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Shiba Inu and Dogecoin continue to be options for investors entering the cryptocurrency world. However, recent price drops have affected not only prices but also their sentiment. The decline in sentiment towards these two meme coins may position them as options for investors considering reinvestment.
Dogecoin and Shiba Inu Reach Overbought Levels
The Fear and Greed Index is known as a scale used to understand how cryptocurrency investors view a particular cryptocurrency over a specific period. A high value on the scale indicates the investors’ strong willingness to invest in the assets. Conversely, a drop in the scale indicates the opposite situation.
Due to a recovery seen in the cryptocurrency market from the beginning of 2024 until now, market sentiment for cryptocurrencies like Shiba Inu and Dogecoin has risen to the greed region, even extreme greed, drawing attention back to these cryptocurrencies.
According to data from the CFGI website, Shiba Inu’s sentiment has a value of 83, indicating extreme greed. On the other hand, Dogecoin’s value was 78. This situation reveals that investors are eagerly buying both meme coins.
DOGE and SHIB Price Outlook
The extreme greed situation seen in DOGE and SHIB also reflected in their prices. Firstly, examining DOGE, the price surged following a rise in BTC and increased by nearly 12% in the last 24 hours, reaching $0.1661.
The rise also brought an increase in market volume, and DOGE, ranked 8th in terms of volume, reached a market volume of $24 billion. Additionally, the 24-hour trading volume surpassed $1.5 billion after a 98% increase.
On the other hand, SHIB rose by 9.71% in the last 24 hours, reaching $0.000026. With a market volume of $15.3 billion, SHIB ranks 12th, just behind AVAX. SHIB’s trading volume stands at $749 million after a 118% increase, making it the 18th most traded cryptocurrency.
