The combined market capitalization of Dogecoin and Shiba Inu has fallen to $13.27 billion, its lowest level since September 2023, representing just 1.02% of Bitcoin’s market cap, an all-time low compared to approximately 7% at the peak of the 2021 speculative frenzy. Over the past month, Bitcoin gained 10% while DOGE and SHIB declined by around 2%. This divergence is explained by the influx of institutional investors favoring regulated products such as spot Bitcoin ETFs, at the expense of canine memecoins deemed too speculative. High interest rates also reduce the appeal of the riskiest investments that had fueled the 2021 bubble. DOGE and SHIB will need to find a new narrative to avoid remaining relics of 2021 speculation.
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