- The price charts of Shiba Inu and Bonk were green.
- The fate of Dogecoin and PEPE was not so good as their values fell.
2023 is coming to an end, and top meme coins Shiba Inu [SHIB], Dogecoin [DOGE], Pepe [PEPE]And Bonk [BONK] have had an impactful year. AMBCrypto therefore took a look at these meme coins to see what the end of 2023 has in store for them.
Shiba Inu beats Dogecoin
While the weekly charts of most cryptos were red, Shiba Inu chose to trade differently as its value rose. From CoinMarketCapSHIB rose by more than 4% last week.
At the time of writing, it was trading at $0.00001008 with a market cap of over $5.9 billion.
To understand what was supporting this increase, AMBCrypto checked Santiment’s data. According to our analysis, SHIB1w price volatility spiked. The supply on the exchanges decreased, while the supply outside the exchanges increased slightly.
This meant that buying pressure on the meme coin was high at the time of writing. Furthermore, network activity also remained high, as evidenced by the daily active addresses graph.
Source: Santiment
AMBCrypto checked SHIB’s daily chart to see if the token could sustain this pump through year-end. To our surprise, we found that most indicators were bearish: SHIB‘s price had reached the upper limit of the Bollinger Bands.
The MACD also showed the possibility of a bearish crossover. Moreover, the Money Flow Index (MFI) recorded a downward trend, showing the likelihood of a price correction in the last days of 2023.
Source: TradingView
Dogecoin continues to suffer!
While SHIB’s weekly chart was green, Dogecoin lost much of its value as its price fell more than 5% over the past seven days. At the time of writing, DOGE was trade at $0.09207 with a market cap of over $13 billion.
AMBCrypto’s analysis of DOGEThe liquidation heatmap revealed a possible reason behind the price drop. We found that the meme coin witnessed a massive surge in liquidation levels around $0.099.
The coin failed to rise above that level, resulting in multiple price corrections over the past week.
Source: Hyblock Capital
Although its value fell, DOGE’s Binance Funding Rate remained high at the time of writing, meaning Futures investors were actively buying the meme coin.
In the meantime, DOGEs the number of transactions increased while their value decreased in the recent past.
Nevertheless, Open Interest also plummeted, generally indicating a trend reversal. So it is worth keeping an eye on whether DOGE manages to register green for the remaining days of 2023.
Source: Santiment
PEPE is in a worse position
While DOGE’s value fell 5%, PEPE took a harder hit when its price fell almost 10% last week. In the last 24 hours alone, the value of the meme coin has fallen by 5%.
At the time of writing it is PEPE traded at $0.000001304 with a market cap of over $544 million, making it the 98th largest crypto.
Therefore, to understand what to expect from the meme coin in the coming days, AMBCrypto checked the daily chart of PEPE. Upon checking, we found that the Relative Strength Index (RSI) registered a sharp decline.
A similar downward trend was also observed in terms of the Money Flow Index (MFI), increasing the likelihood of a continued downward trend in the following days.
More concerns were raised by the MACD as it showed a clear bearish advantage in the market.
Source: TradingView
BONK continues to lead the meme coin pack
Last but not least, let’s talk about a meme coin that recently gained popularity thanks to its huge profits. THUMPThe company’s price skyrocketed over the past week as its value rose by triple digits, which can be attributed to Binance launching the meme coin.
According to CoinMarketCap, BONK is up more than 77% in the past seven days. At the time of writing this was the case trade at $0.00002143 with a market cap of over $1.3 billion, making it the 53rd largest crypto.
AMBCrypto then looked at market sentiment around BONK and found that weighted sentiment and social volume peaked on December 15. This was also the time when the price rose exponentially.
However, temperatures cooled in recent days as both readings dropped.
Source: Santiment
Realistic or not, here it is BONK market cap in terms of BTC
AMBCrypto’s analysis of TradingView also showed that the bulls were leading the market at the time of writing, as suggested by the MACD indicator.
However, both the RSI and MFI recorded declines from the overbought zones, indicating that selling pressure is increasing. THUMPThe country’s Chaikin Money Flow (CMF) also headed south, showing a higher chance of a correction before 2023 ends.
Source: TradingView