Why are memecoins down today? Dogecoin, Shiba Inu in focus
Release: 2024/07/09 00:04 Reading: 254
- Original author：AMBCrypto
- Original source：https://ambcrypto.com/?p=405291
Memecoins Experience Price Declines and Reduced Social Engagement
DOGE, SHIB, and PEPE, prominent memecoins, have recently endured significant price corrections. Overall social volume and weighted sentiment surrounding these tokens have also declined markedly.
Market Overview
The memecoin sector has been a lucrative segment of the cryptocurrency market, experiencing substantial growth since the year's inception. However, in the past 24 hours, the prices of DOGE, SHIB, and PEPE have witnessed double-digit declines.
Price Analysis
According to CoinMarketCap, DOGE was trading at $0.1092 at the time of writing. It has been hovering around the $0.10971 level for the past few days. Breaking above this level could potentially lead to a rise towards $0.13061.
DOGE's price has been trending downward since May 26th, exhibiting lower highs and lower lows, indicating a bearish trend. It remains to be seen if the coin can reverse this trend in the near future.
The Relative Strength Index (RSI) and Chaikin Money Flow (CMF) for DOGE have both increased over the past few days, indicating growing bullish momentum and money inflow.
SHIB has displayed a similar price pattern, exhibiting a bearish trend since May 30th. However, there is a higher potential for a reversal in SHIB's price. The RSI and CMF have both increased, suggesting that bullish momentum and money inflow have remained strong.
PEPE's price movement and indicators also suggest rising money flow and bullish momentum. This highlights the high correlation among the top memecoins.
Social Data
The social volume for all three tokens has declined significantly, indicating a decrease in their popularity. Despite this, the weighted sentiment around DOGE has grown, suggesting an increase in positive comments about the token. PEPE has also experienced a similar surge in positive sentiment. Conversely, the weighted sentiment around SHIB has decreased substantially.
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