- DOGE and SHIB had lost more value than they had gained.
- Both meme-coins were showing signs of recovery.
On December 3, the crypto market suffered a big correction and massacre. However, The market is steadily rising recently. However, Terraform Labs’ native cryptocurrency, LUNA, and a few new entrants into the top 10 cryptocurrencies have been quick to rebound.
For the amusement of all cryptocurrency enthusiasts, there is not a single meme token among the top 10 most valuable cryptocurrencies by market capitalization. Look at a couple of the meme tokens that have just dropped out of the top ten.
LUNA is now trading at $72.71 with a market capitalization of $27.8 billion. Dogecoin (DOGE) has been knocked out of the top ten cryptocurrencies by market cap due to LUNA’s rise.
Can They Rebound?
Over the last several hours, the market’s meme-currencies have been in a similar predicament to large-cap coins. Over the previous seven days, DOGE and SHIB had lost more value than they had gained.
No memes in the top 10. Sometimes the market has to be cleansed. pic.twitter.com/aKFQVOHbWD
— Benjamin Cowen (@intocryptoverse) December 4, 2021
Both meme-coins were showing signs of recovery. The chart shows that the previous three hours have been quite positive for both currencies. As a result, DOGE recorded two green candles throughout the period above. As for SHIBA, its rebound seemed more solid as it registered three consecutive green candles on its hourly chart.
Over the last several hours, their volume has been rather strong. As a result, it seems that a significant number of investors have begun to “buy the drop.” But the big question is whether the meme tokens make a comeback and enter the top 10 list? Only time will tell.
