DOGE, SHIB, WIF, & Others Slip, Is Meme Coin Season Over?

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As a seasoned crypto investor with a knack for spotting trends and navigating market volatility, I find myself intrigued by the recent developments in the meme coin sector. The decline of top coins like DOGE, SHIB, WIF, and others has been a common sight lately, but it’s the shifting market focus that catches my attention.

There’s growing apprehension about the meme coin trend, evident in the erratic trading of popular coins such as DOGE, SHIB, WIF, and others, which are currently experiencing a downturn. This dip coincides with a somber outlook observed across the broader cryptocurrency market, suggesting a change in the market’s focus. Furthermore, a recent Santiment report suggests that interest in the meme market is waning, fueling speculation that the meme coin craze may be drawing to a close.

DOGE, SHIB, WIF, & Other Meme Coins Slip

Over the past week, popular meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and dogewhatt (WIF), along with others, have seen a steady drop in value. However, Santiment has pointed out an emerging pattern suggesting that crypto market fans are increasingly directing their attention away from this sector towards other altcoins.

In a recent update from X, it was highlighted that there’s been a notable change in crypto market sentiments. According to the findings, investors have increasingly grown pessimistic over the last fortnight, a trend that can also be observed in the turbulent trading conditions currently prevailing across the broader crypto sector.

Amidst escalating market corrections, especially in the leading altcoins, the buzz around meme coins seems to have subsided, as Santiment observed. Simultaneously, this decreased enthusiasm for altcoins has led to a heightened focus on Bitcoin, making it the center of attention.

Santiment considers this trend as a normal market fluctuation, offering chances for cautious traders to profit from the current situation often referred to as ‘blood on the streets.’ Essentially, the current fear, uncertainty, and doubt (FUD) in the crypto market, along with this recent downturn, might present a buying opportunity for investors in the near future.

How’s The Meme Coins Performing & What’s Next?

In today’s analysis, we’ll examine some popular cryptocurrencies to predict their potential performance over the next few days since the broader meme coin sector has experienced a dip today.

Can DOGE Rally To $18?

Today, Dogecoin’s price dropped approximately 2%, settling at around $0.3164. Its trading activity decreased by 24%, with a total volume of about $4.16 billion. Interestingly, in the past 24 hours, Dogecoin reached a peak of $0.324 and a low of $0.3033. Additionally, data from CoinGlass indicates that the open interest for Dogecoin Futures has decreased by 6%, amounting to $1.95 billion.

Despite that, top crypto market analyst Ali Martinez recently shared a bullish forecast for DOGE. In a recent X post, Martinez cited Dogecoin’s historical run and said that the crypto could rally to $18 ahead, “If history repeats.”

Shiba Inu (SHIB), WIF, & Other Meme Coins

Today, the cost of Shiba Inu decreased by more than 1% to $0.00002183. The one-day trading volume dropped significantly by 23%, reaching $678.92 million. Yet, recent data from Shibburn revealed a substantial increase of 404% in the burning rate of Shiba Inu over the last 24 hours, pointing towards an optimistic trend ahead. To clarify, token burns serve to decrease the number of tokens in circulation, which could potentially elevate the value of the asset.

Furthermore, renowned market analyst Dollars Maker predicted in a TradingView assessment that SHIB might surge by approximately 235% to reach $0.00005816. Additionally, a recent evaluation of Shiba Inu’s price suggests that if bullish momentum strengthens, the coin could potentially challenge the resistance at $0.000025.

Conversely, the price of WIF dropped by more than 2% to $1.93, following its surge above the $4 threshold in early December. Nevertheless, a recent forecast from Rose Premium Signals suggests that this popular Solana meme coin might reach $6.4 in the near future, fueling market enthusiasm.

Even though there’s been a general decline in the sector lately, some coins like PEPE and PENGU have managed to hold their ground, even growing by approximately 1% and 2% respectively. This suggests that the trend for meme coins might still be ongoing.

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2024-12-23 13:32