Why Is Dogecoin And Shiba Inu Trading Sideways?
Following the market fall, Dogecoin (DOGE) and Shiba Inu (SHIB), the top meme currencies, have shown no signs of life.
Why Do Dogecoin And Shiba Inu Trade Sideways?
Bitcoin may have hampered Dogecoin and Shiba Inu's price moves. The market intelligence website IntoTheBlock reports that Dogecoin and Shiba Inu's price correlation with Bitcoin is virtually ‘1’, which “implies a strong positive correlation” between their prices and Bitcoin.
Dogecoin and Shiba Inu have followed Bitcoin's disappointing price trend. On-chain data also appear bleak for Dogecoin and Shiba Inu, another reason why the top joke currencies have kept prices low.
IntoTheBlock data reveals that Dogecoin's net network growth is declining, implying that the humor currency isn't gaining new users. Dogecoin whales have been quiet, with few major transactions, indicating investors' trust in the mme currency may be low.
Similar negative signs have plagued Shiba Inu's on-chain measures. The IntoTheBlock ‘Concentration’ statistic is negative, indicating that SHIB whales and investors are selling meme coins rather than buying more.
After its recent market performance, Dogecoin and Shiba Inu fell in the crypto market cap list. CoinMarketCap displays Dogecoin as the ninth biggest crypto cryptocurrency by market cap, down from eighth.
Better Days for DOGE, SHIB
Dogecoin and Shiba Inu should rise significantly in the long term. Based on his meme currency supercycle theory, Crypto Kaleo projected DOGE might reach $2 on this bull run.
Interestingly, the expert noticed that Dogecoin has traded flat for much of its history but always makes huge gains when it pumps. He cited meme coin price rises of 6,000% and 30,000%.
Shiba Inu will lose another zero in this bull run and reach $0.00045000. Santiment, an on-chain analytics tool, has noted that Shiba Inu is one of the most undervalued large-cap assets, indicating a price rebound.
