Why has the value of Memecoin declined today Dogecoin and Shiba Inu in focus

Coin World reported:
DOGE, SHIB, and PEPE have experienced significant adjustments in price. The overall social volume and weighted sentiment of these two tokens have decreased significantly.
The memecoin industry has always been one of the most profitable sectors in the cryptocurrency market. Since the beginning of the year, the entire industry has experienced significant growth.
Bleeding in the Memecoin Industry
However, in the past 24 hours, the prices of Dogecoin [DOGE], Shiba Inu [SHIB], and Pepe [PPE] have seen double-digit declines.
At the time of writing, DOGE’s trading price is $0.1092. Over the past few days, its price has been hovering around the $0.10971 level, and if it can break through this level, it could quickly rise to $0.13061.
Since May 26, the price of DOGE has been declining. During this period, DOGE has seen multiple lower lows and lower highs, indicating a bearish trend.
Whether DOGE can reverse this trend in the short term remains to be seen. The RSI (Relative Strength Index) of DOGE has been rising in the past few days, indicating an increasing bullish momentum around DOGE.
The CMF (Chaikin Money Flow) of DOGE tokens has also surged during this period, indicating a significant increase in funds flowing into DOGE.
SHIB has also shown a similar pattern in terms of price. After May 30, the price of SHIB has also experienced a similar bearish trend.
However, the likelihood of a reversal for SHIB is much higher. The RSI of SHIB has risen to 58, indicating that the bullish momentum has not weakened.
In addition, the CMF has also been soaring, indicating that funds flowing into SHIB are also increasing, similar to DOGE.
For SHIB to reverse the current trend, it must test the $0.0000167 level multiple times before further rebounding.
PEPE’s price has exhibited a similar trend, and the indicators also show an increase in fund flow and a bullish momentum for PEPE. This highlights the high correlation between the top memecoins in the industry.
Examining Social Data
The social volume of these tokens has decreased significantly, indicating a significant decline in popularity of these memecoins in the past few days.
Read Shiba Inu’s [SHIB] price prediction for 2024-25
Nevertheless, the weighted sentiment around DOGE has significantly increased, indicating a surge in the number of positive comments about the token. PEPE has also seen a similar increase in positive sentiment.
On the other hand, the weighted sentiment around SHIB has significantly decreased.