The return of the Shiba Inu and the Dogecoin, is it time to invest again?

Dogecoin and Shiba Inu, the two largest meme currencies in terms of market capitalization, followed the general downward trend of the market to post losses over the past day, falling 3.8% and 5.7%, respectively.

Despite this decline, both crypto-currencies have stood out from the rest of the market with significant gains over the past seven days.

DOGE, which earlier this week hit a 10-week high above $0.088, was trading at $0.081, up 13.4% on the week; SHIB is changing hands at $0.00001488, up a massive 20.6% over the same period.

Trading volumes for DOGE and SHIB have dropped significantly over the past day, falling 60% and 20%, respectively.

DOGE and SHIB buck the downtrend

The latest price action of the two meme currencies stands in stark contrast to many other major crypto-currencies that have seen their value decline over the past day. In contrast to the canine-inspired crypto-currencies, the market leaders also suffered heavy losses over the week.

These include Bitcoin and Ethereum, the two largest assets in the sector, which lost 1.6% and 2.5%, respectively, over the past 24 hours, and 4.32% and 2% on the week. BTC was trading at $23,414, while ETH is currently trading at $1,846.

Solana and Polkadot followed the same trend, falling between 4% and 5% over the past 24 hours. Both crypto-currencies are also down on the week, falling 7.64% and 9.3% respectively.

Avalanche is the hardest-hit currency, down 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 to raise interest rates to temper inflation, is now valued at $1.118 trillion, down significantly from $1.195 trillion late last week.