Why Are Dogecoin And Shiba Inu Silent Today?
Portfolio Pulse from Khyathi Dalal
Meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) experienced a downturn, with DOGE down 2% and SHIB slightly up by 0.2% over the past 24 hours. Despite a rise in Dogecoin's daily active addresses and a high correlation with Bitcoin, which is also down, both coins saw a decrease in large transaction volumes and SHIB's burn rate. However, the long-term outlook remains optimistic with expectations of a peak in the coming months and a notable interest in holding these coins.
April 17, 2024 | 6:57 pm
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NEGATIVE IMPACT
Dogecoin is down 2% in the past 24 hours, despite an 8.8% increase in daily active addresses and a high correlation with Bitcoin's price movements.
The short-term decrease in Dogecoin's price, despite an increase in daily active addresses, suggests a temporary market reaction. The high correlation with Bitcoin, which is also down, further impacts its price. However, the optimistic long-term outlook could mitigate short-term volatility.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 90
NEUTRAL IMPACT
Shiba Inu is slightly up by 0.2% over the past 24 hours, with a decrease in large transaction volumes and burn rate, but an optimistic long-term outlook.
Shiba Inu's slight price increase, despite a decrease in transaction volumes and burn rate, indicates a mixed short-term impact. The optimistic long-term outlook and a small uptick in open interest suggest underlying strength.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 80