- Dogecoin is showing bearish signs with falling active addresses, negative funding rates, and resistance at $0.181, signaling a potential drop to $0.157.
- Shiba Inu mirrors this weakness, with technical and on-chain data pointing to a likely correction toward $0.000011.
Meme Coin Mania Fades as Prices Slump
Dogecoin (DOGE) and Shiba Inu (SHIB), two of the most popular meme coins, are showing clear signs of bearish momentum. As of Monday, DOGE trades at around $0.172 and SHIB at $0.000012, both down nearly 5% over the past week. The sentiment across futures markets is gloomy, with negative funding rates revealing that more traders are betting on further declines than price recoveries.
According to Coinglass, DOGE’s funding rate stands at -0.0012% and SHIB’s at -0.0055%—a clear signal that short positions are dominating. In futures trading, negative funding rates typically indicate bearish sentiment, as short-sellers are paying long positions to keep their trades open.
On-Chain Metrics Reflect Weak Demand
Adding to the bearish thesis, on-chain data paints a concerning picture for both tokens. DOGE’s Daily Active Addresses have been falling since mid-March, now sitting at 53,000. This steady drop suggests waning interest and reduced blockchain activity—hardly a bullish signal for the meme token.
SHIB, on the other hand, is flashing red flags via Santiment’s Age Consumed index. A recent spike—the highest since late March—indicates that long-dormant tokens are now moving, a behavior that typically precedes selloffs. History shows that such moves often lead to price drops as large holders shift coins to exchanges.
Technical Analysis Points to Further Losses
Dogecoin is stuck under heavy resistance at $0.181, which aligns with its 50-day EMA. If bulls can’t break this level, a retreat to $0.157 is likely. Meanwhile, the RSI hovers near the neutral 50 mark, and the MACD is on the verge of a bearish crossover—both suggesting momentum may tilt further in favor of the bears.
For Shiba Inu, rejection at the 100-day EMA and a descending trendline hints at further downside. A fall toward the $0.000011 level is on the table if the bearish momentum continues. The RSI sits below 50, and MACD has already flipped bearish—both signs of growing selling pressure.
Wait and Watch
Unless DOGE breaks above $0.181 or SHIB overcomes resistance at $0.000014, both meme coins appear vulnerable to further pullbacks. With negative sentiment building across multiple indicators, caution remains the name of the game for DOGE and SHIB holders.
