Shiba Inu and Dogecoin have been popular investments leading up to the bull market. However, recent market downturns have affected their prices and investor sentiment.
Sentiment Drops to Neutral
The Fear & Greed Index measures investor sentiment towards crypto assets. It ranges from Extreme Fear (1-25) to Extreme Greed (76-100).
Currently, both Dogecoin and Shiba Inu have neutral sentiment (47-53). This indicates that investors are hesitant to invest or sell.
Is It Time to Buy?
Historically, buying during periods of fear has been a good strategy. However, current sentiment is neutral, not extreme fear.
Despite the neutral sentiment, Dogecoin and Shiba Inu still have some bullish metrics:
- Dogecoin’s trading volume is up 15.51% to $845.7 million.
- Shiba Inu’s trading volume is up 22.86% to $389 million.
This suggests that there is still interest in these meme coins.
Recommended Strategy
While it may not be the perfect time to go all in, it might be wise to consider smaller positions or dollar cost averaging (DCA).
As the bull market continues, current prices may seem like a bargain in the future.
