Why is the meme down today? DOGE and SHIB become the focus!
DOGE, SHIB, and PEPE prices all experienced sharp corrections. Both tokens have seen significant declines in overall social volume and weighted sentiment.
The meme space has been one of the fastest growing areas of sentiment in the market. The entire field has experienced significant growth since the beginning of the year.
DOGE has been falling since May 26. During this period, DOGE exhibited multiple lower lows and lower highs, indicating a bearish trend.
It remains to be seen whether DOGE can reverse this trend anytime soon. DOGE’s RSI index has risen over the past few days, meaning bullish momentum around DOGE is building.
DOGE’s CMF (Chaikin Fund Flow) also increased significantly during this period, indicating a significant increase in funds flowing into DOGE.
The price of SHIB also showed a similar trend, and after May 30, the price of SHIB also showed a similar bearish trend.
However, the likelihood of a SHIB reversal is higher. SHIB’s RSI climbed to 58, which means the bullish momentum has yet to wane.
Meanwhile, CMF is also surging, suggesting that similar to DOGE, inflows into SHIB are growing.
For SHIB to reverse the current trend, it will have to retest the $0.0000167 level multiple times before further gains can be made.
The price of PEPE is showing a similar movement, and indicators are also pointing to increased fund flows and bullish momentum for PEPE. This highlights the high degree of correlation between the top memes in the field.
Weighted sentiment around DOGE has grown significantly, indicating a spike in the number of positive reviews surrounding the coin. PEPE has seen a similar surge of positivity. On the other hand, weighted sentiment around SHIB dropped significantly.
