The post Dogecoin and Shiba Inu Down 30% in a Month as Some Traders Put Faith in Alternative Meme Coin PlayDoge appeared on BitcoinEthereumNews.com.

The old guard of meme coins is taking a beating, with Dogecoin (DOGE) and Shiba Inu (SHIB) both down over 30% in the past month. But crypto traders aren’t giving up on dog-themed tokens just yet. Some traders are also monitoring PlayDoge (PLAY), a new meme project that promises to combine viral appeal with Play-to-Earn mechanics, Dogecoin Suffers Tough Period with 30% Price Drop in One Month Dogecoin, the world’s largest meme coin, has hit a rough patch. Just a month ago, on May 27, it was riding high at $0.174. Fast forward to today, and it’s a different story. DOGE has taken a nosedive, trading at $0.122 – a 30% tumble that’s left many holders worried. The drop hasn’t been gradual either. We’re talking about a near-vertical plunge that briefly tapped $0.113 on Monday before bouncing back. But that rebound looks to be more of a temporary surge than a full-blown comeback. From a technical perspective, things also look grim. DOGE is now trading well below its 50-day exponential moving average (EMA) on the daily chart. Even worse, it’s dipped below the 200-day EMA, often seen as a “dividing line” between bullishness and bearishness. There is one glimmer of hope, though. The $0.120 level seems to be holding as support, and if DOGE can stay above this level, there’s a chance the coin could find its footing again. Is Shiba Inu’s Appeal Facing After Dropping 34%? Shiba Inu isn’t faring much better. A month ago, SHIB was trading at $0.0000255. It even managed a brief surge at the end of May, hitting a high of $0.0000294. But since then, it’s all been downhill – and SHIB is now trading at just $0.0000171. That’s a 34% drop in the past month. Like its fellow meme coin DOGE, SHIB has fallen…

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Filed under: News - @ June 27, 2024 11:08 pm