After two weeks of almost 50% decline, the main meme coins DOGE and SHIB have reached critical support levels. Analysts are worried about the coming days as the market may remain stagnant for a while.
What should be considered in DOGE and SHIB?
The risks of the recession in the US and the recent collapse of LUNA have caused a huge “risk” in the cryptocurrency market. Dogecoin, as an elite cryptocurrency, has not escaped the dip, hitting almost the biggest weekly drop of 40%. There was a massive DOGE buyout in April last year, which allowed the leading memecoin to recover 25% from the bottom at that time. It is worth noting that on this date, the weekly increase was 560%, and the Elon Musk-backed rocket shifted the DOGE price from $0.0685 to a peak of $0.45.
What should you pay attention to?
Given the unprecedented correlation of the cryptocurrency market with major US indices such as the S&P500 and NASDAQ, investors are full of anticipation of significant economic results next week. Particular attention was paid to Tuesday’s speech by Jerome Powell, a member of the Federal Reserve Board of Investors. Analyst Gamza Khanzadae thinks that the market will remain uncertain for a while due to the current environment.
This chart shows that Shiba Inu price remains on track
The Shiba Inu dropped to $0.0000087 last week before rebounding slightly. After intense selling pressure, buyers thought the Shiba Inu was oversold and therefore responded by pulling the SHIB to $0.0000143 on May 13. The Shiba Inu remains in a tight range below $0.000014 as buyers look for potential entry points to the market.
Despite the recent declines, the Shiba Inu has been able to find new investors. According to WhaleStats, the total number of SHIB investors currently stands at 1,162,394. The meme token recently hit the milestone of 3.3 million Twitter followers. Shiba Inu “hodlers,” referring to addresses that have held SHIB for more than a year, were up 12%, according to IntoTheBlock data. Currently, 83% of addresses have been Shiba owners for more than a year and 5% for less than a month. The majority of medium and long-term investors might think that SHIB may have seen pressure to buy from this class.
By the way, Cardinale Automotive Group has announced that it will accept Shiba Inu (SHIB), as we have reported as Kriptokoin.com.
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