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Dogecoin (DOGE), Shiba Inu (SHIB), and BONK prices is down by almost 22%, showcasing the meme coins following their king crypto BTC showcasing bearishness.
As the cryptocurrency market is facing a correction phase and Bitcoin breaks below the level of $60k, which currently stands at $57,978, the meme coins are following their king and have slumped more than 22% in a week.
Investors and traders are heading toward the meme coin market to hunt the best cryptocurrency for them, as the meme market is also in the correction phase.
Dogecoin (DOGE), Shiba Inu (SHIB), BONK Price and Volume On Decline Mode
The prices of Dogecoin (DOGE), Shiba Inu (SHIB), and BONK crypto have been in the bearish region lately, displaying bearish waves for the past few sessions.
Additionally, these cryptocurrencies are facing difficulties in maintaining gains above the key moving averages and are heading downwards. In the past seven days, the cryptos have declined over 22%, indicating a bearish trend in recent sessions.
At the time of writing, Dogecoin is trading at $0.1262, with an intraday drop of 6.03% and it is down by almost 21.91% in the last seven days. Shiba Inu (SHIB) is trading at $0.0000214, with an intraday drawdown of 4.48% and almost down by 21.07% in the last 7 days, showcasing weakness.
Additionally, BONK’s price is $0.00002173 with a weekly drawdown of 20%. Dogecoin (DOGE) stands in 8th position in terms of market cap, Shiba Inu (SHIB) at 11th number, and BONK at 61st position.
Dogecoin (DOGE), Shiba Inu (SHIB), and BONK crypto volumes are also decreasing as the whole meme cryptos market is in the down phase.
Dogecoin, Shiba Inu, and BONK Social Dominance Comparision
Dogecoin, Shiba Inu, and BONK social metrics are on the decline mode, demonstrating the meme coin coverage in the crypto media has been reduced in the last two months.
It has been observed that the sentiment graphs related to social dominance have been declining for the past few months. This indicates a decrease in the level of awareness and discussions on social media platforms such as X, Instagram, and Telegram. However, if the social dominance graphs were to increase, it could have a positive impact on the meme coins price.
Dogecoin (DOGE), Shiba Inu (SHIB), and BONK Social Volume Comparision
Social volume of Shib, Doge, and Bonk meme coins has decreased in the past few sessions. The social volume of DOGE is reduced less as compared to the Bonk and SHIB.
Bonk has a social volume of 23, SHIB has 69, and Doge has 142, demonstrating that chatter on Telegram and Reddit is tepid.
Conclusion
The prices of meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and BONK have been on the decline following Bitcoin’s bearish trend. These cryptocurrencies are facing difficulties in maintaining gains above key moving averages, and their prices and volumes are decreasing. Social dominance and social volume metrics related to these meme coins have also been on the decline, indicating a decrease in awareness and discussions on social media platforms. However, if these metrics were to increase in the future, it could have a positive impact on the meme coins’ prices.