Memecoins DOGE, SHIB Offer \'Excellent\' Accumulation Chance After Market Rout: Santiment

The cryptocurrency market had a rough start to the week, with popular large-cap currencies registering marked declines.

Popular memecoins Dogecoin and Shiba Inu, and payment-focused coin XRP, witnessed a decline in their value on Monday. However, this downturn might present an opportunity for patient traders to accumulate these large-cap coins at moderate prices.

A strategy known as ‘Buy the Dip’ involves buying assets during temporary price drops to capitalize on their potential future price increases. Many traders prefer this strategy, especially given the past performance and strong community support behind these coins.

The cryptocurrency market had a rough start to the week, with popular large-cap currencies registering marked declines.

Memecoins Dogecoin and Shiba Inu, and payment-focused coin XRP, all witnessed a decline in their value on Monday. However, this downturn might present an opportunity for patient traders.

What Happened: Memecoins Dogecoin and Shiba Inu, and payment-focused coin XRP, all witnessed a decline in their value on Monday.

However, this downturn might present an opportunity for patient traders to accumulate these large-cap coins at moderate prices.

A strategy known as ‘Buy the Dip’ involves buying assets during temporary price drops to capitalize on their potential future price increases.

Many traders prefer this strategy, especially given the past performance and strong community support behind these coins.

Dogecoin and Shiba Inu both saw a decrease in their value, continuing a trend that began last week.

DOGE was now 46% lower than its 2024 highs set in April, while SHIB’s price has halved since its yearly peak.

But both coins remained well above their 2023 lows, which were set during the FTX-induced market crash last November.

XRP also saw a decline in its value on Monday, extending a trend that began last week.

The coin was now trading at its lowest price since early February, and has seen little price movement over the past 24 hours.

However, XRP was still up by over 50% year-to-date.

The slump affected crowd sentiment for these assets. According to on-chain analytics firm Santiment, positive mentions for XRP, DOGE, and SHIB on social media plunged to their lowest level in 2024.

But therein lies the opportunity.

Santiment said these developments provide an excellent chance for “patient traders” to accumulate large-cap coins at moderate prices.

Known as ‘Buy the Dip’ in financial lingo, it’s a strategy where investors buy assets during temporary price drops to benefit from potential future price increases.

Given the past performance of these coins and a large support base, most traders root for their long-term potential.

Why It Matters: The above deductions were made even as holdings of long-term investors in the coin didn’t show any noticeable change in the last 24 hours.

According to IntoTheBlock, HODLer balances for both DOGE and SHIB remained unchanged, indicating no accumulation.

At the same time, large transactions for DOGE jumped 21% in the last 24 hours, while for SHIB, plummeted 56% in the same period.

Photo Courtesy: Shutterstock.com

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News source：https://www.kdj.com/cryptocurrencies-news/articles/memecoins-doge-shib-offer-excellent-accumulation-chance-market-rout-santiment.html

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