Dogecoin (DOGE) and another popular meme coin have been attracting investors’ attention for a long time. However, recently, these popular tokens have been going through tough times. As we reported at Kriptokoin.com , Dogecoin lost 14% of its value last week. These declines are due to whale movements and changes in market sentiment. In addition, the fact that these coins are trying to survive on hype and lack support based on fundamental difficulties creates concerns about future price movements.
Whale Movements Impact on Dogecoin and the Market
In the crypto world , whale movements play a decisive role in the prices of meme coins in particular. In Dogecoin, it was reported that $219 million worth of DOGE was sold recently. This situation may also create concern among small investors and trigger a chain sale wave. If whales continue their sales, it may be difficult for Dogecoin to maintain its current price level.
Similarly, volatility is quite high in Shiba Inu. Price movements show that the market is dominated by speculative transactions. Investors are more focused on short-term gains, making it difficult for SHIB to find long-term support. Increased whale sales and changing market sentiment could make it difficult for Shiba Inu to remain at current price levels.
Declining Hype and Key Challenges
Shiba Inu and Dogecoin initially grew on social media support and community-based hype. The influence of figures like Elon Musk sent the prices of these coins soaring. However, over time, that support has waned and both coins have struggled to find real-world use. While Shiba Inu has made efforts, such as token burns, these steps have not been enough to boost investor confidence.
Dogecoin, on the other hand, despite having a strong community, lags behind in terms of technological development. As the crypto market matures, investors are turning to projects that offer more functionality. This makes it difficult for meme coins to compete. However, some experts believe that in the long run, these coins can regain popularity. However, the current picture shows that Shiba Inu and Dogecoin will have a tough time.
What Do Technical Indicators Say for Dogecoin and Shiba Inu?
Dogecoin is currently trading at $0.334. The token has lost 14% in value in the last week and 20% in the last month. Dogecoin, which has a market value of $49 billion, has a trading volume of $2.62 billion. These declines are causing investors to be cautious.
Shiba Inu is trading at $0.00002195 and has seen a small increase of 1% in the last 24 hours. However, a 10% decrease on a weekly basis and a 24% decrease on a monthly basis are striking. SHIB, with a market value of $12.93 billion, has a trading volume of $490 million. Technical indicators suggest that both coins may follow a volatile course in the coming period.
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