Dogecoin and Shiba Inu: Meme Coins Trigger Rebound Amid Bitcoin Rally

• While Dogecoin has shed 2.7% in the past day, its volatility has been on the rise, indicating big price swings in the future amid a surge in the adoption of the Shibarium L2 network.
• Shiba Inu has recovered slightly, but experts say it must maintain the price above the 20-day EMA to set it up for longer-term gains; other meme coins like Bonk have also recorded a recovery.

Since the turn of the year, meme coins have recorded consistent price dips, losing a chunk of their gains towards the end of last year. However, experts predict positive price movements for Dogecoin, Shiba Inu, Bonk, and a few other meme coins as the market’s momentum tilts upwards.

Dogecoin kicked off the year at $0.089 after a surge in the last three months of 2023 that saw it surge past the $0.1 level. However, since then, it has dipped, and at press time, it changed hands at $0.07797, 2% below yesterday’s close and 16.26% below its price on Christmas.

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As one analyst points out, Dogecoin’s price dip has led to a rise in the number of DOGE wallet holders facing losses. At press time, this number stands at over 900,000, or 68% of all DOGE holders.

However, it’s not all gloom for Dogecoin; the meme coin’s volatility has been on the rise and stands just shy of 8%. Volatility indicates the potential for a massive price move, and while it could be a price gain, volatility could go either way and end up with massive losses for DOGE holders.

Interest from traders on the top meme coin has also diminished in recent times. A week ago, the token’s trading volume was hitting a billion dollars regularly, but now it’s barely hitting half that level. In the past day, it has dipped 27% to stand at $318 million, lower than smaller projects like Cardano, Sui, Arbitrum and Manta Network.

Meme Coins Dip—Is There Hope for Shiba Inu, Bonk?

This year’s meme coin dip has spread to other major projects, including Shiba Inu, the second-largest meme coin and Bonk, last year’s standout performer.

Shiba Inu has been range-bound in the past day, losing a paltry 1.2% to trade at $0.000008836. In the past week, it has dipped by 5.8%, while since Christmas, it has lost close to a fifth of its value. Its trading volume also tells a similar tale to Dogecoin; two weeks ago, it was consistently breaking past $200 million, but in the past day, it only brought in $88 million, a 15% dip in the past day.

At a 3.47% dip in the past day, Bonk has lost slightly more over the past 24 hours. The Solana-based meme coin has shed 17% in the past week and almost half its value in the past month. After shooting up 10,000% in just three months last year, Bonk was due a correction. Since setting its all-time high of $0.00002445 in mid-December, it has lost 57%.