Investors Show Strong Interest in Shiba Inu and Dogecoin

Investors Exhibit Keen Interest in Shiba Inu and Dogecoin

Shiba Inu and Dogecoin remain popular choices for investors entering the cryptocurrency realm. However, recent price fluctuations have not only impacted their valuations but also investor sentiment. This decline in sentiment towards these meme coins may present an opportunity for investors seeking to reinvest.

Dogecoin and Shiba Inu Reach Overbought Territory

The Fear and Greed Index gauges the sentiment of cryptocurrency investors towards specific assets over time. Elevated values indicate strong investor appetite, while declines signify the opposite.

Amidst the cryptocurrency market's recovery since early 2024, sentiment for Shiba Inu and Dogecoin has soared into the greed zone, even reaching extreme greed, reigniting interest in these cryptocurrencies.

According to CFGI data, Shiba Inu's sentiment score stands at 83, signifying extreme greed. Dogecoin's score, at 78, suggests that investors are actively accumulating both meme coins.

DOGE and SHIB Price Analysis

The extreme greed surrounding DOGE and SHIB has been reflected in their price movements. DOGE has surged following a rally in BTC, gaining nearly 12% in the past 24 hours to trade at $0.1661.

This surge has been accompanied by increased trading volume, with DOGE ranking 8th in volume, reaching $24 billion. Its 24-hour trading volume has surpassed $1.5 billion, representing a 98% increase.

Similarly, SHIB has climbed by 9.71% in the past 24 hours, trading at $0.000026. With a market volume of $15.3 billion, SHIB ranks 12th, just behind AVAX. SHIB's trading volume has surged by 118%, making it the 18th most traded cryptocurrency.