Meme coin season continues to prevail as Shiba Inu sees an 11% uptick today.
Meanwhile, the new ICO Dogecoin20 raises eyebrows as it explodes past $11 million in its opening three days.
Shiba Inu Price Surges as Analysts Forecast Long-Term Uptrend
Currently trading at a 191% premium this month, Shiba Inu looks to continue its uptrend as bulls back it for further gains.
As its price climbs, 24-hour trading volume is also shooting up. It is currently at $2.5 billion, a 22% increase today.
SHIB peaked earlier this month at $0.000044. However, after a pullback to lows of $0.000024, the price has bounced back and is currently at $0.000029.
This illustrates the meme coin may have found its bottom, which happens to land inside the Fibonacci retracement tool’s “golden zone.”
The golden zone represents price stabilization and can confirm a reversal. Consequently, SHIB’s recent recovery presents a notably bullish outlook.
In a recent analysis, TradingView commentator Xanrox cites the recent momentum as an indication of a trend continuation but believes SHIB will forge a bull flag chart pattern first.
“I suggest waiting for a bullish flag or any bullish pattern or setting your limit order to buy SHIB lower! I am very bullish on this coin, and the next profit target is 300% away,” he wrote.
Similarly, Alan Santana believes Shiba Inu could be poised for downside in the near term but anticipates a macro trend continuation.
He explained, “I think we can confirm the weekly bullish breakout to be in. The next high will only happen after a “rest,” consolidation, or correction phase. Still, long-term growth is based on higher highs and higher lows.”
Evidently, Shiba Inu is seemingly gearing up for another leg up but may experience consolidation or a deeper retracement first.
Yet, this is no surprise given the current high-octane meme coin climate, with traders continually chasing the latest project that could explode.
One of the most promising new contenders is Dogecoin20. The token is undergoing a presale, enabling investors to buy before it hits exchanges.
Trending Meme Coin ICO Dogecoin20 Raises $1.7M in 3 Days
Paying homage to the godfather of meme coins, Dogecoin, Dogecoin20 transcends the current boundaries of meme coins, forging an uncharted paradigm of innovation and excitement.
Indeed, Dogecoin has fared a raging success since launching, but Billy Markus and Jackson Palmer originally created it as a joke. Therefore, it lacked the substance of a robust financial asset. But this is where Dogecoin20 comes in.
Retaining the enigmatic allure of Dogecoin, Dogecoin20 also boasts hard-wired utility and cutting-edge tokenomics.
Blurring the lines between memes and DeFi, Dogecoin20’s flagship Stake-to-Earn mechanism empowers users to generate passive rewards. It currently provides a 403% APY, but this will decrease as the staking pool grows.
Another advantage is its capped supply. Following the “sound money” principles originally set by Bitcoin, Dogecoin20 staves off inflation and price dilution with a finite supply of 140 billion tokens.
Comparatively, Dogecoin has an unlimited supply, which dents its long-term price potential as new tokens continually enter the market.
Dogecoin20 is also built on the Ethereum network, opening it to the industry’s most valuable smart contract-enabled blockchain.
These advantages have generated unprecedented success, with Dogecoin20’s presale raising over $1.7 million in three days.
Investors can buy $DOGE20 for $0.000158, but this will rise throughout the presale. The next uptick will occur when the amount raised hits $1.849 million.
