The meme coin craze ends as bears take over the major meme coins

This session registered massive declines in the price performances of major meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB).

Meme coins like Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) have seen massive declines in the past 24 hours, but one new crypto token is seeing huge gains following a major testnet announcement.

What Happened: Meme coins are struggling on Monday. Dogecoin and Shiba Inu are both trading lower by double digits.

According to data from Benzinga Pro, Dogecoin is lower by 22% over the last 24 hours and is trading at $0.1073. The 24-hour trading volume for Dogecoin is down 27.74% at $15.6 billion.

Dogecoin is showing weakness on the daily price chart with a red candle and lower wick. The candle is showing heavy selling pressure and a bearish market sentiment for Dogecoin.

Shiba Inu is trading down 2.69% over the last 24 hours and is trading at $0.000012. The 24-hour trading volume for Shiba Inu is down 34% at $225.8 million.

Shiba Inu is also showing weakness on the daily price chart with a red candle and lower wick. The candle is showing selling pressure and bearish market sentiment for Shiba Inu.

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Shiba Inu Is Preparing To Launch A DAO: Here's How It Will Work

Shiba Inu (CRYPTO: SHIB) is getting ready to launch a decentralized autonomous organization (DAO) that will give all SHIB holders voting rights.

Shiba Inu’s pseudonymous marketing lead Lucie X shared on her Twitter account on Sunday that the DAO will allow Shiba Inu holders to vote on future projects and influence the direction of the Shiba Inu ecosystem, no matter the size of their stake.

“The transition will empower every holder, no matter the size of their stake, to have a say in the direction of the community,” said X.

Shiba Inu holders will be able to vote on future projects and influence the direction of the ecosystem, no matter the size of their stake.

Shiba Inu Is Now The Worst Performing Crypto Among The Top 100: What's Next?

Meme coin Shiba Inu (CRYPTO: SHIB) has been struggling in recent times and is now showing the worst performance among the top 100 cryptocurrencies.

Shiba Inu is down 11% in the past month and 2.69% over the last 24 hours. The meme coin is showing weakness in the market and could be impacted by the overall bearish market sentiment.

Shiba Inu has seen a rough start to 2023, showing double-digit declines, while other cryptocurrencies have shown strength. The meme coin is now showing weakness compared to other major cryptocurrencies.

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Shiba Inu is preparing to launch a decentralized autonomous organization (DAO) that will give all SHIB holders voting rights, no matter the size of their stake.

Shiba Inu’s pseudonymous marketing lead, Lucie X, shared on her Twitter account on Sunday that the DAO will allow Shiba Inu holders to vote on future projects and influence the direction of the Shiba Inu ecosystem.

“The transition will empower every holder, no matter the size of their stake, to have a say in the direction of the community,” said X.

Shiba Inu holders will be able to vote on future projects and influence the direction of the ecosystem, no matter the size of their stake.

Shiba Inu is also struggling on the monthly charts, showing an 11% decline. The meme coin has seen a strong start to 2023, showing gains into the double digits.

Shiba Inu has been announcing several updates and initiatives in recent months. The meme coin is now looking to launch a decentralized exchange (DEX) called ShibaSwap V3.

Shiba Inu recently burned a total of 235,186,018 SHIB tokens from the circulating supply, a move that is designed to increase the scarcity of the meme coin and boost its price.

Shiba Inu has been announcing several updates and initiatives in recent months. The meme coin is now looking to launch a decentralized exchange (DEX) called ShibaSwap V3.

Shiba Inu recently burned a total of 235,186,018 SHIB tokens from the circulating supply, a move that is designed to increase the scarcity of the meme coin and boost its price.

Shiba Inu Price Action: Shiba Inu is trading down 2.69% over the last 24 hours at the time of writing.

SHIB is showing weakness on Monday after a strong start to 2023 with double-digit gains, impacted by the overall bearish market sentiment.

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