Institutional Influx Puts Squeeze on Memecoins DOGE, SHIB

Crypto's institutional influx has had an unexpected consequence for two memecoins: DOGE and SHIB. Their prices have taken a hit as more investors and institutions focus on other assets.

The influx of institutional investment in the crypto space has led to increased demand for established cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), causing their prices to rise. As a result, some investors are redirecting their attention away from smaller-scale memecoins like DOGE and SHIB.

This shift has resulted in significant price drops for both DOGE and SHIB. While the exact figures are not provided in the source, it is clear that these assets have suffered as institutional investment pours into other areas of the crypto market.