Memecoins
Are memecoins running out of steam? Shiba Inu, Dogecoin prices say…
- The Memecoin sector underperformed other sectors such as DePin and Data Services last month.
- SHIB and DOGE prices continued to decline.
The memecoin sector has been one of the most profitable spaces in the cryptocurrency market for a while. However, over the past month, the sector’s performance has been lackluster.
Over the past month, Ethereum, the DePin sector and the data services sector have significantly outperformed the memecoin sector.
Source: Artemis
Will SHIB and DOGE pay the price?
The decreasing popularity of memecoins may impact the market share of major coins such as DOGE And SHIB. The market share of these two top memecoins was slowly eroding due to the emergence of the Solana memecoin frenzy.
Tokens such as BODEN and TRUMP have grown in popularity, causing many memecoin traders to move away from traditional memecoins.
As the hype around memecoins fades, SHIB and DOGE may be vulnerable to significant price fluctuations.
At press time, DOGE was trading at $0.166 while SHIB was trading at $0.00002532. Since the beginning of April, these two tokens have shown an extremely high correlation and have moved in tandem in terms of price.
The price of both of these tokens has declined significantly over this period, while exhibiting several lower lows and higher highs.
This trend was indicative of a downward trend. The price of these two tokens would need significant momentum to break out of this trend and return to green in the future.
Source: Santiment
The presence of each token on social media is a determining factor in the future of memecoin prices.
AMBCrypto’s analysis of Santiment data revealed that the social volume of all of these tokens had declined significantly, implying that the popularity of these two tokens was in decline.
A decline in popularity can have serious consequences for the general interest in the tokens and can also harm price developments.
However, on the other hand, the weighted sentiment for these two tokens has increased.
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This meant that although the number of comments around these tokens had decreased, the type of comments made around these memecoins were largely positive.
If the positive nature of these comments is enough to sway public opinion in favor of DOGE and SHIB, a reversal could be expected in the future.
Source: Santiment