The recent volatility in meme coins like WIF, SHIB, and DOGE has grabbed the attention of investors, but the market conditions have turned bearish causing a substantial drop in their prices.
WIF, a newcomer to the meme coin market, initially gained momentum but recently experienced a 9.6% price drop. Despite this, there are indications that the token could soon turn bullish as metrics like the funding rate and open interest show a potential trend reversal.
On the other hand, SHIB and DOGE have seen double-digit drops in the last week, with both coins continuing to display bearish sentiments. SHIB’s social volume is on the rise, indicating its popularity in the crypto space, while DOGE’s MACD signals a potential further price drop in the coming days.
Overall, the recent market conditions suggest that meme coins could face challenges in the near future, and investors should closely monitor the situation to make informed decisions.