Shiba

Dogecoin

Value

Shiba Inu

<ul> 
 <li aria-level="1">Dogecoin and Shiba Inu each saw a 5% decrease last week, reflecting broader downward trends in cryptocurrency.</li> 
 <li aria-level="1">Despite popularity, Dogecoin’s and Shiba Inu’s social dominance fall behind Bitcoin’s, at 1.49% and 0.24% respectively.</li> 
</ul> 
Last week, the memecoin market, represented by Dogecoin (DOGE) and Shiba Inu (SHIB), recorded a 5% drop in value. This decrease is part of a broader trend affecting various cryptocurrency segments. 
<div class="cryptoboxes" id="mcw-12355" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="DOGE" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
</div> 
Currently, Dogecoin is priced at $0.126 and Shiba Inu at $0.0000163. According to <a href="https://app.intotheblock.com/coin/DOGE">data from IntoTheBlock</a>, 75% of Dogecoin holders and 48% of Shiba Inu holders are still seeing profits despite recent price drops. 
Despite their popularity, these memecoins have lower social dominance compared to Bitcoin (BTC); Dogecoin’s social dominance is 1.49% and Shiba Inu’s is 0.24%, whereas Bitcoin’s is at 17.9%. 
<figure id="attachment_84896" aria-describedby="caption-attachment-84896" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="wp-image-84896 size-full" title="Bitcoin-BTC-14.33.30-31-Jul-2024-2048x693" src="https://www.ethnews.com/wp-content/uploads/2024/08/Bitcoin-BTC-14.33.30-31-Jul-2024-2048x693-1.png" alt="Bitcoin-BTC-14.33.30-31-Jul-2024-2048x693" width="2048" height="693">
 <figcaption id="caption-attachment-84896" class="wp-caption-text">
 Source: Santiment
 </figcaption>
</figure> 
This information suggests that investor <a href="https://www.ethnews.com/elon-musks-laser-eyes-hint-at-bullish-bitcoin-future-as-biden-exits-politics/">discussions</a> about DOGE and SHIB are less frequent compared to BTC. Analyzing the on-chain data, ETHNews noted that while Dogecoin’s sentiment in the market is negative, Shiba Inu’s sentiment has shifted to the positive, indicating some investors anticipate a recovery. 
<figure id="attachment_84900" aria-describedby="caption-attachment-84900" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="wp-image-84900 size-full" title="Bitcoin-BTC-14.35.19-31-Jul-2024-2048x693" src="https://www.ethnews.com/wp-content/uploads/2024/08/Bitcoin-BTC-14.35.19-31-Jul-2024-2048x693-1.png" alt="Bitcoin-BTC-14.35.19-31-Jul-2024-2048x693" width="2048" height="693">
 <figcaption id="caption-attachment-84900" class="wp-caption-text">
 Source: Santiment
 </figcaption>
</figure> 
Furthermore, both memecoins have experienced declines in open interest, which often precedes a potential trend reversal. The Market Value to Realized Value (MVRV) ratio for both coins also declined. Traditionally, a low MVRV ratio might indicate that a price increase could be forthcoming if market conditions are favorable. 
<figure id="attachment_84904" aria-describedby="caption-attachment-84904" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="wp-image-84904 size-full" title="Bitcoin-BTC-14.37.01-31-Jul-2024-2048x693" src="https://www.ethnews.com/wp-content/uploads/2024/08/Bitcoin-BTC-14.37.01-31-Jul-2024-2048x693-1.png" alt="Bitcoin-BTC-14.37.01-31-Jul-2024-2048x693" width="2048" height="693">
 <figcaption id="caption-attachment-84904" class="wp-caption-text">
 Source: Santiment
 </figcaption>
</figure> 
The current fear and greed index for both <a href="https://www.ethnews.com/do-dogecoin-and-shiba-inu-still-have-it-experts-predict-the-next-10000-surge-stories-in-these-new-memecoin-participants/">DOGE and SHIB</a> is neutral, which indicates uncertainty in market direction. This neutrality in sentiment implies that future price movements could vary depending on broader market trends and investor reactions. 
<figure id="attachment_84908" aria-describedby="caption-attachment-84908" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-84908" src="https://www.ethnews.com/wp-content/uploads/2024/08/Screenshot-2024-07-31-at-2.40.04 PM-2048x1134-1.png" alt="" width="2048" height="1134">
 <figcaption id="caption-attachment-84908" class="wp-caption-text">
 Source: Hyblock Capital
 </figcaption>
</figure> 
Regarding potential future prices, if a trend reversal occurs, Dogecoin might target prices of $0.137 and potentially $0.14. In contrast, a bullish scenario for Shiba Inu could see its price reach $0.0000176, whereas a bearish trend might reduce its value to $0.0000155. 
<figure id="attachment_84912" aria-describedby="caption-attachment-84912" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-84912" src="https://www.ethnews.com/wp-content/uploads/2024/08/Screenshot-2024-07-31-at-2.43.35 PM.png" alt="" width="2048" height="1141">
 <figcaption id="caption-attachment-84912" class="wp-caption-text">
 Source: Hyblock Capital
 </figcaption>
</figure> 
While the memecoin sector currently shows a decline, the analysis of various <a href="https://www.ethnews.com/dogecoin-leader-mishaboar-issues-safety-warning-for-crypto-investors-during-bull-market/">market indicators</a> provides a mixed outlook. 
The post <a href="https://www.ethnews.com/dogecoin-and-shiba-inu-prices-tumble-will-they-bounce-back/">Dogecoin and Shiba Inu Prices Tumble – Will They Bounce Back?</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Dogecoin and Shiba Inu Prices Tumble – Will They Bounce Back?

ETHNews

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