Is It Time To Give Up On Dogecoin And Shiba Inu? On-Chain Metrics Has Answers

bitcoinistPublicado em 2026-03-02Última atualização em 2026-03-02

Resumo

The on-chain metrics for Dogecoin (DOGE) and Shiba Inu (SHIB) indicate a strong bearish sentiment amid a broader crypto market downturn. Dogecoin's Price Daily Active Addresses (DAA) divergence has fallen to -49%, a two-month low, reflecting weak demand as its price dropped below $0.10. Its daily active addresses have significantly declined, with seven-day totals under 300,000. Similarly, Shiba Inu's Price DAA divergence is at -29%, its lowest this year, with active addresses remaining below 10,000 since January. Derivatives data also show reduced trading volumes and open interest for both meme coins, with a short-biased market sentiment. Further declines are possible due to ongoing market uncertainty and geopolitical tensions.

Dogecoin and Shiba Inu are currently facing bearish sentiment due to the crypto market downtrend. On-chain metrics also highlight the current sentiment, with market participants choosing to stay on the sidelines amid this downtrend.

On-chain Metrics Signal Bearish Sentiment Towards Dogecoin and Shiba Inu

Santiment data shows that Dogecoin’s Price Daily Active Addresses (DAA) divergence has dropped to -49%, signaling weak demand in the meme coin’s ecosystem even as price continues to drop. This figure marks a two-month low for DOGE and comes amid its recent drop below the psychological $0.10 level.

Furthermore, the Daily Active Addresses on the Dogecoin network continue to waver. Data from Santiment shows that the DAA on the network dropped from as high as 87,727 on January 31 to as low as 38,696 on February 28. The total Active addresses over the last seven days are below 300,000, which also signals the low demand for the meme coin at the moment.

Like Dogecoin, Shiba Inu is also facing weaker demand amid the recent price downtrend. Santiment data shows that the Price DAA Divergence has dropped to -29%, the lowest level this year. This notably coincides with SHIB’s decline to its lowest level this year, with the meme coin now down 25% year-to-date (YTD).

Shiba Inu’s Daily Active Addresses have also remained flat since the start of the year, indicating that investors are opting against investing in the second-largest meme coin by market cap. For context, SHIB’s DAA on March 1 was just 1,984, down from the multi-month high of 377,000 recorded in October last year. Since the start of this year, the Daily Active Addresses have remained below 10,000.

It is worth noting that Dogecoin and Shiba Inu remain at risk of further declines as tensions between the U.S. and Iran escalate. Further declines in these meme coins are likely to lead to a drop in these on-chain metrics as market participants stay on the sidelines amid this uncertainty.

Derivatives Metrics In The Red As Traders Sit On The Sidelines

Dogecoin and Shiba Inu’s derivatives metrics are also in the red as crypto traders sit on the sidelines amid the current market sell-off. CoinGlass data shows that DOGE’s derivatives trading volume is down by over 34% down to $2.36 billion. Open interest is down over 9%, dropping to $907 million, while options trading volume has crashed 31%. The long/short ratio is below 1, signaling that most traders are shorting DOGE at the moment.

Similarly, Shiba Inu’s derivative metrics signal that sellers are currently dominating the market, as bulls remain cautious amid market uncertainty. CoinGlass data shows that SHIB’s derivative trading volume has crashed 28%, down to $132 million, while open interest is down to $54 million.

DOGE trading at $0.09 on the 1D chart | Source: DOGEUSDT on Tradingview.com

Perguntas relacionadas

QWhat is the current Price Daily Active Addresses (DAA) divergence for Dogecoin, and what does it indicate?

ADogecoin's Price Daily Active Addresses (DAA) divergence has dropped to -49%, signaling weak demand in the meme coin's ecosystem.

QHow have Shiba Inu's Daily Active Addresses (DAA) performed since the start of the year?

AShiba Inu's Daily Active Addresses have remained flat and below 10,000 since the start of the year, indicating low investor interest.

QAccording to the derivatives data, what does a long/short ratio below 1 for Dogecoin signify?

AA long/short ratio below 1 for Dogecoin signifies that the majority of traders are currently shorting the asset.

QWhat external factor is mentioned as a risk that could lead to further declines for Dogecoin and Shiba Inu?

