Amidst a bearish market, two memecoins, Shiba Inu (SHIB) and Dogecoin (DOGE), stood out with impressive near-double-digit growth in the last seven days. SHIB’s price increased by nearly 10%, while DOGE surged by 11%. At the time of reporting, both SHIB and DOGE were trading in the green, with SHIB at $0.000008552 and DOGE at $0.08016. DOGE’s trading volume also saw a substantial increase of over 40%.
The bullish price action for SHIB and DOGE sparked positive sentiment in the market. SHIB’s daily active addresses spiked on July 28th, although its network growth decreased, indicating a slowdown in new address creation for the memecoin. The upcoming Shibarium mainnet launch continued to generate hype, reflected in Bone ShibaSwap (BONE) registering promising growth, rejoining the top 100 cryptocurrencies.
BONE’s price shot up by over 13% in the last week, trading at $1.48 with a market cap of $341 million. The surge in price was accompanied by an increase in exchange outflow, considered a bullish signal.
DOGE’s daily chart showed several bullish indicators. The Exponential Moving Average (EMA) Ribbon displayed a bullish crossover, while the MACD indicated the market was being led by bulls. Additionally, DOGE’s Money Flow Index (MFI) showed an increasing trend, favoring buyers.
Shiba Inu’s on-chain metrics also appeared bullish, with its exchange reserve declining, suggesting reduced selling pressure. However, CryptoQuant data showed SHIB’s Relative Strength Index (RSI) in an overbought zone, which might lead to selling pressure and a potential decrease in its price.
In contrast to the success of SHIB, DOGE, and BONE, Pepe (PEPE) struggled to maintain its price, experiencing an 11% decline in the last seven days. PEPE was trading at $0.000001329 with a market cap of $520 million at the time of reporting. It remains to be seen how these memecoins will fare in the coming days, as the market dynamics continue to play out.
