- DOGE, SHIB and PEPE witnessed significant corrections in terms of price.
Overall social volume and weighted sentiment around both the tokens fell significantly.
As a researcher with extensive experience in the crypto market, I have closely observed the memecoin sector and its key players, Dogecoin [DOGE], Shiba Inu [SHIB], and Pepe [PEPE]. Over the past few months, this sector has shown remarkable growth, but recently, it has experienced significant corrections.
The meme coin segment has emerged as a highly lucrative niche within the cryptocurrency market. Notably, this area has experienced remarkable expansion since the new year.
Memecoin sector bleeds
Over the past day, Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) have experienced significant drops in price by double digits.
At the moment of publication, DOGE was priced at $0.1092 in trades. Over the previous days, its value had remained close to $0.10971. If DOGE can surpass this threshold, it may ascend to the $0.13061 mark relatively soon.
Since May 26th, the value of DOGE has consistently decreased. This downward trend is evident in the succession of lower prices that DOGE has reached, interspersed by even lower peaks.
As a DOGE investor, I’m keeping a close eye on the situation, and it remains to be seen if our beloved meme coin can turn things around soon. The RSI for DOGE has been inching up over the past few days, which is a sign that the bullish sentiment surrounding DOGE may be gaining traction once again.
During this timeframe, the Chaikin Money Flow (CMF) associated with Dogecoin (DOGE) experienced a notable rise. This signifies a substantial influx of capital moving into DOGE.
Starting from the 30th of May, SHIB displayed a comparable pattern of decreasing prices.
On the other hand, SHIB had a greater chance of experiencing a turnaround. The Relative Strength Index (RSI) for SHIB reached 58, indicating that buying pressure was still strong and hadn’t weakened significantly.
At the same time, there was a notable increase in CMF (Capital Flow Metric), indicating a trend akin to DOGE (Dogecoin), suggesting an influx of funds into SHIB (Shiba Inu) had likewise expanded.
As an analyst, I would suggest that for Shib to reverse its downward trend and potentially rally further, it’s essential that it revisits the previous resistance level of $0.0000167 on multiple occasions. This repeated interaction with this price point could serve as a catalyst for a potential shift in market sentiment and trend reversal.
As a crypto investor, I’ve noticed that PEPE‘s price behavior mirrored those of other popular meme coins in the market. The technical indicators pointed towards increasing money flow and bullish momentum for PEPE as well. This observation underscores the strong correlation among the top memecoins within this sector.
Looking at the social data
Each of these meme coins experienced a substantial decline in social buzz, suggesting a considerable drop in their popularity over the past few days.
Read Shiba Inu’s [SHIB] Price Prediction 2024-25
In contrast, there was a notable increase in optimistic views toward DOGE and PEPE, as shown by a significant rise in favorable comments surrounding these tokens.
On the other hand, weighted sentiment around SHIB fell significantly.
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2024-07-08 19:04