AEscalating tensions between the U.S. and Iran are mentioned as a risk that could lead to further declines for these meme coins.

QHow much has Shiba Inu's derivative trading volume decreased, according to CoinGlass data?

AShiba Inu's derivative trading volume has crashed by 28%, down to $132 million.

Leituras Relacionadas

Bitcoin Miners Are Waving the White Flag, But Their Stocks Are Soaring

Bitcoin miners are capitulating as evidenced by a sustained drop in network hash rate and a record-steep 19.9% decline in mining difficulty, signaling the shuttering of unprofitable machines. However, in a significant divergence from historical patterns, the stocks of publicly traded mining companies have soared, with one major player gaining over 430% in the past year, even as BTC's price fell roughly 46%. This surge is largely attributed to these companies pivoting toward the more lucrative AI narrative. Simultaneously, miners face a structural squeeze. Daily block reward revenue in BTC terms has hit a new all-time low following the latest halving, with current dollar-denominated daily revenue around $30 million compared to a longer-term average of ~$40 million. Fee revenue remains negligible, covering less than one block's subsidy over a 28-day average and accounting for only about ten minutes of the network's daily security budget. This capitulation cycle is unique: miner stress and crypto price weakness have decoupled due to alternative revenue streams (AI), while the long-term reliance on increasing bitcoin prices to offset shrinking subsidies continues, with fee income still far from filling the impending gap.

marsbitHá 3m

Bitcoin Miners Are Waving the White Flag, But Their Stocks Are Soaring

marsbitHá 3m

Will the Fed Definitely Raise Interest Rates in September? How Will Crypto and U.S. Stocks Withstand the Pressure?

The market's expectation for a September Fed rate hike surged dramatically in early August, jumping from under 50% to over 80% within a week. This shift followed a contentious July FOMC meeting, where a 9-3 vote to hold rates revealed growing dissent from hawkish members advocating for an immediate hike to combat persistent inflation. The primary catalyst for this repricing is rising oil prices, driven by renewed geopolitical tensions around the Strait of Hormuz, which threaten global supply. Energy costs directly influence inflation metrics, making the upcoming July CPI report (due August 12th) a critical data point. If it shows inflation reaccelerating, the probability of a September hike will solidify. For Bitcoin and crypto assets, this is typically bearish news. Bitcoin continues to behave as a high-beta, liquidity-sensitive risk asset. A rate hike raises the opportunity cost of holding non-yielding assets and could drive capital toward money markets, pressuring crypto prices in the short term. However, historical patterns suggest that if a hike is perceived as the end of a tightening cycle rather than the start, any negative price impact may be brief. U.S. stocks, particularly crypto-linked equities like Coinbase and growth-oriented tech stocks, are also vulnerable. Higher rates increase discount rates in valuation models, putting pressure on high-multiple companies. This coincides with a pivotal tech earnings season where investor focus has shifted from massive AI capital expenditure to tangible revenue and cash flow generation. Companies with negative cash flow and weak growth narratives could face heightened volatility if borrowing costs rise in September. In summary, a September Fed hike has evolved into a mainstream market scenario. Key factors to watch are oil prices, the July CPI report, and Fed communications, which will determine the final decision and its impact on volatile crypto and equity markets.

marsbitHá 3m

Will the Fed Definitely Raise Interest Rates in September? How Will Crypto and U.S. Stocks Withstand the Pressure?

marsbitHá 3m

A 'Overlooked' Market Event: Joint US-Japan-South Korea Intervention, Rare US Treasury Involvement, and Bessent's Quiet 'Market Rescue'?

