Dogecoin, Shiba Inu, and other tokens associated more with online jokes than actual software products have been hit harder than the Bitcoin or Ethereum originals in the recent pullback from record price levels reached in the end of last year. Doge is down nearly 80% from its all-time high of 74 cents in May, and Shiba has fallen more than 65% since reaching its peak in fractions of a dime in late October, according to data compiled by Messari.
Trade volumes have fallen, now measured in millions instead of billions. And the jokes that once prompted a legion of mostly retail day traders to buy coins on a whim comes with a hint of sadness.
The frenzy started with Doge. A digital token created in 2013 by a pair of software engineers took off as interest in cryptocurrency trading increased and a new generation of retail traders turned to social media platforms, using jokes, sarcasm and trolls to increase their popularity. Tesla Inc. CEO Elon Musk’s adoption of the token has helped spike it. Doge’s popularity inspired the creation of new tokens based on the dog breed, including Shiba Inu, Baby Shiba Inu, and Floki, which is named after Musk’s pet.
Amid the continued decline in crypto prices, memes have become less airy. A Twitter user under the handle Shibetoshi Nakamoto tweeted a cartoon of a young man with a cap upside down asking the pearly doors: Did I lose my life making Dogecoin?
– Shibetoshi Nakamoto (@ BillyM2k) 1641391073000
DogeTooCheap tweeted a photo of a grim reaper with the face of a Shiba Inu knocking on doors labeled 17 cents – a level the coin has struggled to pass since late December.
It’s our life right now $ Doge #Dogecoin
It’s our life right now $ Doge #Dogecoin https://t.co/p1u5Rty89m
– DogeTooCheap (@JustinScerini) 1641232259000
Worshipers say Shib coin holders are “on their way to the moon and beyond,” but dedicated discussion forums show the oft-repeated rallying cry seems to have lost some of its power.
January will be the month to determine the growth of #SHIB. I have a very good feeling that we are on the way to the moon and beyond.
January will be the month to determine the growth of #SHIB. I have a very good feeling that we are on the way to the moon… https://t.co/YCGaiUjDXL
– Duncan Gray (@DuncanGray) 1641418614000
On a dedicated Shib Discord channel, a user passing through djcau5e wrote: next years. At the top of Shib, it was $ 0.0000875.