Dogecoin, PEPE log minimal drops amid memecoin slump – How?

  • Dogecoin and PEPE’s prices dropped by 2% in the last 24 hours. 
  • Market sentiment continued to remain bearish on both memecoins.

As the market somewhat turned bearish, several memecoins witnessed major price drops. However, among them, PEPE and Dogecoin [DOGE] were the least affected. Let’s have a closer look at their states to find what helped them minimize their losses. 

PEPE, DOGE hold their ground

On one hand, there was Shiba Inu [SHIB] and dogwifhat [WIF] that witnessed price drops of more than 6% and 8%, respectively.

On the other hand, DOGE and PEPE remained relatively stable as their values dropped by less than just 2% at press time.

According to CoinMarketCap, at the time of writing, PEPE was trading at $0.00001457, and DOGE had a value of $0.1592.

Notably, PEPE created buzz last week as its price rallied substantially, allowing it to reach an all-time high. Despite DOGE’s stable price action, its weighted sentiment dropped sharply, meaning that bearish sentiment was dominant in the market.

PEPE’s fate was also similar, as its graph also moved the same way. Additionally, after spiking last week, both tokens’ social volumes dropped.

PEPE and DOGE's social volumes dropped

Source: Santiment

Lookonchain recently posted a tweet highlighting a development that might have helped PEPE remain stable.

As per the tweet, when PEPE’s price dropped, two whales bought over 500 billion PEPE, which were worth over $7.5 million.

AMBCrypto’s analysis of Santiment’s data revealed that buying pressure on the memecoin remained high throughout last week as its exchange outflow spiked.

High buying pressure might have allowed PEPE to hold its ground better than the rest. 

Dogecoin DOGE 11.42.13 31 May 2024Dogecoin DOGE 11.42.13 31 May 2024

Source: Santiment

What to expect next?

AMBCrypto’s analysis of PEPE’s daily chart revealed that the meme coin’s price was sitting just above its 20-day Simple Moving Average (SMA).

This hinted that if the bear trend continues, then its price might just drop to its 20-day SMA before it gains bullish momentum. Its Chaikin Money Flow (CMF) also registered an uptick, which was a bullish signal.

PEPEUSDT 2024 05 31 11 45 20PEPEUSDT 2024 05 31 11 45 20

Source: TradingView

Things for Dogecoin, however, looked a bit more dicey. For example, its MACD displayed a bullish crossover happening on the 31st of May.

The Relative Strength Index (RSI) also registered a decline and reached the neutral mark. These indicators suggested that DOGE’s price decline might continue. 

Is your portfolio green? Check out the DOGE Profit Calculator   

Nonetheless, the Chaikin Money Flow (CMF) remained bullish as it increased slightly. If the downturn continues, then DOGE might fall to its support at $0.148.

A drop below that mark could push the world’s largest memecoin’s price to $0.129 in the coming days.

DOGEUSDT 2024 05 31 11 50 38DOGEUSDT 2024 05 31 11 50 38

Source: TradingView

Next: Polygon’s Q1 2024: Activity, demand skyrocket, yet revenue dips

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