TL;DR

• DOGE is down

• SHIB is down

• Fartcoin Defies Market Slump with 30% Surge

• McGregor’s Memecoin Fails to Meet Presale Goal

• 21Shares Files for Spot Dogecoin ETF

• Ric Flair Launches Tokenized Telegram Stickers

• Melania Memecoin Team Sells $30M in Tokens

• Maxine Waters Criticizes Trump’s Crypto Ventures

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Dogecoin Price

Crypto is down this week, with DOGE down 5.6% and SHIB down 3.1%:

Weekly Analysis

This weekly analysis is mainly on the top two MEME coins

Dogecoin Market Update: Key Developments and Price Outlook

Dogecoin (DOGE) has experienced a notable surge, with its price rallying nearly 12% following an announcement that asset manager 21Shares filed an S-1 application with the U.S. Securities and Exchange Commission (SEC) to launch a Dogecoin exchange-traded fund (ETF).

The filing, which aims to give investors exposure to DOGE without direct cryptocurrency transactions, has helped propel the price of Dogecoin as part of a broader recovery in the memecoin sector.

The ETF, custodied by Coinbase Custody Trust, is expected to offer a passive investment vehicle, mirroring the performance of Dogecoin without attempting to generate returns beyond tracking the asset’s price.

According to Duncan Moir, President of 21Shares, this move is a significant step toward broadening access to digital assets, underscoring Dogecoin’s growing adoption in the broader cryptocurrency ecosystem.

The filing places 21Shares in competition with other firms, such as Bitwise and Grayscale, which are also waiting for regulatory approval to launch Dogecoin ETFs. However, despite this optimistic development, Dogecoin’s performance has been somewhat muted over the longer term, with the token still down by 5% on the week and 17% over the past year.

Technical Analysis: Support Level Holds Strong
On the technical front, Dogecoin is showing signs of strength, particularly at its critical support level of $0.13, which aligns with the 61.8% Fibonacci retracement level.

This key support has historically acted as a pivot point for upward movements, suggesting that DOGE could be poised for a breakout. Currently, Dogecoin is trading just above this level, with a slight dip of 4.90% over the last 24 hours, priced at $0.1446.

A bullish pennant formation is emerging in the charts, a technical pattern that often signals potential price reversals. The $0.13 support level remains crucial, as maintaining this level could provide the foundation for a move toward higher resistance levels, such as $0.20 and potentially $0.30.

However, traders are awaiting confirmation of a breakout above these resistance levels.

On-Chain Metrics and Scarcity Signals
Despite the positive price action, on-chain metrics for Dogecoin remain somewhat weak. Active addresses have remained low, with only 42,816 daily active addresses recorded, and transaction volumes are relatively muted, at 20,793 transactions.

These metrics indicate that user engagement has not kept pace with the bullish technical structure, which could limit the sustainability of any rally unless there is a significant uptick in activity.

However, the spike in Dogecoin’s Stock-to-Flow (S2F) ratio offers a more optimistic outlook. The S2F ratio has surged to 69.09 from a consistent range of 29, suggesting a shift toward perceived scarcity.

Historically, such an increase has correlated with price appreciation, signaling potential renewed interest from long-term investors.

MVRV Ratio and Potential Undervaluation
Dogecoin’s Market Value to Realized Value (MVRV) ratio is currently at 1.47%, indicating that most holders are near their breakeven point. This metric suggests minimal selling pressure, which could set the stage for a potential price increase if the MVRV ratio begins to rise, signaling undervaluation and the possibility of a shift in sentiment.

What’s Next for Dogecoin?
In conclusion, while Dogecoin’s market momentum has been bolstered by the ETF filing and bullish technical indicators, on-chain activity and user engagement remain key factors that need improvement for the rally to gain sustained traction. The spike in Dogecoin’s S2F ratio, coupled with the strong support at $0.13, creates a foundation for potential upward movement, with $0.20 as a near-term target.

If DOGE can maintain support and confirm a breakout above resistance levels, it could see further gains in the coming weeks. However, without a significant increase in on-chain activity and broader investor participation, the rally might face challenges. Traders should closely monitor these developments to gauge whether the bullish signals can transform into a sustained upward trend.

Shiba Inu (SHIB) Market Update

The Shiba Inu (SHIB) market has witnessed significant fluctuations recently, with both positive and negative trends shaping its current trajectory. On April 9, 2025, SHIB experienced a notable 13% price increase and a 56% surge in trading volume, signaling a potential resurgence of interest.

This rally comes in the wake of a broader cryptocurrency market recovery, which saw an overall 7.5% rise in global market capitalization. Analysts have noted that this surge may be driven by renewed enthusiasm from both retail and institutional investors, as trading volume typically suggests strong buying pressure, possibly fueled by whale activity.

Despite the price rally, the SHIB burn rate has been a topic of concern. Over the same period, the burn rate only rose by 10.87%, a modest increase considering the price surge.

The burn rate, an important metric for reducing circulating supply and increasing scarcity, had fallen drastically in the previous weeks, with a sharp 82.58% decline in weekly burns.

This stagnation in token utility has led some to question the sustainability of SHIB's rally. The relatively stable on-chain fundamentals suggest that the recent price increase might be more sentiment-driven than a reflection of any significant deflationary impact from burns.

On the technical front, Shiba Inu’s price recently bounced from key support levels around $0.00001035 to $0.00001393. SHIB's price action is forming a bullish wedge, with the RSI nearing oversold territory, which typically signals potential rebound opportunities.

However, SHIB's price needs to reclaim the $0.00001393 resistance level to confirm a bullish trend. Failure to break this level could see a retest of lower support levels, potentially dragging the price down further.

Sentiment among SHIB holders remains cautious, with data from IntoTheBlock showing that 89.95% of SHIB holders are currently at a loss, while only 9.37% are in profit.

This suggests that while some investors are hopeful for a rebound, many are still sitting on significant unrealized losses. Moreover, exchange behavior reveals a net outflow of SHIB, which might indicate that long-term holders are accumulating, waiting for a more substantial rally.

Despite the challenges, analysts like Chami and Amosun agree that SHIB’s market is not in retreat but rather in consolidation, with the potential for a breakout if price action supports further accumulation.

The memecoin’s volatility remains a defining characteristic, and while risks persist, there are signs that Shiba Inu could be preparing for a more sustained upward move if the broader market momentum continues.

Financial News

Fartcoin Defies Market Slump with 30% Surge

While global markets experience a downturn, Solana-based memecoin Fartcoin has risen by 30%, reaching $0.60 on April 8. After hitting a low of $0.42 on April 7 amidst a broader crypto slump, Fartcoin surged more than 40%, making it one of the top-performing assets.

Known for bouncing back during market drops, Fartcoin continues to defy trends, with increasing volume despite the lack of utility. Other Solana-based memecoins, such as Fartboy, are also seeing gains, though many memecoins remain significantly down from their previous peaks.

McGregor’s Memecoin Fails to Meet Presale Goal

Conor McGregor’s REAL memecoin failed to meet its $1 million minimum presale goal, raising only $392,000, or 31% of the target, before being called off. The presale, conducted in a sealed-bid auction format, aimed to raise $3.6 million but was hindered by market conditions and a lack of investor confidence.

Despite celebrity backing and promises of transparency, DAO voting rights, and gaming use, the project struggled amid a tough market and concerns over celebrity-backed token risks. McGregor’s team has since paused the project, promising refunds to all investors.

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