Dogecoin (DOGE) and Shiba Inu (SHIB), two of the largest cryptocurrencies by market cap, have lost ground in the past 24 hours.
DOGE, which currently ranks ninth with a total value of more than $21 billion, has cut more than 8% of its price amid a broader market correction.
While it ranked 12th in terms of daily trading volume, the $2 billion worth of DOGE traded over the past 24 hours represents a 47% decline from the previous day's levels.
Over a 30-day period, the current Dogecoin price is still improving by 75.8%; However, it represents a sharp decline of 15.6% over seven days.
Dogecoin's lackluster performance comes on the heels of a mysterious whale offloading more than $14 million worth of DOGE on Robinhood.
The Shiba Inu, another popular meme, didn't fare much better. At press time, the price was down 9.6%, according to data from CoinGecko. The currency's performance over the past seven days has been equally bad, losing more than 26% of its value.
However, the news is better for long-term holders, as SHIB's current price is 163% higher than it was a month ago.
As noted by crypto.news analyst Ibrahim Ajibade, the Shiba Inu has seen a notable change in the demographics of long-term investors, with on-chain numbers indicating a decline of 20,000 long-term investors in early March.
Since long-term investors play a vital role in the health of any cryptocurrency, declining numbers can signal bearish trends for both existing and potential market participants, triggering a decline.
Besides the two memes, several other large-cap coins, including Polkadot (DOT), Toncoin (TON), and Chainlink (LINK), also saw their prices fall from their level 24 hours ago.
Among the three companies, the Ministry of Transport was the least affected, losing 3.8% at the time. The coin is currently priced at around $10, and has a market capitalization of $13.4 billion, making it the 13th largest cryptocurrency.
While its price is 10.2% higher than it was two weeks ago, the past seven days have not been kind to Polkadot, with the coin shedding 4.7% of its value in that time.
Currently priced at $18.43, Chainlink has had a month full of peaks and troughs, as can be seen in the chart below. Its price across all time frames is in red, with the biggest difference being the 13.4% decline over the past two weeks.
In the past 24 hours, LINK's price fell by 4.8%, recording a trading volume of approximately $624 million.
In contrast, Toncoin had a much better couple of weeks, with its price rising by 30.4% in that period.
The currency still retains most of the value it gained after Telegram announced an advertising revenue-sharing plan that will use TON.
Its performance over the past seven days has also been positive. The price rose more than 225%, mostly supported by Telegram co-founder Pavel Durov saying the platform was considering an initial public offering.
However, over the past 24 hours, TON fell by 8.1% as it failed to overcome the broader market contractions.
