Dogecoin, Shiba Inu Dip 3% In A Day - Is a Meme Coin Rally Still Brewing?

Meme coin heavyweights Dogecoin DOGE/USD and Shiba Inu SHIB/USD saw sharp daily losses as sentiment across the crypto market turned cautious. However, several on-chain indicators and trader insights continue to point to long-term bullish potential.

Trader Notes: In an X post on June 16, MaxBecauseBTC described Dogecoin as the "Bitcoin of meme coins," emphasizing its role as a trendsetter for the broader meme coin sector.

According to him, the DOGE/MEME.C-DOGE pair functions like BTC dominance in the meme ecosystem. A breakdown in this chart typically signals strength in smaller cap meme coins, potentially setting the stage for a sharp alt-meme rally.

Meanwhile, InvestingHaven flagged $0.17 as Dogecoin's key short-term support. Although the RSI indicates oversold conditions, weak momentum may keep prices range-bound. He sees a potential swing either up to $0.25 or down to $0.15, depending on whether support holds.

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MrHans, an analyst on TradingView, noted that Shiba Inu is hovering near key support, and if it holds, a reversal toward $0.000021–$0.000024 is possible. However, any breakdown below $0.00001054 would invalidate the bullish setup.

Statistics: Shiba Inu burn rate surged 725% in 24 hours, with 17.7 million SHIB destroyed. One large burn eliminated 14.3 million SHIB in a single transaction. The seven-day burn rate has now jumped 1,501.2%, suggesting rising community activity and reduced supply.

Shibariumscan data shows daily transactions spiked to 4.57 million as of June 16 compared to 4.51 million as of June 15.

IntoTheBlock data shows Shiba Inu's large transaction volume expanded 1,700.5% in a single day while daily active addresses grew by 3.3%.

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