Dogecoin and Shiba Inu Prices Tumble – Will They Bounce Back?

Dogecoin and Shiba Inu Experience Decline, Reflecting Cryptocurrency Market Trends

Dogecoin (DOGE) and Shiba Inu (SHIB) saw a 5% drop in value last week, mirroring broader downward trends in the cryptocurrency market.

Despite their popularity, Dogecoin and Shiba Inu's social dominance falls short of Bitcoin (BTC), standing at 1.49% and 0.24%, respectively, compared to Bitcoin's 17.9%.

Currently priced at $0.126 and $0.0000163, respectively, Dogecoin and Shiba Inu show that 75% of Dogecoin holders and 48% of Shiba Inu holders remain profitable despite recent price dips.

Analysis by ETHNews indicates a negative market sentiment for Dogecoin and a shift to positivity for Shiba Inu, suggesting that investors anticipate a potential recovery. Both memecoins have also seen declines in open interest, potentially signaling a trend reversal.

The Market Value to Realized Value (MVRV) ratio for both coins has also declined, potentially indicating the possibility of a price increase under favorable market conditions. The current fear and greed index for DOGE and SHIB remains neutral, reflecting uncertainty in market direction.

In the event of a trend reversal, Dogecoin has potential targets of $0.137 and $0.14, while Shiba Inu could reach $0.0000176. A bearish trend, however, may drive its value down to $0.0000155.

The analysis provides a mixed outlook for memecoins, suggesting a potential for both recovery and further decline.