Within the meme coin market, Dogecoin (DOGE) and Shiba Inu (SHIB) have experienced a downturn over the past week. According to CoinMarketCap data, DOGE saw a decline of 5.68%, and SHIB faced a more significant drop of 11.85%. This decrease is attributed to a broader market pullback triggered by the approval of spot Bitcoin ETFs, prompting investors to reassess their positions and act cautiously.
Market Retracement Affects Meme Coins
Despite a brief surge in DOGE following the announcement of X Payments, the momentum was short-lived, leading to a retracement of almost 15%. Analysts hold differing views on DOGE’s future, with some predicting a breakout to the downside, potentially pushing the coin towards $0.05897. Others, like Alfamooz, anticipate a positive trajectory, projecting DOGE to reach $0.15 in the coming weeks.
Shiba Inu, mirroring DOGE’s trajectory, experienced a decline of 6.22% in the last 24 hours, 10.97% for the week, and 19.89% for the month. However, despite this bearish run, analysts like Weslad remain optimistic about SHIB, forecasting a potential move towards $0.000059.