Sideways Movement
Dogecoin (DOGE) and Shiba Inu (SHIB) have been stuck in a rut after the recent market downturn. While other cryptocurrencies have bounced back, these meme coins have remained stagnant.
Correlation with Bitcoin
One reason for their lack of movement is their strong correlation with Bitcoin. As Bitcoin’s price has struggled, so have DOGE and SHIB.
On-Chain Metrics
On-chain metrics also paint a bearish picture for these coins. Dogecoin’s network growth is declining, suggesting a lack of new users. Whales (large investors) have also been quiet, indicating low confidence.
Shiba Inu’s Bearish Signals
Shiba Inu is facing similar challenges. Its “Concentration” metric shows that whales are selling off their holdings rather than buying more.
Market Ranking
As a result of their poor performance, DOGE and SHIB have dropped in the crypto rankings. DOGE is now the ninth largest cryptocurrency by market cap, while SHIB is thirteenth.
Future Outlook
Despite their current struggles, analysts believe that DOGE and SHIB could still make significant gains in the long run.
Dogecoin’s Potential
Crypto analyst Crypto Kaleo predicts that DOGE could rise to $2 in this bull market. He notes that DOGE has a history of making massive gains during pumps.
Shiba Inu’s Prospects
Captain Toblerone predicts that SHIB could lose another zero and reach $0.00045000. Santiment also suggests that SHIB is undervalued and could see a price recovery.
