April 17, 2024 2:57 PM | 2 min read |
Meme coins are down 3% on the day, with the majority of the top 10 meme coins trading in the red.
What Happened: While Dogecoin (CRYPTO: DOGE) is trading 2% down in the past 24 hours, Shiba Inu (CRYPTO: SHIB) is up 0.2%.
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Both meme coins have remained silent in activity on Wednesday. Daily active addresses for Dogecoin rose 8.8% over the past 24 hours.
Large transaction volume for both the meme coins could not spark interest and are down 25% in the past 24 hours.
The SHIB burn rate is down as well, while daily transactions dropped after nearing to $1 million yesterday.
Notably, both meme coins have a high correlation (0.8-0.9) with Bitcoin prices, which are down 1.8% in Wednesday trading.
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Why It Matters: Despite the meme coin lull, crypto traders and community experts maintain a long-term optimistic outlook, highlighting the strong interest and holding these coins have.
Crypto analysts expect these meme coins to peak in the upcoming months, as reflected by a 1.3% uptick in SHIB’s open interest.
Pseudonymous digital asset consultant S4mmyEth took to X to point out that Dogecoin accounts for 6% of the Ethereum blockchain, while Dogwifhat represents 4% of Solana. The tweet adds, “At first glance, many could be calling for a 100x. All chains are memetic, but some are more memetic than others…”
Lucie, the marketing lead of Shiba Inu, tweeted, “We’re still on track for a super cycle.”
Zoom out.
We’re still on track for a super cycle as far as I can see. It’s never a straight line to heaven.
2024/2025 will be interesting. $BTC x $SHIB pic.twitter.com/olvTGmjIJC
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