SHIB and DOGE News: The cryptocurrency market started September with a downward trend, and meme coins also experienced a decline as Bitcoin fell back to $58,000. However, the two leading meme coins, SHIB and DOGE, have been trading in critical support zones, including last August, and have shown no signs of recovery. Shiba Inu and Dogecoin, which have experienced double-digit losses in the past month, continue to trade under downward pressure throughout the day.

The DOGE price is unresponsive to recent developments

The dismissal of Elon Musk's lawsuit related to Dogecoin manipulation last week was echoed as a positive development. Then Musk announced that DOGE would be used again as a cryptocurrency in Tesla payments. Musk, who had previously made a similar announcement, had announced that they were trying to implement a payment system that would allow customers to buy various products from online stores with DOGE meme coin.

However, the online platforms' infrastructures were not yet ready for crypto payments, and there were discussions about how to integrate this into the system. Then, Dogecoin payments, clarified with Elon Musk's recent approval, did not have a positive impact on the price as expected.

When looking at the technical graph of DOGE from CoinMarketCap, the meme coin's price, which has decreased by 2% in the last 24 hours, continues its downward trend, having not contracted by 11% in the past week and 17% in the past month. The meme coin price, moving within a descending trend on the four-hour candle chart, is trading below the 50 EMA. The RSI index rose during the day, exceeding the 50 level and standing at 53. Lastly, DOGE price fell below the $0.10 support to trade at $0.09728, with trading volume increased by 87%.

Why isn't the SHIB price rising with token burning?

According to the Shiburn data, X account sharing SHIB burning rates on an hourly basis, $1,043 worth of SHIB was burned in the last 24 hours with two transactions. According to last month's data, a total of 680,798,109 SHIB was burned with 118 transactions. The burning rate increased by 79 percent compared to last month, but the reduction in supply in the market did not have an impact on the price.

The amount of tokens burned throughout the whole month is not more than $9000 when viewed in terms of dollars. Despite the small amount, it is expected to have a positive impact on the system with a systematic burning activity in the long term. In addition, the mysterious leader of Shiba Inu, Shytoshi Kusama's posts and developments in the Shiba ecosystem do not have a positive effect on the price as in the past. Especially Kusama's optimistic posts over the weekend and his statements regarding token burning did not affect the price.

SHIB technical chart EMA and MACD Source: CoinMarketCapIn addition, the price of SHIB, which is moving within a downtrend, is trading below the $0.000015 support at $0.0000135. The daily candle chart of the altcoin, which has lost 13% in the past month, has been continuously moving in a declining trend since July 14th. The price is trading below the 50 EMA. The MACD indicator is in the negative zone, and the signal line crossing the MACD signals a strengthening downtrend. The DMI index, which indicates the strength of the trend, shows the decrease of the positive DI and the increase of the negative DI, signaling an increase in selling pressure. The RSI value has fallen below the neutral level of 50 in the past 2 weeks and is at 42.

However, the on-chain data provides more hope for SHIB than technical indicators. Santiment data indicates an increase in social dominance and a growing interest from investors. The decline in the price of SHIB and DOGE coins, which are meme coins with long-term optimism and potential for growth, is attributed to the overall market sentiment since mid-September, showing a general improvement in the price of both meme coins.

The information in the text is purely for informational purposes. It does not constitute any investment advice. Cryptoparahaber.com is not responsible for any profit or loss arising from your investments. Ultimately, investment is based on many factors such as knowledge, experience, research, and personal decisions.

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