- Market sentiment around SHIB turned positive while DOGE and PEPE’s remained negative.
- A few metrics suggested trend reversals for DOGE, SHIB, and PEPE.
Bitcoin’s [BTC] price correction turned the entire market bearish, and top meme coins like Dogecoin [DOGE], Shiba Inu [SHIB], and PEPE also fell victim to it. The meme coins suffered quite a bit as their value dropped over the last few days, with PEPE bleeding the most.
Dogecoin, Shiba Inu, PEPE are bleeding
LunarCrush’s latest tweet revealed that DOGE, SHIB, and PEPE were the top three meme coins in terms of social interactions. Therefore, AMBCrypto checked their price actions during the bear market.
According to CoinMarketCap, DOGE was down by over 3% in the last 24 hours. At press time, it was trading at $0.1605 with a market capitalization of over $23 billion.
SHIB’s price also dropped, as it was down by more than 4% over the last day. At the time of writing, SHIB was trading at $0.00002905 with a market cap of $17 billion.
PEPE’s value dropped the most as it registered a double-digit decline. The meme coin’s value plummeted by 11% in the last 24 hours, and at press time it was valued at $0.000008171 with a market cap of $3.4 billion.
As these price actions were bearish, AMBCrypto took a look at market sentiments around these meme coins. Our analysis of Santiment’s data revealed that both DOGE and PEPE’s weighted sentiment graphs remained in the negative zone.
This meant that bearish sentiment was dominant. However, SHIB’s graph moved in the positive zone, suggesting that bullish sentiment around the meme coin improved.
Source: Santiment
What to expect from these meme coins?
To better understand which way these meme coins were headed, AMBCrypto took a look at their on-chain data.
We found that DOGE’s MVRV ratio dropped, hinting at a further drop in its price. However, its Biance funding rate also decreased. This meant that derivatives investors were not buying the meme coin, which might indicate a trend reversal.
Source: Santiment
Mentioning SHIB, its Network Value to Transactions (NVT) ratio registered a downtick.
Whenever the metric drops, it suggests that the asset is undervalued. This looked optimistic for the meme coin, as it increased the chances of a trend reversal soon.
Additionally, Shiba Inu’s exchange reserve was also dropping, meaning that selling pressure on the token was low.
Source: Glassnode
Lastly, we checked PEPE’s state to see whether there were chances of a price recovery.
We found that buying pressure on the meme coin recently increased as its supply on exchanges went up while its supply outside of exchanges dropped slightly.
Source: Santiment
Read PEPE’s Price Prediction 2024-25
However, technical indicators remained bearish on PEPE as the MACD displayed the possibility of a bearish crossover.
Moreover, the Relative Strength Index (RSI) registered a sharp downtick, suggesting that the possibility of a continued price drop was high.
Source: TradingView
