- The prices of DOGE and SHIB fell by 5% last week.
- Both Mimecoin’s outstanding contracts and MVRV ratio have also decreased.
Like many other cryptocurrency niches, the Mimecoin market has also seen significant corrections over the past few days. This was the case with some of the top Mimecoins, such as: Dogecoin (DOGE) and Shiba Inu (SHIB) The weekly and daily charts were red.
One reason for this decline is the decline in investor interest in Mimecoin.
The Worrisome State of Mimecoin
CoinMarketCap’s data The world’s largest crypto coin, Dogecoin, has seen its price drop by more than 5% over the past week. Interestingly, SHIB has also suffered a similar fate, with its value also dropping by 5% over the past seven days.
At the time of writing, DOGE was trading at $0.126 and SHIB was worth $0.0000163.
According to IntoTheBlock data75% of DOGE investors made a profit, while only 48% of SHIB investors made a profit.
Memecoin is well known for its promising social dominance due to its popularity. However, according to the latest data, Memecoin is far behind. Bitcoin (BTC).
At the time of writing, BTC’s social dominance was at 17.9%, while DOGE and SHIB’s indicators were at 1.49% and 0.24% respectively, which clearly suggests that investors are not actively talking about DOGE and SHIB.
Source: Santiment
Dogecoin, will Shiba Inu recover soon?
AMBCrypto compared the on-chain data for SHIB and DOGE to take a closer look at whether they can recover from recent losses. We found that DOGE’s weighted sentiment remains in the negative territory, meaning that bearish sentiment is dominant.
However, it was surprising to see SHIB’s weighted sentiment graph moving positively, suggesting that SHIB investors expect it to recover soon.
Source: Santiment
In addition, the open interest balance of both Mimecoins has been falling along with the price. Whenever the indicator records a decline, it indicates that there is a high possibility of a trend reversal.
In addition, the SHIB and Dogecoin MVRV ratios have also declined. Typically, a very low MVRV ratio acts as a market floor, which also suggests that the price may rise in the coming days.
Source: Santiment
Nonetheless, according to CFGI.io: dataAt the time of writing, both Mimecoin’s fear and greed indices were at neutral values, meaning the market could move in either direction.
read Shiba Inu (SHIB) Price Forecast 2024-25
So we have identified their liquidation levels. According to our analysis, if a trend reversal occurs, DOGE could reach $0.137 before targeting $0.14.
Source: Hyblock Capital
Referring to SHIB, a bullish takeover could result in SHIB retouching $0.0000176. However, a sustained downtrend could push SHIB down to $0.0000155 in the coming days.
Source: Hyblock Capital