Dogecoin, Shiba Inu and other tokens that are more associated with online jokes rather than actual software products have taken more damage than the sector’s original Bitcoin or Ethereum during the recent pullback from record price levels that reached late last year. Doge’s price is down nearly 80% from an all-time high of 74 cents in May, and Shiba’s stock is down more than 65% since it peaked at fractions of a penny in late October, according to data compiled by Messari.
Trading volumes have decreased, and are now measured in the millions instead of billions. And the jokes that once rocked a huge crowd of daily retailers to buy coins on a whim come with a hint of sadness.
The frenzy started with Doji. A digital token created in 2013 by a pair of software engineers took off as interest in cryptocurrency trading rose and a new batch of retailers moved to social media platforms, using jokes, sarcasm and trolling to increase their popularity. Tesla CEO Elon Musk’s embrace helped the token rise. The Doge’s popularity has inspired the creation of new symbols based on the dog breed, including the Shiba Inu, Baby Shiba Inu, and Floki, named after Musk’s pet.
Amid the ongoing crisis in cryptocurrency prices, memes are becoming less of a breeze. Under the handle Twitter user Shibetoshi Nakamoto tweeted a cartoon of a young man wearing a back cap asking at the pearly gates: Did I waste my life making Dogecoin?
– Shibitoshi Nakamoto (@BillyM2k) 1641391073000
DogeTooCheap tweeted an image of a grim machine with an Inu face knocking on doors holding 17 cents — a level the coin has been struggling to break above since late December.
This is our life now $ Doge #Dogecoin
This is our life now $ Doge #Dogecoin https://t.co/p1u5Rty89m
– DogeTooCheap (@JustinScerini) 1641232259000
Stalwarts says Shib holders are “on their way to the moon and beyond,” but dedicated chat rooms show that the often-repeated rally cry appears to have lost some of its power.
January will be the month that defines the growth of #SHIB. I have a very good feeling that we are on our way to the moon and beyond.
January will be the month that defines the growth of #SHIB. I have a good feeling we’re on our way to the moon… https://t.co/YCGaiUjDXL
Duncan Gray 1641418614000
On Sheep’s Discord channel, a user who goes to djcau5e wrote: “It’s a full roll of the dice, while I love going to the moon, I think a lot of people expect to reach $1 or even .01 is unrealistic in the next few years.” At Sheep’s peak, it was $0.0000875.