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The Concerns Over Meme Coin Season Have Increased
The concerns over meme coin season have increased, as witnessed by the volatile trading with many top coins like DOGE, SHIB, WIF, and others, continuing their declines today. Meanwhile, the decline comes amid a gloomy sentiment noted in the broader crypto market, indicating a shifting market focus. Besides, a recent Santiment report showed that the market interest appears to be shifting from the meme space, sparking concerns that the meme season is over.
DOGE, SHIB, WIF, & Other Meme Coins Slip
Top meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), dogwif (WIF), and others have continued their declines over the past week. Amid this, Santiment highlighted a new trend which indicates that the market enthusiasts are shifting their focus from the sector to other altcoins.
Market Interest Shifts from Meme to Other Altcoins
For context, in a recent X post, Santiment revealed a significant shift in crypto market sentiment. The report noted that investors have rapidly turned bearish over the past two weeks, which is also evidenced by the recent volatile trading scenario recorded in the broader crypto market.
Meme Coins’ Performance
The broader meme segment has recorded a decline today. So, here we explore some of the top coins and see how the crypto might perform in the coming days.
DOGE Rally to $18?
Dogecoin price today was down about 2% and exchanged hands at $0.3164, while its trading volume plunged 24% to $4.16 billion. Notably, the crypto has touched a high of $0.324 and a low of $0.3033 in the last 24 hours. Furthermore, DOGE Futures Open Interest declined 6% to $1.95 billion, CoinGlass data showed.
Shiba Inu (SHIB) and WIF
Shiba Inu price today was down over 1% to $0.00002183, and its one-day trading volume plummeted 23% to $678.92 million. However, the recent Shibburn data showed a spike of 404% in the Shiba Inu burn rate over the last 24 hours, indicating a bullish momentum ahead.
Conclusion
The concerns over meme coin season have increased, as witnessed by the volatile trading with many top coins like DOGE, SHIB, WIF, and others, continuing their declines today. The decline comes amid a gloomy sentiment noted in the broader crypto market, indicating a shifting market focus.
FAQs
Q: What is the current performance of DOGE, SHIB, and WIF?
A: DOGE is down 2% and exchanged hands at $0.3164, while SHIB is down 1% and exchanged hands at $0.00002183.
Q: What is the current trading volume of DOGE and SHIB?
A: DOGE’s trading volume has plunged 24% to $4.16 billion, while SHIB’s trading volume has plummeted 23% to $678.92 million.
Q: What is the current burn rate of SHIB?
A: The recent Shibburn data showed a spike of 404% in the Shiba Inu burn rate over the last 24 hours.
Q: What is the current market sentiment?
A: The market sentiment is bearish, with investors rapidly turning bearish over the past two weeks, according to Santiment’s report.
