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DOGE and SHIB Sink to Their Lowest Level in Three Years

The memecoin market is losing ground as spot Bitcoin ETFs and institutional inflows pull capital toward BTC and other larger crypto themes.

By Mike Hesp
• 2 min read
DOGE and SHIB Sink to Their Lowest Level in Three Years

Key Takeaways

  • Dogecoin and Shiba Inu have fallen together to their lowest combined market cap in three years, at $13.27 billion.
  • Their combined value is now 1.02 percent of Bitcoin, compared with 7 percent during the memecoin peak in 2021.
  • Crypto inflows are shifting toward Bitcoin and larger segments, helped by U.S. spot Bitcoin ETFs and institutional interest.

The two largest memecoins, Dogecoin and Shiba Inu, have slipped to their lowest combined market cap in three years. As Bitcoin continues to push higher this year, the memecoin sector is showing how quickly capital can rotate toward bigger, more established parts of the crypto market.

Memecoins Are Losing Ground

Dogecoin and Shiba Inu now have a combined market value of $13.27 billion (€11.6 billion), down about 2 percent this month. That marks their weakest level in three years, even as Bitcoin has gained roughly 10 percent over the same stretch.

The gap becomes even clearer when measured against Bitcoin. Together, the two memecoins now account for just 1.02 percent of Bitcoin's market cap, which stands at around $1.30 trillion (€1.1 trillion). During the height of the memecoin frenzy in 2021, that share was 7 percent, underscoring how much the market has shifted since then.

Inflows Are Moving Toward Bitcoin

The move fits a broader trend in a more mature crypto market. The introduction of U.S. spot Bitcoin ETFs in 2024 accelerated institutional inflows, and those investors tend to view Bitcoin more as a macro asset than as a speculative token.

Capital is also flowing into other areas that connect more closely with traditional finance, including real-world assets. That leaves less room for the kind of speculative money that once chased memecoins, and more of it appears to be landing in Bitcoin and other larger crypto segments.

What This Means for the Market

For European crypto readers, the takeaway is that the market has become much more selective. Memecoins still trade actively and remain highly visible, but they are now competing with a market that is paying more attention to ETF flows, institutional allocation, and broader crypto themes. For now, that makes it less likely that investor attention will swing back to the most speculative tokens.

In the short term, derivatives data still points to a constructive setup for Bitcoin, with expectations for a move toward at least $72,000 (€63,200). Even so, that reflects trader positioning rather than a sure path for prices.

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