The concerns over meme coin season have increased, as witnessed by the volatile trading with many top coins like DOGE, SHIB, WIF, and others, continuing their declines today. Meanwhile, the decline comes amid a gloomy sentiment noted in the broader crypto market, indicating a shifting market focus. Besides, a recent Santiment report showed that the market interest appears to be shifting from the meme space, sparking concerns that the meme season is over.
DOGE, SHIB, WIF, & Other Meme Coins Slip
Top meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), dogwifhat (WIF), and others have continued their declines over the past week. Amid this, Santiment highlighted a new trend which indicates that the market enthusiasts are shifting their focus from the sector to other altcoins.
For context, in a recent X post, Santiment revealed a significant shift in crypto market sentiment. The report noted that investors have rapidly turned bearish over the past two weeks, which is also evidenced by the recent volatile trading scenario recorded in the broader crypto market.
Meanwhile, as market corrections intensify, particularly among the top altcoins, interest in meme coins season has waned, Santiment noted. At the same time, the declining interest in the altcoins sector has resulted in increased focus on Bitcoin.
Source: Santiment, X
Santiment views this trend as a healthy market cycle, presenting opportunities for patient traders to capitalize on the current ‘blood in the streets’ scenario. In other words, the crypto market FUD and this recent pullback could provide a buying opportunity to investors in the coming days.
How’s The Meme Coins Performing & What’s Next?
The broader meme segment has recorded a decline today. So, here we explore some of the top coins and see how the crypto might perform in the coming days.
Can DOGE Rally To $18?
Dogecoin price today was down about 2% and exchanged hands at $0.3164, while its trading volume plunged 24% to $4.16 billion. Notably, the crypto has touched a high of $0.324 and a low of $0.3033 in the last 24 hours. Furthermore, DOGE Futures Open Interest declined 6% to $1.95 billion, CoinGlass data showed.
Despite that, top crypto market analyst Ali Martinez recently shared a bullish forecast for DOGE. In a recent X post, Martinez cited Dogecoin’s historical run and said that the crypto could rally to $18 ahead, “If history repeats.”
Source: Ali Martinez, X
Shiba Inu (SHIB), WIF, & Other Meme Coins
Shiba Inu price today was down over 1% to $0.00002183, and its one-day trading volume plummeted 23% to $678.92 million. However, the recent Shibburn data showed a spike of 404% in the Shiba Inu burn rate over the last 24 hours, indicating a bullish momentum ahead. For context, the token burns help in reducing the supply of the tokens, which in turn could boost the asset’s price.
Source: Shibburn
In addition, popular market expert Dollars Maker in a TradingView analysis said that SHIB could rally 235% ahead to $0.00005816. Besides, a recent Shiba Inu price analysis showed that the coin could target the $0.000025 resistance ahead if bullish momentum builds.
On the other hand, WIF price declined over 2% to $1.93, after soaring past the $4 mark in early December. However, despite the decline a recent analysis from Rose Premium Signals indicates that the top Solana meme coin could hit the $6.4 mark ahead, sparking market optimism.
Meanwhile, some of the coins in the sector have maintained their position in the green despite the recent downturn. For context, PEPE and PENGU were up about 1% and 2%, respectively, indicating that the meme coin season is not yet over.
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