Meme coins are still a hot story in crypto markets due to major pumps in late February. However, two of the largest meme coins, Dogecoin and Shiba Inu, have actually cooled off recently and are down around 6% each to trade at $0.12 and $0.000013 respectively.
We’ll analyze their recent price movements and potential reasons for the declines today. At the same time, new meme coin NuggetRush continues its successful presale and prepares for launch soon.
Dogecoin and Shiba Inu Price Analysis
Even with the declines today, both major meme coins are still up significantly over the past week – 45% for DOGE and 36% for SHIB. The recent pumps come on the heels of Bitcoin’s surge past $64,000 this week, approaching its all-time high in the pre-halving period, before cooling off around the $61-62,000 area.
Furthermore, prominent market analyst Rekt Capital highlighted a critical observation in DOGE’s market behavior. He notes that a monthly closure above DOGE’s prevailing macro downtrend line could mark a pivotal moment, kickstarting a new macro uptrend. His tweet stated:
“A Monthly Close above the Macro Downtrend would kickstart a new Macro Uptrend for #DOGE.”
This highlights an important short-term bearish trend for DOGE, which according to Rekt Capital is positioned for a longer-term bullish breakout as it closed above the downward trendline.
Moreover, some traders are likely taking profits off the table to lock in gains from earlier in the week. As one example highlighted by on-chain analytics platform SpotOnChain:
“Whale 0xb4f just deposited 209.24B SHIB ($3.04M) to Coinbase at $0.00001451. Notably, this whale withdrew those SHIB tokens from Coinbase at only $0.000009593 (estimated cost: $2.01M) on February 22, 2024. If truly selling now, this whale will realize an estimated profit of $1.03M (+51.2%). Currently, the whale no longer holds SHIB.”
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Author: AMBCrypto Team
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