- Dogecoin and Shiba Inu each saw a 5% decrease last week, reflecting broader downward trends in cryptocurrency.
- Despite popularity, Dogecoin’s and Shiba Inu’s social dominance fall behind Bitcoin’s, at 1.49% and 0.24% respectively.
Last week, the memecoin market, represented by Dogecoin (DOGE) and Shiba Inu (SHIB), recorded a 5% drop in value. This decrease is part of a broader trend affecting various cryptocurrency segments.
Currently, Dogecoin is priced at $0.126 and Shiba Inu at $0.0000163. According to data from IntoTheBlock, 75% of Dogecoin holders and 48% of Shiba Inu holders are still seeing profits despite recent price drops.
Despite their popularity, these memecoins have lower social dominance compared to Bitcoin (BTC); Dogecoin’s social dominance is 1.49% and Shiba Inu’s is 0.24%, whereas Bitcoin’s is at 17.9%.
This information suggests that investor discussions about DOGE and SHIB are less frequent compared to BTC. Analyzing the on-chain data, ETHNews noted that while Dogecoin’s sentiment in the market is negative, Shiba Inu’s sentiment has shifted to the positive, indicating some investors anticipate a recovery.
Furthermore, both memecoins have experienced declines in open interest, which often precedes a potential trend reversal. The Market Value to Realized Value (MVRV) ratio for both coins also declined. Traditionally, a low MVRV ratio might indicate that a price increase could be forthcoming if market conditions are favorable.
The current fear and greed index for both DOGE and SHIB is neutral, which indicates uncertainty in market direction. This neutrality in sentiment implies that future price movements could vary depending on broader market trends and investor reactions.
Regarding potential future prices, if a trend reversal occurs, Dogecoin might target prices of $0.137 and potentially $0.14. In contrast, a bullish scenario for Shiba Inu could see its price reach $0.0000176, whereas a bearish trend might reduce its value to $0.0000155.
While the memecoin sector currently shows a decline, the analysis of various market indicators provides a mixed outlook.
