The best meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB) have failed to show any sign of health following the recent market decline. These crypto tokens they have traded sideways despite other altcoins enjoying helpful bounces.
Why Dogecoin and Shiba Inu continue to trade side by side
Dogecoin and Shiba Inu are believed to have saved unfavorable price actions partly because of Bitcoin. Data from a market intelligence platform Enter TheBlock shows that the price correlation of Dogecoin and Shiba Inu with the crypto-flagship is almost close to ‘1’, “meaning a strong positive correlation” between their prices and Bitcoin.
As such, Dogecoin and Shiba Inu have matched Bitcoin’s recent uninspiring price movements. In addition, on-chain metrics also paint a bearish view Dogecoin and Shiba Inuanother reason why top meme coins keep hot price actions.
The data from IntoTheBlock shows that the growth of the Dogecoin network is currently slowing down, suggesting that the meme coin is not seeing an influx of new users into its ecosystem. At this time, Dogecoin whales have been quiet, with the number of major transactions low, suggesting that investor confidence in the mme coin may not be that great.
The Shiba Inu has also faced the same fate, too metrics on chain flashing signals. The data from IntoTheBlock shows that the ‘Concentration’ metric is currently low, ie SHIB whales and investors they release some of their stuff rather than amassing more meme coin.
Due to their recent performance in the market, Dogecoin and Shiba Inu have dropped in the crypto market by market cap. The data from CoinMarketCap shows that Dogecoin is now the ninth largest crypto token by market cap (down from eighth place). Meanwhile, Shiba Inu is now the thirteenth largest crypto token by market cap (down from eleventh place).
Better Days Ahead for DOGE and SHIB
Dogecoin and Shiba Inu are still expected to make significant moves in the long run. Crypto Kaleo Analyst recently predicted that DOGE could rise to $2 in this bull run, based on his belief that this The meme coin supercycle.
Interestingly, the analyst noted that Dogecoin has been trading sideways for most of its existence but has always made significant gains whenever it pumped. He referred to when the meme coin saw price gains of 6,000% and 30,000% in the past.
Currently, crypto analyst Captain Toblerone recently predicted that Shiba Inu is yet to break another zero in this bull run and go up to $0.00045000. The on-chain analytics platform Santiment has also revealed the near price discovery of Shiba Inu as they are it was revealed that the meme coin is one of the biggest assets that shows the most reduction.
The featured image was created with Dall.E, a chart from Tradingview.com
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