Meme Coins Under Pressure

Dogecoin and Shiba Inu are currently navigating a challenging period, experiencing significant bearish sentiment primarily due to the prevailing downtrend across the wider cryptocurrency market. On-chain analysis corroborates this negative outlook, indicating that market participants are opting to stay on the sidelines rather than engage.

Specifically, data from Santiment highlights a divergence in Dogecoin’s Price Daily Active Addresses (DAA), further cementing the bearish perspective. This sustained negative sentiment suggests that both Dogecoin and Shiba Inu are facing considerable headwinds.