Dogecoin and Shiba Inu, the two largest meme currencies by market capitalization, followed the general market downtrend to post losses over the past day, dropping 3.8% and 5.7 %, respectively.
Despite this decline, the two cryptocurrencies have stood out from the rest of the market with strong gains over the past seven days.
DOGE, which hit a 10-week high above $0.088 earlier this week, was trading at $0.081, up 13.4% on the week; SHIB changes hands at $0.00001488, up a massive 20.6% over the same period.
Trading volumes for DOGE and SHIB have declined significantly over the past day, dropping 60% and 20%, respectively.
Doge and Shib oppose the downtrend
The latest price action for the two meme currencies is in stark contrast to many other major cryptocurrencies that have seen their value decline over the past day. Unlike dog-inspired cryptocurrencies, market leaders also suffered heavy losses during the week.
These include Bitcoin and Ethereum, the two largest assets in the sector, which have lost 1.6% and 2.5% respectively in the past 24 hours, and 4.32% and 2% over the week. BTC was trading at $23,414, while ETH is currently trading at $1,846.
Solana and Polkadot followed the same trend dropping between 4% and 5% in the last 24 hours. The two cryptocurrencies are also in freefall over the week, with drops of 7.64% and 9.3% respectively.
Avalanche is the hardest hit currency, falling 5.15% on the day and 12.5% over the past seven days, according to data from Coingecko.
The broader crypto market, which plunged along with the stock market on Wednesday after the Federal Reserve revealed it would continue raising interest rates to temper inflation, is now valued at 1,118,000. billion, down significantly from the $1.195 trillion seen late last week.