SHIB, DOGE in a flux as exchange delists memecoins

• Canadian exchange Uphold has delisted Shiba Inu and Dogecoin.
• SHIB and DOGE remained in strong bear trends.

Recently, an exchange in North America delisted Shiba Inu [SHIB] and Dogecoin [DOGE]. How has this move impacted the trend of these meme coins?

Uphold delists Shiba Inu and Dogecoin

Canadian exchange, Uphold, recently declared its intention to delist several tokens, including meme coins Shiba Inu and Dogecoin.

The exchange cited the necessity of complying with pre-registration requirements mandated by the country’s regulatory body as the reason for this delisting. The agreement was established to help the exchange’s registration within the country. 

Shiba Inu and Dogecoin continue their bear trends

An analysis of Shiba Inu’s price trend showed a lack of significant movement recently. AMBCrypto’s analysis of TradingView’s chart below showed that SHIB has been experiencing a bearish trend for most of the new year.

This was evident by the Relative Strength Index (RSI), which remained consistently below the neutral line throughout this period. It continued to do so at the time of this writing.

Source: Trading View

Additionally, the short moving average (yellow line) acted as a resistance at press time, confirming the coin’s weak price trend. The position of the yellow line aligned with the bearish trend.

Although there was a slight gain of over 1% on the 16th of December, the press time status showed a decline of nearly 1%.

AMBCrypto’s examination of Dogecoin’s performance showed a bearish trend since the beginning of 2024 as well.

Notably, the Relative Strength Index (RSI) revealed that since going below the neutral line on the 1st of January, DOGE has struggled to go above it. The RSI was slightly above 40 at the time of this report.

Source: Trading View

The chart also showed Dogecoin trending below its yellow line, reinforcing the bearish sentiment. Moreover, its Moving Average Convergence Divergence (MACD) remained below zero.

As of press time, Dogecoin was trading at around $0.08, reflecting a decline of around 0.6%.

SHIB and DOGE see fewer trades

AMBCrypto’s analysis of SHIB and DOGE’s volumes revealed similar trends of declines in trading activity. The charts below illustrated a noticeable decrease in volume over the past few days.

Source: Santiment

How much are 1,10,100 SHIBs worth today?

Specifically, Dogecoin’s volume dropped from over $700 million to around $300 million from the start of January and sat at around $322 million at press time.

Similarly, Shiba Inu’s volume decreased from over $300 million at the start of January to around $108 million at press time.

Source: Santiment