- Memecoin sector underperformed other sectors such as DePin and Data services last month.
SHIB and DOGE prices continued to decline.
As a researcher with experience in the cryptocurrency market, I have closely followed the trends and performance of various sectors within the space. Over the past month, I’ve noticed that the memecoin sector underperformed other sectors such as DeFi and Data services. SHIB and DOGE, two major blue-chip memecoins, continued to decline in price.
For a while, the memecoin segment proved to be highly lucrative within the realm of cryptocurrencies. Lately, though, its performance has been underwhelming over the past month.
As an analyst, I’ve observed some notable differences in performance over the past month. Specifically, Ethereum, along with the Decentralized Finance (DeFi) and Data Services sectors, have shown significant gains compared to the Memecoin sector.
Will SHIB and DOGE bear the brunt?
As a researcher studying the cryptocurrency market, I’ve observed that the waning appeal of memecoins like DOGE and SHIB could significantly affect their market shares. Previously, these two popular memecoins held a substantial portion of the market, but more recently, the Solana memecoin craze has been causing a noticeable erosion in their market shares.
The coins represented by the labels BODEN and TRUMP experienced a significant surge in popularity, resulting in a shift among memecoin traders towards these coins over more conventional memecoin options.
As the memecoin hype dies down, both SHIB and DOGE may be vulnerable to significant price swings.
At the moment of publication, the price of DOGE was $0.166, while SHIB was priced at $0.00002532. From early April onwards, these two tokens have displayed a strong correlation and have consistently moved in the same direction when it comes to price changes.
During this timeframe, the prices of these two tokens experienced substantial drops, displaying numerous troughs that were lower than previous ones, as well as successive peaks that failed to reach their previous heights.
Based on the observed pattern, this trend suggested a downward trend for the prices of both tokens. A substantial push in price is required for them to escape this trend and turn profitable in the future.
The social media influence of a memecoin significantly shapes its future pricing trend.
As a researcher examining the data from AMBCrypto’s analysis, I discovered that the social volume for those particular tokens had taken a noticeable dip based on Santiment’s findings. This observation implies that the interest and buzz surrounding both tokens were on the decline.
A decreased preference for tokens can significantly diminish the total engagement and negatively influence their price trends.
However, on the flip side, the weighted sentiment for both of these tokens had grown.
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As a researcher examining the data, I observed that although the volume of comments decreased near certain memecoin tokens, the tenor of those comments remained predominantly favorable.
If the complimentary remarks about DOGE and SHIB are persuasive enough to change public sentiment, a turnaround in their fortunes may occur in the future.
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2024-05-24 06:15