Why Dogecoin and Shiba Inu Are Struggling

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.