SHIB, DOGE, PEPE show troubled signals: Is the meme rally over?
- PEPE’s market indicators revealed what went wrong in the last few days.
- SHIB and DOGE were down in the last 24 hours, and the metrics looked bearish.
Memecoins like Dogecoin [DOGE], Shiba Inu [SHIB], and Pepe [PEPE] have always been a topic of discussion in the crypto community, thanks to their popularity. In fact, they also registered promising gains during the latest bull rally.
However, as things settled down, all these tokens came under bears’ influence, as their daily charts turned red over the last 24 hours.
The meme coin rally is ending!
Meme coins, despite their reputation of not having any utility over the past several years, have remained relevant in the market. In fact, their popularity has been on the rise.
Notably, CryptoDep, a popular X (formerly Twitter), recently posted a tweet mentioning the top meme coins by social activity on the 7th of November.
As per the tweet, PEPE topped the list as it had more than 65 million social engagements and over 2,000 social mentions in a single day. PEPE was followed by DOGE and SHIB, whose social engagement stood at 34.1 million and 10.7 million, respectively.
— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) November 7, 2023
Coming back to the meme coin rally, PEPE also outshone the rest of the top coins with its massive gains. As per CoinMarketCap, PEPE’s price rallied by more than a whopping 65% in the last 30 days, allowing it to recover a hefty share of its lost market capitalization.
However, the bull rally ended on the 8th of November as its daily chart turned red. The token’s price only moved marginally over the last 24 hours. At press time, it was trading at $0.000001168 with a market cap of over $487 million.
It was surprising to note that despite having such a promising week, PEPE’s AltRank deteriorated, suggesting a further drop in its price. Its Social Dominance also fell by 17% in just the last 24 hours, which was also worrying.
When AMBCrypto checked the coin’s daily chart, quite a few bearish metrics were revealed. PEPE’s price touched the upper limit of the Bollinger Bands a few days ago. Its Relative Strength Index (RSI) and Money Flow Index (MFI) both registered slight downticks.
On top of that, PEPE’s MACD displayed a bearish crossover, which could cause a further plummet in its price.
Shiba Inu is also in the red
Like PEPE, Shiba Inu’s price also surged during the last month, as it rallied by over 13%. However, its price action also turned red in the last 24 hours, as its value dropped by more than 2%.
At the time of writing, SHIB was trading at $0.000008225 with a market cap of over $4.8 billion.
As per AMBCrypto’s analysis, a possible reason for this price decline could be an increase in selling pressure. This seemed to be the case, as according to CryptoQuant, SHIB’s exchange reserve was increasing at press time.
Its Active Addresses also dropped in the last 24 hours, as did its Transfer Volume.
But there was slightly better news for SHIB. Notably, the token’s Open Interest dropped marginally alongside its price. Whenever Open Interest drops, it increases the chances of a trend reversal.
It was also interesting to note that despite the drop in price, SHIB remained whales’ favorites. WhaleStats’ data revealed that SHIB was the most traded token among the top 100 ETH whales in the last 24 hours.
DOGE’s fate is similar to the rest of the lot
The largest meme coin by market cap, DOGE, also had similar behavior to the rest of the meme coins. As per CoinMarketCap, despite pumping more than 10% last week, its value dropped by 1.5% over the last 24 hours.
At press time, DOGE was trading at $0.0741 with a market cap of over $10.5 billion, making it the ninth-largest crypto.
Upon a check on DOGE’s liquidity heatmap, AMBCrypto found that liquidation increased considerably when the meme coin’s price touched the $0.076 mark. Since then, DOGE’s growth momentum has declined.
Like PEPE, DOGE’s price also touched the upper band of the Bollinger Bands. Its Money Flow Index (MFI) went down as it headed towards the neutral mark of 50. DOGE’s Chaikin Money Flow (CMF) also registered a slight downtick.
Read Dogecoin’s [DOGE] Price Prediction 2023-24
Nonetheless, the MACD remained in the buyers’ favor as it displayed a bullish upper hand in the market.
Therefore, considering all the recent developments and the price plummets of the major meme coins, it will be intriguing to witness which direction the market moves in the weeks to follow.