Market sentiment around meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and PEPE has been fluctuating recently, with positive sentiment surrounding SHIB and negative sentiment surrounding DOGE and PEPE. The recent price correction in Bitcoin (BTC) has had a significant impact on the meme coin market, causing values to drop across the board.
According to LunarCrush, DOGE, SHIB, and PEPE were the top three meme coins in terms of social interactions, but their prices have taken a hit in the bear market. DOGE was down by over 3%, trading at $0.1605, while SHIB dropped by more than 4% to $0.00002905. PEPE suffered the most with a double-digit decline of 11%, trading at $0.000008171.
Despite the bearish price actions, market sentiment analysis from Santiment showed that SHIB’s sentiment turned positive, indicating a potential bullish trend reversal. On the other hand, both DOGE and PEPE’s sentiment remained negative, suggesting a dominant bearish sentiment.
Further analysis of on-chain data revealed interesting insights for each meme coin. DOGE’s MVRV ratio dropped, hinting at a further price decline, but its Binance funding rate decreased, indicating a possible trend reversal. SHIB’s NVT ratio registered a downtick, suggesting undervaluation and a potential trend reversal. Additionally, SHIB’s exchange reserve was dropping, reducing selling pressure on the token.
As for PEPE, buying pressure increased as its supply on exchanges went up, while its supply outside of exchanges dropped slightly. However, technical indicators remained bearish for PEPE, with the MACD showing a potential bearish crossover and the RSI indicating a high likelihood of continued price drop.
Overall, the meme coin market is experiencing mixed sentiments and price actions, with potential trend reversals on the horizon for some coins. Investors should closely monitor these developments to make informed decisions on their investments in meme coins.
