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Reasons why Shiba Inu, Dogecoin are decoupling from the market 

3min Read

While most cryptos continue to bleed, SHIB and DOGE registered promising price gains over the last seven days. 

Reasons why Shiba Inu, Dogecoin are decoupling from the market 

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  • Positive sentiment around SHIB and DOGE went up, thanks to the price uptrend. 
  • BONE price also increased in double digits but PEPE was left out. 

Shiba Inu [SHIB] and Dogecoin [DOGE] were the only two cryptos among the top 20 that registered near-double-digit growth in the last seven days. Not only these two, but Bone ShibaSwap [BONE] also registered promising growth, allowing it to once again enter the top 100 club. 

Read Shiba Inu’s [SHIB] Price Prediction 2023-24

Though, at first glance, it seemed that memecoins were flourishing, that might not be entirely true. Pepe [PEPE], yet another popular memecoin, was struggling to maintain its price. 

Shiba Inu and Dogecoin’s growth is impressive 

While most cryptos felt the bears’ wrath, the top two memecoins enjoyed a comfortable bull rally. On one hand, SHIB’s price increased by nearly 10% in the last seven days, while on the other hand, DOGE rallied by 11%.

At press time, both SHIB and DOGE’s daily charts were green and were trading at $0.000008552 and $0.08016, respectively. However, it must be mentioned that while SHIB’s 24-hour trading volume declined, DOGE’s volume increased by more than 40%.

Thanks to their bullish price action, positive sentiment around both memecoins spiked over the last few days. Shiba Inu’s daily active addresses also spiked on 28 July. Nonetheless, SHIB’s network growth went down, suggesting fewer new addresses were created to transfer the memecoin. 

Source: Santiment

As the Shibarium mainnet launch draws near, hype around it continues to rise. This is directly reflected in BONE’s chart, which will have a major role to play in Shibarium.

As per CoinMarketCap, BONE’s price shot up by more than 13% in the last seven days, which looked encouraging. At press time, it was trading at $1.48 with a market cap of $341 million, making it the 96th largest crypto. While price surged, its exchange outflow spiked as well, which was a bullish signal. 

Source: Santiment

Price charts has this to say

A look at DOGE’s daily chart gave hope for better days, as several indicators were bullish. The Exponential Moving Average (EMA) Ribbon displayed a bullish crossover.

The MACD revealed that the bulls were leading the market. DOGE’s Money Flow Index (MFI) was also increasing, which was a development in the buyers’ favor. 

Source: TradingView

Shiba Inu’s on-chain metrics also looked pretty bullish. The memecoin’s exchange reserve was declining, which implied that it was not under selling pressure. However, as per CryptoQuant, SHIB’s RSI was in an overbought zone. This can initiate selling pressure and, in turn, decrease its price.

Source: CryptoQuant

How much are 1,10,100 DOGEs worth today     

Though SHIB, DOGE, and BONE were enjoying their rallies, PEPE took a back seat. Not only did it fail to push its price up, but its value declined by more than 11% in the last seven days.

At press time, it was trading at $0.000001329 with a market cap of $520 million. It will be interesting to watch which direction these memecoins go in the coming days. 


Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.
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