Summary: The United States, Japan, and South Korea executed their largest coordinated foreign exchange intervention in nearly 30 years. The action targeted depreciation pressure on the Japanese yen and South Korean won. This move is seen as a significant effort by the US to stabilize the financial markets of its key allies and prevent the spillover of risks. Key details: * Japan reportedly intervened on July 30 using approximately 8.45 trillion yen (about $52.8 billion). South Korean authorities also intervened that day, selling dollars to support the won. * Notably, the US Treasury Department intervened directly in yen markets for the first time in roughly 30 years. The New York Fed, reportedly acting on behalf of the Treasury, sold euros to buy yen via Goldman Sachs and Morgan Stanley on July 31. Analysts view the use of the euro-yen pair as a way to alleviate yen pressure without adding selling pressure to the US dollar. * Prior to the action, the New York Fed conducted "rate checks" on both USD/JPY and EUR/JPY, a newer signaling tool that falls between verbal and physical intervention. The intervention is interpreted as going beyond traditional currency stabilization. Analysts, such as Michael Hartnett of Bank of America, suggest it resembles a "Price Keeping Operation" for the AI era. The core US objectives are perceived to be: 1. Preventing rapid yen depreciation from triggering a sharp rise in Japanese government bond yields. 2. Containing financial stress from spreading across Asian markets like South Korea and Japan. 3. Reducing the risk of disorderly capital flows impacting the US bond market. This coordinated action underscores the importance of Japan and South Korea as critical partners in the US semiconductor and AI supply chain. Stabilizing their financial markets is seen as vital to mitigating risks to the broader tech industry and the US market itself. The intervention coincides with market pressures, including the KOSDAQ index hitting a low since October 2022. While seen as a move to control volatility, some analysts caution it may not fundamentally reverse existing market trends.

marsbitHá 6m

A 'Overlooked' Market Event: Joint US-Japan-South Korea Intervention, Rare US Treasury Involvement, and Bessent's Quiet 'Market Rescue'?

marsbitHá 6m

Will the Federal Reserve Definitely Raise Interest Rates in September? How Will Cryptocurrencies and US Stocks Bear the Pressure?

In early August 2024, market expectations for a September Federal Reserve rate hike surged dramatically, from below 50% to over 80%, driven by renewed inflation concerns. This shift followed a contentious July FOMC meeting where a 9-3 vote to hold rates revealed a growing hawkish faction advocating for an immediate hike, citing prolonged above-target inflation. The key catalyst is escalating conflict near the Strait of Hormuz, which has pushed oil prices up approximately 20% in July, threatening to reignite inflation. The next critical data point is the July CPI report on August 12th; a hot reading could solidify hike expectations. For crypto assets, particularly Bitcoin, this represents near-term pressure. Bitcoin continues to exhibit high-beta, risk-on characteristics, making it sensitive to tightening liquidity and higher opportunity costs. However, historical precedent suggests that if a hike is perceived as the cycle's end rather than its start, the negative impact may be brief, with markets quickly pivoting to anticipate future rate cuts. U.S. stocks, especially crypto-linked equities like Coinbase and high-valuation tech stocks, face amplified volatility. Higher rates increase discount rates in valuation models, pressuring growth stocks. This coincides with a pivotal tech earnings season where investor focus has shifted from massive AI capital expenditures to demonstrable revenue and cash flow generation. Companies with negative cash flows and weak growth narratives could see severe pressure if a September hike materializes, as financing costs would rise. Key indicators to watch include oil prices, upcoming inflation data, and Fed commentary at events like the Jackson Hole symposium.

Odaily星球日报Há 6m

Will the Federal Reserve Definitely Raise Interest Rates in September? How Will Cryptocurrencies and US Stocks Bear the Pressure?

Odaily星球日报Há 6m

How Likely is it for TradeXYZ to Go Solo from Hyperliquid?

The article analyzes the possibility of TradeXYZ, a dominant project on Hyperliquid's HIP-3 real-world asset (RWA) perpetual contracts market, splitting off to build its own independent trading platform. With TradeXYZ commanding over 90% of HIP-3 volume and over 35% of Hyperliquid's total open interest, its leverage and influence are significant. The primary motive for a split is seen as capturing the underlying protocol fees, of which TradeXYZ currently receives only half. However, several factors strongly discourage such a move. First, replicating Hyperliquid's high-performance infrastructure would be challenging and could degrade TradeXYZ's product quality. Second, Hyperliquid serves as a crucial distribution channel, with most users accessing TradeXYZ's liquidity through its frontend. Third, the close, trusting relationship between the founders of both projects makes a hostile "betrayal" unlikely. The conclusion is that a split would likely result in a lose-lose scenario. Hyperliquid would lose its main growth narrative and see its valuation impacted, while TradeXYZ would face immense technical hurdles, lose its primary user channel, and damage its reputation. Instead of a full separation, the more probable path is for TradeXYZ to negotiate better terms while deepening integration, focusing on enhancing its own brand and user ownership.

marsbitHá 57m