Meme cryptocurrency Degen (DEGEN) showed a significant decline in price after displaying signs of recovery from June 18th to X date.
CoinMarketCap data indicates that on June 18th, DEGEN dropped to an all-time low of $0.0074, but partially recovered amidst a broader rally in the meme coin market.
On June 18th, social activity for DEGEN reached record levels, with Santiment reporting 17.92% social dominance and 2,970 mentions. Social dominance measures the share of online crypto discussions focused on a specific asset compared to the top 100 cryptocurrencies.
Sentiment towards DEGEN shifted dramatically from bearish since May 18th to bullish on June 18th, reaching an all-time high weighted sentiment of 2.75.
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This shift sparked increased trading activity, pushing DEGEN’s price briefly above $0.01.
However, profit-taking followed, lowering the price by 14% to $0.009875 at the time of writing.
Looking at technical indicators, potential further declines for DEGEN can be inferred. Points on the Parabolic Stop and Reverse (SAR) indicator remain above DEGEN’s price since June 6th, indicating a continued downward trend.
Indicators like SAR underscore the current downward pressure on DEGEN, despite its recent rally, reflecting changes in trader sentiment.
