- DOGE and SHIB’s social dominance declined last week.
- Dogecoin might again begin a rally if it goes above a key resistance.
As a seasoned crypto investor with a knack for spotting trends and understanding market dynamics, I must say that the rise of memecoins has been quite fascinating. While Dogecoin (DOGE) and Shiba Inu (SHIB) have seen a dip in social dominance and sentiment, their massive price hikes last month were nothing short of impressive.
Even though meme coins have been criticized for lacking practical use, they’ve still managed to reach a significant milestone in the market – a staggering total market capitalization of around $140 billion. These coins, often linked with hype and popular trends, have garnered substantial attention.
To explore the reason behind this rise, AMBCrypto conducted an investigation into the performance of leading meme coins.
A look at the memecoins
When discussing memes, it’s hard to avoid mentioning Dogecoin (DOGE) and Shiba Inu (SHIB). Notably, the world’s most popular meme coin, DOGE, demonstrated an impressive run last month, soaring by a substantial 126%.
This significant trek enabled Dogecoin to secure a place among the top 7 cryptocurrencies ranked by total market value.
The behavior of Shiba Inu’s pricing continued to be positive, with its value increasing more than 65% last month, placing it as the 13th largest cryptocurrency. Nevertheless, the overall attitude towards not only Shiba Inu but also other meme coins has shifted.
According to Santiment’s findings, the social influence of Dogecoin (DOGE) and Shiba Inu (SHIB) decreased noticeably, indicating a drop in their overall popularity. Furthermore, their overall sentiment score dropped substantially, suggesting an increase in negative sentiment or “bearishness.
Beyond just the significant increase in value of leading meme-coins, Solana [SOL] has also contributed to the growing influence of meme-coins as well.
Recently, there’s been a surge in the number of meme-themed cryptocurrencies, and some of these have managed to amass substantial market values. To give you an example, coins like Dogecoin (DOGE) and Bonk (BONK) are among those that have gained significant attention.
Indeed, it’s worth mentioning that whereas Dogecoin (DOGE) and Shiba Inu (SHIB) remained steady, Cronos’ native token, BONK, experienced a 5% increase in value over the past day.
With the memecoin market growing rapidly, fresh competitors are emerging and potentially taking on giants like Solana. The latest to enter the scene is Coinbase’s BASE, which has recently introduced several meme-themed cryptocurrencies.
BRETT, being the top BASE memecoin, registered a massive 128% price hike in the past 30 days.
What to expect from DOGE and SHIB?
Recently, as the most popular meme-based cryptocurrencies experienced less price fluctuation, AMBCrypto examined their daily graphs to determine significant patterns. Firstly, in the case of Dogecoin, a bullish ascending triangle structure has emerged on its chart.
Currently, the pattern is being tested, with a potential breakout possibly initiating another surge in bullish momentum. This scenario appears likely given the recent increase in the Chaikin Money Flow (CMF), indicating a rise in buying pressure.
Contrary to Dogecoin, the demand for Shiba Inu appeared to be weakening as indicated by a decrease in the Relative Strength Index (RSI), suggesting less buying interest.
Nevertheless, the moving average crossover showed that the 9-day moving average surpassed the 21-day moving average, suggesting that the bulls may still hold control over the market.
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2024-12-07 00:07