Battle Of The Memecoins: Shib, Doge, & Bonk Navigate The Market Downturn
Release: 2024/05/02 05:14 Reading: 743
Meme Coins Slump as Bitcoin Corrects
Dogecoin (DOGE), Shiba Inu (SHIB), and BONK prices have plummeted by approximately 22%, mirroring the bearish sentiment in the cryptocurrency market after Bitcoin (BTC) fell below $60,000.
Market Correction Impacts Meme Coins
As the cryptocurrency market undergoes a correction phase, meme coins have followed suit. Investors and traders are seeking opportunities in the meme coin market, which is also experiencing a downturn.
Dogecoin, Shiba Inu, and BONK in Decline
Dogecoin (DOGE), Shiba Inu (SHIB), and BONK have exhibited bearish patterns in recent trading sessions. They have struggled to sustain gains above key moving averages and have declined over 22% in the past week.
At the time of writing, Dogecoin trades at $0.1262, down 6.03% intraday and 21.91% weekly. Shiba Inu (SHIB) stands at $0.0000214, with a 4.48% intraday decline and a 21.07% weekly loss, indicating weakness. BONK's price is $0.00002173, with a 20% weekly drawdown.
Dogecoin remains in 8th place by market capitalization, while Shiba Inu holds 11th position, and BONK ranks 61st.
Declining Volume and Social Presence
Meme coin trading volumes are also decreasing, reflecting the overall downturn in the market.
Dogecoin, Shiba Inu, and BONK's social media presence has also diminished, with reduced coverage in crypto media over the past two months. Social dominance sentiment graphs have declined, suggesting decreased awareness and discussion on platforms like Twitter, Instagram, and Telegram. However, an increase in social dominance could positively impact meme coin prices.
Social Volume Comparison
The social volume of DOGE, SHIB, and BONK has declined in recent sessions. DOGE's social volume has experienced less reduction compared to BONK and SHIB.
BONK has a social volume of 23, SHIB has 69, and DOGE has 142, indicating tepid chatter on Telegram and Reddit.
Conclusion
Meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and BONK have been affected by Bitcoin's bearish trend. They have struggled to maintain gains and have seen declines in their prices and volumes. Social dominance and social volume metrics have also decreased, indicating reduced awareness and discussion on social media. However, future increases in these metrics could positively influence meme coin prices.
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