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

• Dogecoin and Shiba Inu each saw a 5% decrease last week, reflecting broader downward trends in cryptocurrency.
• Despite popularity, Dogecoin’s and Shiba Inu’s social dominance fall behind Bitcoin’s, at 1.49% and 0.24% respectively.

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.

Currently, Dogecoin is priced at $0.126 and Shiba Inu at $0.0000163. According to data from IntoTheBlock, 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%.

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.

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.