Shiba Inu, Dogecoin, Other Meme-Themed Cryptos Widen Losses As NFT Plays And ‘Ethereum Killers’ Soar

Dog-themed cryptocurrencies continued to widen losses, while so-called Ethereum (ETH) killers and non-fungible token or NFT oriented coins were buoyant in the early hours of Thursday at press time.

What Happened: SHIBA INU (SHIBA) was down 12.88% at $0.0000089 at press time in a span of 24 hours. In the same period, the meme cryptocurrency fell 9.4% and 9.16% against Bitcoin (BTC) and ETH, respectively.

Dogecoin (DOGE) too traded in the red, down 5.67% in a 24-hour period, at $0.34 at press time. The Shiba Inu-themed coin fell 2.09% against BTC and 1.83% against ETH.

See Also: How to Buy Dogecoin (DOGE)

The two largest cryptocurrencies by market capitalization, BTC and ETH traded 4.28% and 4.15% lower at $38,119.48 and $2,727.70, respectively, at press time.

Bucking the trend, Ethereum killers Stacks (STX) and Chainlink (LINK) saw significant gains of 12.11% and 5.46%, respectively, in a 24-hour period. STX traded at $1.16 and LINK at $32.80 at press time.

Also on the rise were NFT linked tokens Enjin Coin (ENJ) and Chiliz (CHZ). 

ENJ soared 42.10% to $1.90 at press time in a 24-hour window, placing it at the top spot in the CoinMarketCap list of gainers in the time frame. ENJ has appreciated 47.70% and 48.09% against BTC and ETH respectively.

CHZ gained 15.81% to 0.32 in a 24-hour period. Against BTC and ETH, STX rose 23.14% and 21.46%, respectively. 

Why It Matters: SHIBA has declined 76.92% since its all-time high of $0.000039, which it touched on May 10. DOGE too has fallen 54.25% since its May 8 all-time high of $0.74. 

See Also: Why Ethereum Co-Founder Sees Elon Musk’s Plan For Scaling Dogecoin As Infeasible

Stacks has been gaining this year thanks to the appeal of earning yield in Bitcoin, which according to OKCoin Chief Operating Officer Jason Lau is “alluring” to holders of the coin.

On Wednesday, Stacks announced a new application that would make it easier to secure grants through the Stacks Grants Program geared towards builders working towards “establishing a user owned internet.” 

We’re thrilled to debut a new Stacks Grants App that streamlines the grants process and enables payments in $STX!

Check it out: https://t.co/KyM0PskZG2 pic.twitter.com/ayF33p1FKa

— The Stacks Foundation (@StacksOrg) May 26, 2021

LINK, the token of the decentralized oracle network, has risen 193.5% since the year began. The network is focused on providing input on external sources of data into smart contracts. 

Last month Graph Blockchain Inc (OTC:REGRF) announced it had deployed capital to purchase LINK, worth $500,000. The company’s CEO Paul Haber said at the time that it understood “how valuable bridging onchain and offchain data sources is to smart contracts and Chainlink is the best solution on the market.”

NFT tokens ENJ and CHZ were also buoyant at press time. ENJ gained momentum thanks to the 50,000 NFT drop that the project announced earlier in the week. Chiliz is a platform that releases fan tokens centered around sports and has enjoyed the limelight in the recent past. 

Read Next: Cardano Founder Says The Only ‘Ethereum Killer’ Is Ethereum 2.0