Memecurrencies are somehow getting more buying power than Bitcoin and Ethereum
The bad state of the cryptocurrency market is linked to the lack of inflow into the industry. Extremely high risks and investor fear have led to the increased volume of memecoins like Shiba Inu and Dogecoin like investors are not yet ready for a “serious” investment.
The poor state of the cryptocurrency market is tied to the lack of inflows into the industry. Extremely high risks and fear among investors led to the growing volume on memecoins like Shiba Inu and Dogecoin as investors are not yet ready for “serious” investment.
According to Coin98 insights, traders exchanged $332 million worth of Shiba Inu on the cryptocurrency market and slightly less DOGE worth around $273 million. There are eight more coins labeled as “memecoins,” but their cumulative volume stays atonly around $20 million.
The performance of Dogecoin in the market
DOGE remains one of the most profitable assets in June as memecoin performed strongly in the first month of summer, gaining around 50% of its value as the cryptocurrency market saw a temporary return to purchasing power.
Unfortunately, the relatively strong 50% growth is not enough to push Dogecoin back in the uptrend as the memcurrency still remains in a sharp downtrend since November 2021. Previously, we mentioned that investors might provide more buying power to memecurrencies as assets like Bitcoin or Ethereum are too dependent on the situation on the stock market.
Shiba Inu is always in trouble
Despite the 30% price surge we have seen recently, Shiba Inu has not been able to break free from the downtrend he entered previously, although he did reach the all important line of 50-day EMA resistance, which can be used as a signal line for assets. who are trying to back down.
If SHIB somehow receives enough buying power, we are likely to see the breakout to the $0.000012 trading range, which could be the first sign of a long-term reversal for Shiba Inu.
