Due to the recent decline in DOGE, SHIB, WIF, and other coins, the meme coin season has been the subject of concern.
The volatile trading of numerous top coins, including DOGE, SHIB, and WIF, has underscored the growing concerns regarding meme coin season. Concurrently, the decline occurs in the context of a pessimistic sentiment observed in the broader crypto market, suggesting a change in market focus. Additionally, a recent report from Santiment indicated that the market interest appears to be shifting away from the meme space, raising concerns that the meme season has concluded.
Slips for DOGE, SHIB, WIF, and Other Meme Coins
Over the past week, the prices of popular meme coins, including Dogecoin (DOGE), Shiba Inu (SHIB), and dogwifhat (WIF), have continued to decline. Santiment emphasized a new trend that suggests market enthusiasts are diverting their attention from the sector to other altcoins in the midst of this.
In a recent X post, Santiment disclosed a substantial change in the sentiment of the crypto market. The report observed that investors have rapidly shifted to a bearish stance over the past two weeks, supported by the recent volatile trading scenario in the broader crypto market.
At the same time, Santiment observed that the interest in meme coins has decreased as market corrections intensified, particularly among the top altcoins. Simultaneously, the decreasing interest in the altcoins sector has increased the emphasis on Bitcoin.
Santiment perceives this trend as a healthy market cycle, offering patient traders opportunities to profit from the current “blood in the streets” situation. In other words, the recent pullback and the crypto market’s FUD may present a buying opportunity for investors in the coming days.
How are the meme coins currently performing, and what are the next steps?
Today, there has been a decrease in the popularity of the meme segment as a whole. Therefore, in this section, we investigate several of the most prominent coins and assess their potential future performance.
Can DOGE make a comeback to $18?
Today, the price of Dogecoin decreased by approximately 2% and was traded at $0.3164, while its trading volume decreased by 24% to $4.16 billion. The cryptocurrency has experienced a high of $0.324 and a low of $0.3033 within 24 hours. This phenomenon is noteworthy. Additionally, CoinGlass data indicated that DOGE Futures Open Interest decreased by 6% to $1.95 billion.
Nevertheless, a prominent crypto market analyst, Ali Martinez, recently issued a bullish outlook for DOGE. In a recent X post, Martinez referenced Dogecoin’s historical performance and predicted that the cryptocurrency could reach $18 “If history repeats.”
Shiba Inu (SHIB), WIF, and Other Meme Coins
Today, the price of Shiba Inu decreased by more than 1% to $0.00002183, and its one-day trading volume decreased by 23% to $678.92 million. Nevertheless, the most recent Shibburn data revealed a 404% increase in the Shiba Inu burn rate within the past 24 hours, suggesting a bullish momentum shortly. To provide context, the token burns contribute to reducing the token supply, which could increase the asset’s value.
Furthermore, in a TradingView analysis, the renowned market expert Dollars Maker predicted that SHIB could increase by 235%, reaching $0.00005816. In addition, a recent Shiba Inu price analysis indicated that the coin could potentially approach the $0.000025 resistance level if bullish momentum gains momentum.
On the other hand, the price of WIF decreased by more than 2% to $1.93, following its ascent above the $4 threshold in early December. Nevertheless, a recent analysis from Rose Premium Signals suggests that the top Solana meme coin could reach the $6.4 mark despite the decline. This has sparked market optimism.
In the interim, despite the recent decline, a few coins in the sector have maintained their positive status. For context, PEPE and PENGU were up approximately 1% and 2%, respectively, suggesting that the meme coin season has not yet concluded.
