- Memes had very little effect after the recent market meltdown that sent the price of Bitcoin down to $53,000.
- Still, the market value of meme coins has dropped significantly in the past week.
- Whales’ interest in popular meme coins like Dogecoin and Shiba Inu has decreased as a result, which might soon put an end to their hegemony in the buying market.
Buying Challenges From SHIB And DOGE Prices
Both sides’ dealers have caused large liquidations for Dogecoin and Shiba Inu in the last day. Dogecoin saw a total liquidation of around $710,000, of which almost $400,000 came from the liquidation of short positions, according to Coinglass.
In the meantime, Shiba Inu experienced a $216,000 total liquidation, of which around $122,000 came from long positions. The price volatility of DOGE and SHIB has recently grown as a result of these moves.
Data from IntoTheBlock indicates that whale activity for Dogecoin and Shiba Inu has significantly decreased. Dogecoin’s massive transaction count decreased from 1,210 at its peak to 788. In a similar vein, there were only 84 big deals featuring Shiba Inu, down from a peak of 199.
The market’s sentiment toward DOGE and SHIB has been undermined by the whales’ diminishing interest, which has increased selling confidence. This might likely worsen over the next several hours.
Analysis of Dogecoin Prices
The current surge in Dogecoin fell short of the critical $0.12 breakdown threshold, indicating that bears are actively selling off even modest price increases. In the upcoming hours, buyers, however, hope for a surge over the nearby Fib channel. The price of DOGE is currently trading at $0.107, down more than 0.2% over the previous day.
The price range between $0.10 and $0.08 is expected to be fiercely defended by bulls, as breaking through it might cause the DOGE/USDT pair to tumble as low as $0.06. The next rally could start much later if there is a deeper decline.
If the market bounces back from where it is now, bears should resisted any further rise to $0.12. The pair could move in the direction of the 50-day SMA at $0.14, though, if buyers are able to overcome this resistance, suggesting that the short-term trend may be changing.
Analysis of Shiba Inus Prices
Recently, Shiba Inu made an attempt to break above the bearish pattern and make a move over $0.0000177. It has proven difficult for the bulls to continue this momentum, though, as sellers fiercely opposed a push over that level. The price of SHIB is currently trading at $0.00001637, up 0.06% over the previous day.
At this point, bears are trying to push the price back into the negative area. If they are successful, it could mean that the recent spike was deceptive and that the price was trapped at $0.000012 for a long time.
On the other hand, purchasing interest at lower prices would be advised if the price bounces back from its current position and surpasses $0.000019. A move like that might push the SHIB/USDT pair closer to $0.000030.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
