While Bitcoin continues its relentless march toward $100,000, two of crypto’s favorite dogs are having a rough February. Both SHIB and DOGE are nursing their wounds, with SHIB taking the harder hit – down a brutal 27.13% year-to-date compared to DOGE’s somewhat less painful 19.30% decline.
SHIB’s been particularly messy, triggering over 90 million in liquidations on February 3rd alone. Trading at a measly $0.000013, it’s giving holders plenty of reasons to howl at the moon. Meanwhile, DOGE isn’t exactly wagging its tail either, hovering around $0.23 after getting rejected at the $0.40 mark in January. So much for those moon dreams. Their strong correlation of 0.78 suggests neither token can escape this downward spiral independently. The recent appointment of Kusama as ambassador marks SHIB’s desperate attempt at ecosystem revitalization.
SHIB and DOGE investors watch their portfolios sink as both meme coins tumble from recent highs, leaving dreams of riches in shambles.
The broader crypto market seems to be doing just fine without these canine tokens. The total market cap sits pretty at $3.27 trillion, with Bitcoin commanding a 60.1% dominance. AI tokens are stealing the show with a 7.2% surge, while Layer 2 solutions aren’t far behind at 5.5%. Even the general meme coin sector managed a 4.3% rally – just not our two furry friends. The ShibaSwap DEX has become a crucial part of SHIB’s expanding ecosystem, though it hasn’t helped current prices.
Technical indicators aren’t painting a pretty picture either. Both tokens are showing seriously oversold RSI readings – DOGE at 25 and SHIB at 23. The MACD’s bearish crossover isn’t helping matters. It’s like watching two puppies trying to catch their tails – entertaining but ultimately going nowhere.
The market’s attention has clearly shifted elsewhere. AI dominates 44% of crypto conversations, while memecoins barely scratch 10%. Even with potential altcoin ETF approvals on the horizon and the U.S. Treasury’s blockchain-friendly proposals, these dogs aren’t catching any breaks.
At least DOGE can claim lower volatility at 22.45% compared to SHIB’s jumpier 24.12%.
Still, with Bitcoin eyeing $100,000 and the crypto market’s Fear & Greed Index sitting at a neutral 42, there’s always hope for these underdogs. Whether they’ll actually fetch those predicted prices – $0.10 to $0.20 for DOGE and $0.00003 to $0.00005 for SHIB – is anyone’s guess.
