Are memecoins losing steam? Shiba Inu, Dogecoin prices say…
Release: 2024/05/24 11:04 Reading: 308
- Original author：AMBCrypto
- Original source：https://ambcrypto.com/?p=394295
Memecoin Sector Underperforms
The memecoin sector has underperformed other sectors, such as DeFi and Data services, in the last month. SHIB and DOGE prices have continued to decline.
The memecoin sector was one of the most profitable spaces in the cryptocurrency market for quite some time. However, in the last month, the performance of the sector has been lackluster. Over the past month, Ethereum, the DeFi sector, and the Data Services sector have outperformed the memecoin sector by a large margin. Source: Artemis
SHIB and DOGE Bear the Brunt
The declining popularity of memecoins can impact the market share for major coins such as DOGE and SHIB. The market share of these two blue-chip memecoins has been slowly eroding due to the emergence of the Solana memecoin frenzy.
Tokens such as BODEN and TRUMP gained massive popularity, causing many memecoin traders to move away from traditional memecoins. As the memecoin hype dies down, both SHIB and DOGE may be vulnerable to significant price swings.
At press time, DOGE was trading at $0.166, while SHIB was trading at $0.00002532. Since the beginning of April, both of these tokens have shown extremely high correlation and have moved in tandem in terms of price. The price of both of these tokens declined significantly during this period, while showcasing multiple lower lows and lower highs. This pattern is indicative of a bearish trend. The price of both of these tokens would need a significant amount of momentum to break out of this trend and see green again in the future. Source: Santiment
Social Media Presence and Price
A large determinant of the future of the memecoins' price is the social media presence each token has. AMBCrypto's analysis of Santiment's data revealed that the social volume for all these tokens had fallen significantly, implying that the popularity of both of these tokens was waning. A decline in popularity can severely impact the overall interest in the tokens and can harm price movement as well.
However, on the flip side, the weighted sentiment for both of these tokens has grown. This means that even though the number of comments around these tokens has fallen, the type of comments being made around these memecoins is largely positive. If the positive nature of these comments is enough to sway public opinion in DOGE and SHIB's favor, a reversal could be expected in the future. Source: Santiment
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