- Shiba Inu and Bonk’s price charts were green.
- Dogecoin and PEPE’s fates were not as good as their values dropped.
2023 is coming to an end, and top meme coins Shiba Inu [SHIB], Dogecoin [DOGE], Pepe [PEPE], and Bonk [BONK] have had an impactful year. AMBCrypto, thus, took a look at these meme coins to see what the close of 2023 holds for them.
Shiba Inu beats Dogecoin
While most cryptos’ weekly charts were red, Shiba Inu chose to act differently as its value rose. As per CoinMarketCap, SHIB was up by over 4% last week.
At press time, it was trading at $0.00001008 with a market capitalization of over $5.9 billion.
To understand what supported this surge, AMBCrypto checked Santiment’s data. As per our analysis, SHIB’s Price Volatility 1w spiked. Its Supply on Exchanges dropped, while its Supply outside of Exchanges increased slightly.
This meant that the buying pressure on the meme coin was high at press time. Additionally, its network activity also remained high, as evident from its daily active addresses graph.
Source: Santiment
AMBCrypto checked SHIB’s daily chart to see whether the token would be able to sustain this pump during the year-end. To our surprise, we found that most indicators were bearish — SHIB’s price had touched the upper limit of the Bollinger Bands.
Its MACD also displayed the possibility of a bearish crossover. Moreover, its Money Flow Index (MFI) registered a downtick, which showed the likelihood of a price correction during the concluding days of 2023.
Source: TradingView
Dogecoin continues to suffer!
While SHIB’s weekly chart was green, Dogecoin shed much of its value as its price dropped by over 5% in the past seven days. At the time of writing, DOGE was trading at $0.09207 with a market cap of over $13 billion.
AMBCrypto’s analysis of DOGE’s liquidation heatmap revealed a possible reason behind the price plummet. We found out that the meme coin witnessed a massive surge in its liquidation levels near the $0.099 mark.
The coin failed to move above that mark, resulting in multiple price corrections over the past week.
Source: Hyblock Capital
While its value dropped, DOGE’s Binance Funding Rate remained high at press time, meaning that Futures investors were actively buying the meme coin.
In the meantime, DOGE’s transaction counts spiked while its value sank in the recent past.
Nonetheless, its Open Interest also plummeted, which generally hinted at a trend reversal. So whether DOGE manages to register green during the remaining days of 2023 will be worth keeping an eye on.
Source: Santiment
PEPE is in a worse position
While DOGE’s value dropped by 5%, PEPE took a harder blow as its price sank by nearly 10% last week. Just in the last 24 hours, the meme coin value declined by 5%.
At the time of writing, PEPE was trading at $0.000001304 with a market capitalization of over $544 million, making it the 98th largest crypto.
Therefore, to understand what to expect from the meme coin over the next few days, AMBCrypto checked PEPE’s daily chart. Upon checking, we found that its Relative Strength Index (RSI) registered a sharp downtick.
A similar declining trend was also noted in terms of its Money Flow Index (MFI), increasing the chances of a continued downtrend in the days to follow.
More concerns were raised by the MACD as it displayed a clear bearish advantage in the market.
Source: TradingView
BONK continues to lead the meme coin pack
Last but not least, let’s talk about a meme coin that recently gained traction thanks to its massive gains. BONK’s price skyrocketed over the last week as its value soared in triple-digits, which could be attributed to Binance listing the meme coin.
According to CoinMarketCap, in the last seven days, BONK was up by more than 77%. At the time of writing, it was trading at $0.00002143 with a market cap of over $1.3 billion, making it the 53rd largest crypto.
AMBCrypto then had a look at market sentiment around BONK and found that its Weighted Sentiment and Social Volume spiked on the 15th of December. This was also when its price surged exponentially.
However, temperatures cooled down during the latter days as both metrics sank.
Source: Santiment
Realistic or not, here’s BONK market cap in BTC’s terms
AMBCrypto’s analysis of TradingView also showed that the bulls were leading the market at press time, as suggested by the MACD indicator.
However, both the RSI and MFI registered downticks from overbought zones, suggesting that selling pressure was increasing. BONK’s Chaikin Money Flow (CMF) also went southward, displaying increased chances of a correction before 2023 ends.
Source: TradingView
