’s social media marketing lead, Lucie, revealed the name of the whale who burned 100 million SHIB over the past 24 hours. The whale is the issuer of the Shib Dream NFT collection.
Photo: Shutterstock
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