As an experienced analyst, I’ve closely followed the crypto market and have observed the sideways trading of Dogecoin (DOGE) and Shiba Inu (SHIB) following the recent market decline with great interest. Based on my analysis and market intelligence from reputable sources, I believe that these meme coins are strongly correlated with Bitcoin’s price movements due to their high correlation coefficient. This correlation has led Dogecoin and Shiba Inu to mirror Bitcoin’s uninspiring price action.
The leading meme cryptocurrencies, Dogecoin (DOGE) and Shiba Inu (SHIB), have remained lifeless in the market after the recent downturn, unlike other altcoins that have rebounded.
Why Dogecoin And Shiba Inu Continue To Trade Sideways
The prices of Dogecoin and Shiba Inu have underperformed, in part due to Bitcoin‘s influence. According to market intelligence platform IntoTheBlock, the connection between these cryptocurrencies and Bitcoin is very strong, with a correlation coefficient nearly equal to ‘1’. This suggests that their price movements closely mirror Bitcoin’s trend.
From my perspective as an analyst, both Dogecoin and Shiba Inu have followed Bitcoin’s lackluster price trend recently. Additionally, their on-chain metrics present a bearish scenario, which might explain their subdued performance in the market.
As a crypto investor, I’ve been closely monitoring the trends in Dogecoin’s ecosystem using data from IntoTheBlock. Recently, I’ve noticed that the net network growth of Dogecoin has been dwindling, indicating a decrease in new users joining the meme coin community. Furthermore, there have been fewer large transactions among Dogecoin whales, suggesting a lack of confidence or excitement among major investors. These observations could potentially signal a bearish trend for Dogecoin in the short term.
Shiba Inu has experienced a similar downturn, as indicated by its on-chain data. According to IntoTheBlock’s analysis, the “Concentration” indicator is currently signaling bearishness. This means that large SHIB holders and investors are selling off their coins instead of buying more of the meme currency.
Due to their latest market trends, Dogecoin and Shiba Inu have experienced a shift in their cryptocurrency rankings by market capitalization. According to CoinMarketCap, Dogecoin currently occupies the ninth position with a market cap ranking (previously held the eighth spot). Similarly, Shiba Inu now ranks thirteenth based on market capitalization (previously holding the eleventh position).
Better Days Ahead For DOGE And SHIB
According to crypto analyst Crypto Kaleo, Dogecoin (DOGE) and Shiba Inu are anticipated to experience substantial gains in the future. His rationale is that we’re currently in a meme coin boom cycle, and DOGE could potentially reach a price of $2 during this bull market based on this trend.
As an analyst, I’ve observed that Dogecoin has mostly moved laterally throughout its history, but it experiences significant price surges during pump events. For instance, this cryptocurrency saw remarkable gains of around 6,000% and 30,000% at certain points in the past.
Currently, cryptocurrency analyst Captain Toblerone forecasts that Shiba Inu will lose another zero in this bull market and potentially reach a price of $0.00045000. Meanwhile, Santiment, a well-known on-chain analytics platform, indicates that Shiba Inu’s price may bounce back soon, as it is among the large-cap assets exhibiting the most significant undervaluation.
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2024-06-29 23:11