Dogecoin and Shiba Inu Prices Tumble – Will They Bounce Back?
Release: 2024/08/01 12:45 Reading: 245
Dogecoin and Shiba Inu Prices Decline Amidst Market Downturn
Dogecoin (DOGE) and Shiba Inu (SHIB) experienced a 5% price decrease last week, reflecting the broader cryptocurrency market's downward trend.
Despite their popularity, Dogecoin and Shiba Inu's social dominance lags behind Bitcoin (BTC), with 1.49% and 0.24% respectively.
Currently, Dogecoin trades at $0.126 and Shiba Inu at $0.0000163. Despite recent price drops, IntoTheBlock data indicates that 75% of Dogecoin holders and 48% of Shiba Inu holders remain profitable.
ETHNews analysis of on-chain data suggests negative investor sentiment for Dogecoin but positive sentiment for Shiba Inu, hinting at potential recovery. Open interest for both memecoins has declined, often indicating a trend reversal.
The Market Value to Realized Value (MVRV) ratio for both coins has also decreased, suggesting the potential for price growth if market conditions improve.
The current fear and greed index for both Dogecoin and Shiba Inu is neutral, indicating market uncertainty. Price movements may depend on broader market trends and investor reactions.
If a trend reversal occurs, Dogecoin may target prices of $0.137 or $0.14, while Shiba Inu may reach $0.0000176 or $0.0000155 in bullish or bearish scenarios respectively.
The memecoin sector currently faces a decline, but market indicators provide a mixed outlook.
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