Dogecoin price’s 13% drop – SHIB, TON predicted to replace DOGE in top-10?

• DOGE was down by over 13% in the last 24 hours. 
• SHIB, the 11th largest crypto, was also down by 12%. 

Dogecoin [DOGE] has been witnessing back-to-back price corrections, which has put the meme coin in a tough spot.  If this declining trend lasts, DOGE will soon bid farewell to the top 10 list of cryptos in terms of market capitalization. In fact, given the scale of its most recent corrections, it could soon be overtaken by the likes of SHIB and Toncoin. 

Dogecoin’s value is dropping

According to CoinMarketCap, DOGE was down by more than 13% in the last 24 hours. At press time, it was trading at $0.1322 with a market capitalization of over $18 billion, making it the 10th largest crypto.

Since the meme coin registered a double-digit decline, the chances of DOGE slipping off the top 10 list seemed likely.

To better understand at what time DOGE began its bear run, AMBCrypto took a look at its liquidation heat map. As per our analysis, DOGE’s latest price correction began when its price touched $0.157.

During that time, DOGE’s liquidation spiked, restricting its value from moving up. The meme coin’s liquidation also surged when DOGE’s price hit $0.14, further pushing the coin’s price down. 

Source: Hyblock Capital

DOGE vs. SHIB

To figure out whether the downtrend would last, AMBCrypto analyzed Santiment’s data. We found that Dogecoin’s MVRV ratio plummeted last week.

The Whale Transaction Count also dropped after spiking on the 14th of March. Network activity also declined last week, which was evident from the decline in its Daily Active Addresses. 

Source: Santiment

We then took a look at DOGE’s daily chart and found that the meme coin’s MACD displayed a bearish crossover.

However, the scenario might change as DOGE’s Money Flow Index (MFI) registered an uptick. This trend reversal might be crucial for the token to maintain its spot on the top 10 list. 

Source: TradingView

To find out whether DOGE will exit the top 10 list, it’s also important to take a look at Shiba Inu [SHIB], the 11th largest crypto.

As per CoinMarketCap, SHIB was also down by more than 12% in the last 24 hours. At press time, SHIB was trading at $0.00002491 with a market cap of over $14.6 billion. 

For DOGE to exit from the top 10 list, it’s essential for SHIB to begin a bully rally; therefore, we checked SHIB’s daily chart to find out what to expect.

Read Dogecoin’s [DOGE] Price Prediction 2024-25

Like DOGE, SHIB’s MACD also displayed a bearish advantage in the market. However, unlike Dogecoin, SHIB’s MFI went down, hinting at a further downtrend.

Therefore, considering these metrics, DOGE might still manage to remain on the top 10 list despite its latest price correction. 

Source: TradingView