Do memecoins lose energy? Shiba Inu prices, Dogecoin say…

• The Memecoin sector underperformed other sectors such as DePin and Data services last month.
• SHIB and DOGE prices continued to decline.

The memecoin sector has been one of the most profitable spaces in the cryptocurrency market for a long time. However, the sector’s performance has been poor over the past month.

Over the past month, Ethereum, the DePin sector, and the Data Services sector have significantly outperformed the memecoin sector.

Will SHIB and DOGE bear the brunt?

The declining popularity of memecoins may impact the market share of major coins such as DOGE and SHIB. The market share of these two blue chip memecoins has slowly declined as the Solana memecoin craze has emerged.

Tokens like BODEN and TRUMP have gained immense popularity, causing many memecoin traders to move away from traditional memecoins.

Once the memecoin hype dies down, both SHIB and DOGE may be susceptible to significant price fluctuations.

At press time, DOGE was trading at $0.166 while SHIB was trading at $0.00002532. Since the beginning of April, both of these tokens have shown extremely high correlation and have been moving in tandem in terms of price.

The price of both of these tokens has dropped significantly over this period, while showing multiple lower lows and lower highs.

This pattern indicated a downward trend. The price of both of these tokens would need significant momentum to break this trend and see green again in the future.

A big determinant of the future of memecoin price is the presence of each token on social media.

AMBCrypto’s analysis of Santiment data revealed that the social volume of all these tokens has decreased significantly, which means that the popularity of both of these tokens is decreasing.

A decline in popularity could seriously impact overall interest in tokens and could also harm price movement.

However, on the other hand, sentiment towards both of these tokens has increased.

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This meant that while the number of comments about these tokens decreased, the type of comments around these memecoins were largely positive.

If the positive nature of these comments is enough to sway public opinion in favor of DOGE and SHIB, we can expect this situation to reverse in the future.