CryptoQuant Executive Claims Meme Sector is 'Finished' as Dominance Falls to 0.034
Meme Coin Market Decline: CryptoQuant's CEO Ki Young Ju announced that meme coin markets are "dead," with on-chain data showing a significant drop in altcoin trading dominance, falling from 0.109 in November 2024 to 0.034, matching early 2024 lows. Major meme tokens like Dogecoin and Shiba Inu experienced heavy annual losses, contributing to a 65.9% decline in the overall meme coin market.
Trust Issues in the Sector: Analysts attribute the decline to a breakdown of trust due to the prevalence of ultra-cheap launches lacking rug-pull protections. Research indicates that a vast majority of tokens exhibit signs of pump-and-dump schemes, leading to skepticism among investors.
Overcrowding and Market Dynamics: The meme coin sector is viewed as overcrowded, with analyst Mikko Ohtamaa stating that the market cannot sustain 25 million meme coins. Many participants are more focused on short-term gains rather than long-term investments.
Potential for Recovery: Despite the current downturn, some commentators believe that meme coins could drive future crypto attention and volume, suggesting they may play a role in leading the next bull run in the cryptocurrency market.
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Technical Analysis for SHIB
Technical Sentiment Analysis for Shiba Inu (SHIB) As of , Shiba Inu (SHIB) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for SHIB stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, SHIB is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Shiba Inu (SHIB) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.00000308 | 0.00000407 | 0.00000525 | 0.00000624 | 0.00000742 | 0.00000841 | 0.00000959 |
| Fibonacci | 0.00000407 | 0.0000049 | 0.00000541 | 0.00000624 | 0.00000707 | 0.00000758 | 0.00000841 |
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