Coinworld reports:
DOGE, SHIB, and PEPE have experienced significant adjustments in terms of price. The overall social volume and weighted sentiment of these two tokens have both decreased significantly.
The memecoin industry has always been one of the most profitable sectors in the cryptocurrency market. Since the beginning of the year, the entire industry has seen significant growth.
Bloodshed in the Memecoin Industry
However, in the past 24 hours, the prices of Dogecoin [DOGE], Shiba Inu [SHIB], and Pepe [PPE] have all dropped by double digits.
At the time of writing, DOGE is trading at $0.1092. Over the past few days, its price has been hovering around the $0.10971 level, and if it can break through this level, it may soon rise to $0.13061.
Since May 26, the price of DOGE has been declining. During this period, DOGE has experienced multiple lower lows and lower highs, indicating a bearish trend.
Whether DOGE can reverse this trend in the short term remains to be seen. The RSI (Relative Strength Index) of DOGE has been rising in the past few days, indicating that the bullish momentum around DOGE is strengthening.
The Chaikin Money Flow (CMF) of the DOGE token has also surged during this period, indicating a significant increase in funds flowing into DOGE.
SHIB has also exhibited a similar pattern in terms of price. After May 30, the price of SHIB has also shown a similar bearish trend.
However, the possibility of a reversal for SHIB is much higher. The RSI of SHIB has climbed to 58, indicating that the bullish momentum has not weakened.
Furthermore, the CMF has also been surging, indicating that funds flowing into SHIB, similar to DOGE, are growing.
For SHIB to reverse its current trend, it must test the $0.0000167 level multiple times before further rebounding.
PEPE has shown a similar trend in price, and the indicators also suggest an increase in fund flow and bullish momentum for PEPE. This highlights the high correlation between the top memecoins in the industry.
Examining Social Data
The social volume of these tokens has decreased significantly, indicating a significant decrease in popularity of these memecoins in the past few days.
Read Shiba Inu’s [SHIB] Price Predictions 2024-25
However, the weighted sentiment around DOGE has significantly increased, indicating a surge in the number of positive comments surrounding the token. PEPE has also seen a similar increase in positive sentiment.
On the other hand, the weighted sentiment around SHIB has significantly decreased.
