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Cryptocurrency prices have experienced significant declines over the past seven days, affecting Meme coins as well. Shiba Inu (SHIB) fell by 8.67%, Dogecoin (DOGE) dropped by 11.09%, and BONK lost 17.56% of its value on the charts. However, the last 24 hours have brought a respite, with all three cryptocurrencies gaining some value. So, what do the metrics tell us for the last day of the week?
What Does Social Dominance Say About SHIB, DOGE, and BONK?
For those unfamiliar with the concept, social dominance measures whether a coin is the main focus of investor discussions. At the time of writing, SHIB’s social dominance had risen to 1.188%. This indicates that the token has become more popular in the media compared to the first few days of the week. In terms of price, this reading could make SHIB more volatile compared to others with a lower social score.
Therefore, increased buying pressure could significantly boost gains. However, if selling pressure intensifies, the correction could be unusually harsher. A similar situation applies to DOGE and BONK, with their social dominance rising to 2.675% and 1.136%, respectively. If the cryptocurrencies maintain the momentum seen in the last 24 hours, expecting short-term fluctuations would be a reasonable inference.
Currently, BONK could jump to $0.000024. Similarly, SHIB could reach $0.000030 before the weekend closure, and DOGE could retest the $0.20 level.
What Do RSI and Volume Indicate?
At the time of writing, DOGE’s RSI reading had dropped after initially rising. This could be interpreted as a sign of slowing buying pressure.
SHIB and DOGE are showing a similar trend, suggesting that the aforementioned bullish trend could be debatable. However, if the buying momentum returns to high levels, these predictions could be confirmed.
Looking at the volumes, DOGE’s volume had significantly decreased from its peak on April 3rd. Following the recent price increase and the volume’s failure to recover, surpassing the $0.20 mark could be challenging.
SHIB’s volume, like Dogecoin‘s, has also decreased. Therefore, the weekend price forecast may not be as high as the peak in the first week of March.
BONK faced the same situation. However, considering that everything could change before the weekend ends, this prediction might be premature. If the price movement is accompanied by an increase in volume, it could mean a tremendous leap for meme coins.
