Concerns about the meme coin season have intensified among people, as evidenced by the trading volatility of many top tokens like DOGE, SHIB, and WIF, which continue to decline today. Meanwhile, the decline occurs against a backdrop of low sentiment in the broader cryptocurrency market, indicating a shift in market focus. Additionally, recent reports suggest that market interest seems to be shifting away from the meme space, raising fears that the meme season has ended.
DOGE, SHIB, WIF, and other meme tokens slide
Over the past week, popular meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and dogwifhat (WIF) have continued to decline. In the process, it indicates that market enthusiasts are shifting their attention away from this space to other altcoins.
In context, the report notes that investors have quickly turned bearish in the past two weeks, and the volatility trading scenario recorded in the broader crypto market recently supports this.
At the same time, as the market correction intensifies, especially in top altcoins, interest in meme coins has weakened. Meanwhile, the decline in interest in the altcoin space has led to an increase in attention towards Bitcoin.
This trend represents a healthy market cycle, providing patient traders with an opportunity to capitalize on the current 'street bloodbath' situation. In other words, the FUD in the cryptocurrency market and the recent pullback may present buying opportunities for investors in the coming days.
How is the performance of meme coins? What will happen next?
Today, the broader meme segment has seen a decline. Therefore, we explore some top currencies here to see how cryptocurrencies perform in the coming days.
Can DOGE rebound to $18?
Dogecoin's price fell approximately 2% today, trading at $0.3164, with trading volume plummeting 24% to $4.16 billion. Notably, the cryptocurrency reached a high of $0.324 and a low of $0.3033 in the past 24 hours. Furthermore, CoinGlass data shows that Dogecoin's futures open interest dropped by 6% to $1.95 billion.
Nevertheless, top cryptocurrency market analyst Ali Martinez recently shared a bullish prediction for Dogecoin. In a recent X post, Martinez cited Dogecoin's historical trends and stated that 'if history repeats itself,' the cryptocurrency could potentially rise to $18 in the future.
Shiba Inu (SHIB), WIF, and other meme coins
Shiba Inu's price fell more than 1% today to $0.00002183, with its daily trading volume plummeting 23% to $678.92 million. However, recent Shibburn data shows that the Shiba Inu burn rate skyrocketed by 404% in the past 24 hours, indicating strong momentum for the future. In context, token burning helps reduce the supply of tokens, which could potentially increase the asset's price.
SHIB could rise 235% to $0.00005816. Additionally, recent price analysis for Shiba Inu indicates that if bullish momentum strengthens, the token may target the resistance level of $0.000025.
On the other hand, WIF's price fell over 2% to $1.93 after surging to the $4 mark at the beginning of December. However, despite the price drop, recent analysis from Rose Premium Signals suggests that top Solana meme tokens could reach the $6.4 mark in the future, sparking optimism in the market.
Meanwhile, despite the recent market slump, some tokens in the sector have maintained upward momentum. In comparison, PEPE and PENGU have risen approximately 1% and 2%, respectively, indicating that the season for meme tokens is not over yet.