The popular meme coin Dogecoin (DOGE) has dropped 10% this year during European trading hours. The meme coin also showed a bearish trend during US transactions. However, Asia-Pacific saw positive returns throughout the day.
DOGE and SHIB are sold in European and US sessions!
cryptocoin.com As you follow, the popular meme coin Dogecoin (DOGE) has lost its light this year. DOGE has seen a 10% decline so far this year. Most of this bearish pressure on DOGE occurred during European hours, according to data from analytics platform Velo Data. DOGE’s year-to-date cumulative returns during European and US trading hours were -44.44% and -25%, respectively. Meanwhile, the cumulative yield on the Asia-Pacific day was positive 25.6%.
In other words, sellers dominated during European hours, defined as 08:00 to 18:00 Brussels time, and US hours, defined as 08:00 to 18:00 New York time. Meanwhile, buyers dominated during Asian hours, defined as 8:00 am to 6:00 pm Seoul time. Meanwhile, like DOGE, Shiba Inu’s (SHIB) returns on session basis paint a similar picture. On the other hand, Bitcoin has steadily risen in American hours.
Sellers were consistently dominant during European hours. Source: Velo DataMeme coins perform positively during Asian hours
Velo took into account local volume profiles and stock market hours in his study. He then decided on these equal-length time windows. Meanwhile, there is some overlap between sessions. Meme coins have been around for a while. It is also heavily traded on South Korean exchanges such as Upbit and Bithumb. This explains the positive performance of DOGE and SHIB in Asian hours. During DOGE’s 10% rise at the end of July, most of the trading volume came from Upbit. This exchange is known for speculating on crypto-Korean won trading pairs.
What’s behind the poor performance of DOGE and SHIB?
According to Matrixport, South Korea dominates the market for smaller tokens due to a lack of social mobility opportunities, very high property prices and a competitive labor market. Besides, the poor performance of DOGE and SHIB during US and European hours is consistent with the uncertain regulatory outlook for alternative cryptocurrencies. The U.S. Securities and Exchange Commission (SEC) named several altcoins securities in its June lawsuit against Coinbase and Binance. DOGE and SHIB were not named in these cases. However, more stringent regulations for altcoins are likely to affect meme coins as well.
