The truth behind the MEME coin craze, soaring profits trigger sell-offs!

According to the analysis of Santiments, a big player in the chain data, those MEME coins with dog themes have made a lot of money recently.

They have an indicator called network realized profit/loss, which simply means whether people make money or lose money by buying and selling these coins.

On the DOGE side, the profit earned on Monday was only 36.01 million, but it soared to 133.68 million on Tuesday. SHIB is not to be outdone, rising from 1.18 million to 426.17 million. This number can make a considerable profit on average, but it also means that more people are selling, and the market pressure is greater.

Looking at the price trend of Dogecoin, it has been a bit weak recently, blocked by the 61.8% Fibonacci retracement level, and fell 10.27% on Tuesday.

The price is now around $0.35. If this momentum continues, Dogecoin may fall another 13% to test the next support level of $0.30.

SHIB is in a similar situation. It has been rising all the way from the low point in August, but it got stuck at the 61.8% Fibonacci retracement level, and fell 10.73% on Tuesday.

The current price is about $0.000021, and it is still slowly falling. If the adjustment continues, SHIB may have to fall another 11% to test the next support level of $0.000019.

In general, as more people make money, the pressure to sell is greater, and the price will follow.

For the next layout direction, I will lead everyone to aim at the profit opportunities of the cottage. There is no problem with the expected space of more than 10 times. Like + leave a message, and I will lead you to layout the entire bull market!