In the midst of a surge in the adoption of the Shibarium L2 network, Dogecoin has experienced a 2.7% decrease in value over the past day. However, its volatility has been increasing, indicating potential significant price fluctuations in the future.
Shiba Inu, another popular meme coin, has seen a slight recovery in its value. However, experts suggest that for long-term gains, it needs to maintain its price above the 20-day EMA. Similarly, meme coins like Bonk have also shown signs of recovery.
Meme coins have faced consistent price dips since the beginning of the year, resulting in a significant loss of their previous gains. Nonetheless, experts predict positive price movements for Dogecoin, Shiba Inu, Bonk, and other meme coins as the market momentum begins to shift upwards.
At the start of the year, Dogecoin had a value of $0.089 after experiencing a surge in the last three months of 2023, surpassing the $0.1 level. However, it has since experienced a dip in value and is currently being traded at $0.07797, which is 2% lower than the previous day’s closing price and 16.26% lower than its value on Christmas.
The decrease in Dogecoin’s price has resulted in a rise in the number of DOGE wallet holders facing losses. Currently, over 900,000 DOGE holders, accounting for 68% of all DOGE holders, are experiencing losses.
However, there is still hope for Dogecoin as its volatility has been steadily increasing and is currently just below 8%. Volatility indicates the potential for significant price movements, which could result in either gains or losses for DOGE holders.
Interest from traders in the top meme coin has declined recently. While a week ago, the token’s trading volume regularly exceeded a billion dollars, it now struggles to reach half that level. In the past day, the trading volume has decreased by 27% and stands at $318 million, which is lower than smaller projects like Cardano, Sui, Arbitrum, and Manta Network.
The dip in meme coin prices has also affected other major projects, including Shiba Inu, the second-largest meme coin, and Bonk, which was a standout performer last year. Shiba Inu has experienced a minor decrease of 1.2% in the past day and is currently being traded at $0.000008836. Over the past week, it has dipped by 5.8% and has lost nearly a fifth of its value since Christmas. Its trading volume reflects a similar trend to Dogecoin, with a 15% decrease in the past day.
Bonk, a Solana-based meme coin, has seen a slightly larger decrease of 3.47% in the past day. It has lost 17% over the past week and almost half of its value in the past month. After experiencing a significant increase of 10,000% in just three months last year, Bonk was due for a correction. Since reaching its all-time high of $0.00002445 in mid-December, it has lost 57% of its value.
If you’re interested in Dogecoin, we recommend checking out our Buy Dogecoin Guide and Dogecoin Wallet Tutorial. You can also keep track of the 24-hour Dogecoin price and find more Dogecoin news on our website.