April hasn’t been kind to the world’s two largest meme coins, with both Shiba Inu and Dogecoin experiencing significant losses throughout the month. To be precise, SHIB is down 23% in April, with DOGE recording even greater declines, as its value fell by as much as 34% over the last 30 days.
In general, April has been bearish for crypto markets across the board, with the anticipated bullish sentiment from the Bitcoin halving event failing to materialize as of yet. But what has caused this bearish run, and could it possibly change as we head into May?
What’s happening with SHIB and DOGE?
After strong growth in March following the U.S. Securities and Exchange Commission’s (SEC) approval of a Bitcoin ETF markets have begun to consolidate. Bitcoin, which rose to a record high of $73,750.07 on March 14, is now down 13% from its peak. Shiba Inu and Dogecoin have seen similar declines, lets take at look at them individually.
Shiba Inu
The price of SHIB was significantly overbought following surges during February and March, with its Relative Strength Index (RSI) reading above 86 during that period. Typically, a token is viewed as overbought once it hits a reading above 70 and oversold when it is below 30. As a result of recent selling, the RSI for SHIB is now at 38.56.
This means that the intense level of downward pressure could be close to its bottom, which will likely be a relief for SHIB traders. The token has been in the red for the past 7 consecutive days.
Dogecoin
Dogecoin was also overbought during this period, recording a reading as high as 90 in the month of March. Following a recent spell of downwards pressure the world’s largest meme coin’s relative strength sits at 35 on the indicator.
Overall, DOGE has been trading lower for the past eight days, however this bearish run could also be approaching and end. A price floor of $0.12 looks likely to be the next target, should this decline continue in the coming days.
Additionally, a key reason for March’s rise was an expected June interest rate cut from the U.S. Federal Reserve. However, it now looks like the Fed will likely keep rates unchanged, until inflation begins to fall, with consumer spending also edging lower.
Despite this, crypto influencer WendyO believes that meme coins could recover in the coming months, with Dogecoin potentially hitting a new all-time high above $0.74. Both SHIB and DOGE are currently down over 12% in the past 7 days.
Dogeverse ICO Gives Hope to meme Coin Traders
Whilst the main players in the meme coin space are trading lower, some interesting alternatives are currently gaining traction. Dogeverse is one of these and has already raised over $12 million in its presale. Inspired by Dogecoin, the meme coin is the first doge-themed token to operate on multiple blockchain networks.
It is currently available on Ethereum, Solana, Binance Smart Chain, Avalanche, Polygon, and Base. This multi-chain approach has enabled it to garner the interest of current investors of ERC-20 token SHIB and DOGE, which operates its own network, during their current moment of consolidation.
In total, there are a total of 200,000,000,000 DOGEVERSE tokens, each currently priced at $0.000304. Whilst SHIB is cheaper at $0.00002311 per token, there are over 589 trillion tokens, significantly higher than that of Dogeverse. Once its presale ends in the coming days, a marketing drive to increase brand awareness will commence.
Listings on sites like CoinMarketCap and CoinGecko are also in the works, in order to open itself up to a wider audience. Early investors can currently earn as much as 89% in APY for staking their DOGEVERSE tokens. Over 18 billion has currently been staked.
Follow the project on X (Twitter) and Telegram for more information.
